PNC Financial Services Group Inc. Buys 1,679 Shares of Nordson Corporation (NASDAQ:NDSN)

Key Points

• PNC Financial Services Group Inc. increased its stake in Nordson Corporation by 13.1%, owning 14,473 shares valued at approximately $2.92 million.
• Nordson's quarterly revenue rose by 5% year-over-year to $682.94 million, exceeding analysts' expectations of $671.36 million.
• Analysts rate Nordson as a "Moderate Buy" with a consensus target price of $254.86, reflecting mixed ratings from various brokerages.

PNC Financial Services Group Inc. increased its position in Nordson Corporation (NASDAQ:NDSN - Free Report) by 13.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,473 shares of the industrial products company's stock after purchasing an additional 1,679 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Nordson were worth $2,920,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Harbour Investments Inc. grew its position in shares of Nordson by 36.7% during the 1st quarter. Harbour Investments Inc. now owns 201 shares of the industrial products company's stock worth $41,000 after buying an additional 54 shares during the period. Norden Group LLC acquired a new position in shares of Nordson in the 1st quarter valued at approximately $221,000. Mackenzie Financial Corp grew its position in shares of Nordson by 13.5% in the 1st quarter. Mackenzie Financial Corp now owns 5,077 shares of the industrial products company's stock valued at $1,024,000 after purchasing an additional 602 shares during the period. LPL Financial LLC grew its position in shares of Nordson by 28.6% in the 1st quarter. LPL Financial LLC now owns 155,474 shares of the industrial products company's stock valued at $31,362,000 after purchasing an additional 34,549 shares during the period. Finally, Empirical Finance LLC grew its position in shares of Nordson by 8.7% in the 1st quarter. Empirical Finance LLC now owns 1,307 shares of the industrial products company's stock valued at $264,000 after purchasing an additional 105 shares during the period. 72.11% of the stock is currently owned by institutional investors and hedge funds.

Nordson Stock Performance

NASDAQ NDSN traded down $1.02 on Friday, reaching $211.04. The stock had a trading volume of 268,817 shares, compared to its average volume of 341,729. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.56 and a quick ratio of 1.64. The firm has a fifty day moving average of $216.43 and a two-hundred day moving average of $206.75. Nordson Corporation has a 1-year low of $165.03 and a 1-year high of $266.86. The company has a market cap of $11.93 billion, a P/E ratio of 27.13, a price-to-earnings-growth ratio of 1.62 and a beta of 0.89.

Nordson (NASDAQ:NDSN - Get Free Report) last released its earnings results on Wednesday, May 28th. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.06. Nordson had a return on equity of 19.10% and a net margin of 16.51%. The company had revenue of $682.94 million for the quarter, compared to analyst estimates of $671.36 million. During the same period in the prior year, the firm posted $2.34 EPS. Nordson's quarterly revenue was up 5.0% on a year-over-year basis. On average, equities research analysts anticipate that Nordson Corporation will post 10.2 EPS for the current year.

Nordson Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Thursday, June 19th were given a $0.78 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $3.12 annualized dividend and a yield of 1.5%. Nordson's dividend payout ratio (DPR) is currently 40.10%.

Analyst Ratings Changes

Several brokerages recently issued reports on NDSN. Robert W. Baird boosted their price objective on Nordson from $241.00 to $245.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Wall Street Zen lowered Nordson from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. KeyCorp boosted their price objective on Nordson from $230.00 to $250.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Vertical Research began coverage on Nordson in a research report on Tuesday, June 17th. They issued a "hold" rating and a $245.00 price objective for the company. Finally, Wolfe Research initiated coverage on Nordson in a research report on Wednesday, June 18th. They issued a "peer perform" rating for the company. Six research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Nordson has an average rating of "Moderate Buy" and an average price target of $254.86.

About Nordson

Nordson Corporation engineers, manufactures, and markets products and systems to dispense, apply, and control adhesives, coatings, polymers, sealants, biomaterials, and other fluids worldwide. It operates through three segments: Industrial Precision Solutions; Medical and Fluid Solutions; and Advanced Technology Solutions.