TD Asset Management Inc Trims Stake in Nordson Corporation (NASDAQ:NDSN)

Key Points

• TD Asset Management Inc reduced its stake in Nordson Corporation by 15.4% in the first quarter, now holding 19,387 shares valued at approximately $3.91 million.
• Nordson reported $2.42 earnings per share for the last quarter, surpassing expectations, with revenues up by 5.0% year-over-year.
• The company's quarterly dividend of $0.78 per share represents a yield of 1.5% with a payout ratio of 40.10% as of the recent quarter.

TD Asset Management Inc trimmed its stake in shares of Nordson Corporation (NASDAQ:NDSN - Free Report) by 15.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,387 shares of the industrial products company's stock after selling 3,534 shares during the period. TD Asset Management Inc's holdings in Nordson were worth $3,911,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. Wedbush Securities Inc. increased its holdings in shares of Nordson by 2.2% during the first quarter. Wedbush Securities Inc. now owns 2,741 shares of the industrial products company's stock worth $553,000 after purchasing an additional 58 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Nordson by 2.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,417 shares of the industrial products company's stock worth $486,000 after buying an additional 67 shares in the last quarter. Allworth Financial LP raised its position in shares of Nordson by 0.6% in the 1st quarter. Allworth Financial LP now owns 11,327 shares of the industrial products company's stock valued at $2,146,000 after buying an additional 69 shares in the last quarter. Mitchell & Pahl Private Wealth LLC boosted its position in shares of Nordson by 1.6% during the 1st quarter. Mitchell & Pahl Private Wealth LLC now owns 4,381 shares of the industrial products company's stock worth $884,000 after acquiring an additional 71 shares in the last quarter. Finally, Portside Wealth Group LLC lifted its stake in Nordson by 6.6% during the first quarter. Portside Wealth Group LLC now owns 1,144 shares of the industrial products company's stock worth $239,000 after purchasing an additional 71 shares during the last quarter. Institutional investors own 72.11% of the company's stock.

Nordson Stock Down 1.3%

Shares of NASDAQ NDSN traded down $2.85 during midday trading on Wednesday, hitting $211.13. 316,467 shares of the stock traded hands, compared to its average volume of 379,363. The company has a market cap of $11.93 billion, a PE ratio of 27.14, a P/E/G ratio of 1.63 and a beta of 0.89. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.64 and a current ratio of 2.56. Nordson Corporation has a one year low of $165.03 and a one year high of $266.86. The business has a 50 day moving average price of $216.08 and a two-hundred day moving average price of $206.99.

Nordson (NASDAQ:NDSN - Get Free Report) last posted 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 analysts' expectations of $671.36 million. During the same period last year, the firm earned $2.34 earnings per share. Nordson's quarterly revenue was up 5.0% on a year-over-year basis. On average, equities analysts predict that Nordson Corporation will post 10.2 EPS for the current year.

Nordson Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Thursday, June 19th were paid a dividend of $0.78 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $3.12 annualized dividend and a yield of 1.5%. Nordson's payout ratio is presently 40.10%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on NDSN shares. KeyCorp upped their price objective on Nordson from $230.00 to $250.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Wall Street Zen cut shares of Nordson from a "buy" rating to a "hold" rating in a research note on Friday, June 27th. Robert W. Baird increased their price target on Nordson from $241.00 to $245.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Wolfe Research assumed coverage on Nordson in a research report on Wednesday, June 18th. They set a "peer perform" rating for the company. Finally, Oppenheimer raised shares of Nordson from a "market perform" rating to an "outperform" rating and set a $260.00 target price for the company in a research report on Friday, May 30th. Six research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price 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.