PNC Financial Services Group Inc. Acquires 87 Shares of Nova Ltd. $NVMI

PNC Financial Services Group Inc. increased its holdings in shares of Nova Ltd. (NASDAQ:NVMI) by 7.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,269 shares of the semiconductor company’s stock after acquiring an additional 87 shares during the period. PNC Financial Services Group Inc.’s holdings in Nova were worth $234,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Geode Capital Management LLC raised its position in Nova by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 24,725 shares of the semiconductor company’s stock valued at $4,870,000 after purchasing an additional 180 shares in the last quarter. Russell Investments Group Ltd. raised its position in Nova by 44.0% during the 4th quarter. Russell Investments Group Ltd. now owns 2,543 shares of the semiconductor company’s stock valued at $502,000 after purchasing an additional 777 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Nova during the 4th quarter valued at $6,541,000. Barclays PLC increased its holdings in shares of Nova by 13.2% in the 4th quarter. Barclays PLC now owns 7,083 shares of the semiconductor company’s stock valued at $1,395,000 after acquiring an additional 824 shares during the period. Finally, Mariner LLC increased its holdings in shares of Nova by 111.1% in the 4th quarter. Mariner LLC now owns 4,852 shares of the semiconductor company’s stock valued at $956,000 after acquiring an additional 2,554 shares during the period. 82.99% of the stock is owned by institutional investors.

Nova Price Performance

Shares of NVMI stock opened at $254.35 on Monday. Nova Ltd. has a 1-year low of $153.99 and a 1-year high of $291.99. The stock’s fifty day moving average price is $262.46 and its 200 day moving average price is $227.86. The company has a market cap of $7.48 billion, a price-to-earnings ratio of 34.61, a price-to-earnings-growth ratio of 2.12 and a beta of 1.67.

Nova (NASDAQ:NVMI) last posted its quarterly earnings results on Thursday, August 7th. The semiconductor company reported $2.20 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.15. The business had revenue of $219.99 million for the quarter, compared to the consensus estimate of $214.95 million. Nova had a return on equity of 24.36% and a net margin of 29.10%. The company’s quarterly revenue was up 40.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.61 EPS. As a group, equities research analysts anticipate that Nova Ltd. will post 7.52 earnings per share for the current year.

Analysts Set New Price Targets

NVMI has been the topic of a number of analyst reports. Citigroup cut their price target on Nova from $290.00 to $280.00 and set a “buy” rating on the stock in a report on Friday, May 9th. Wall Street Zen downgraded Nova from a “buy” rating to a “hold” rating in a report on Friday, May 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 price target (up from $250.00) on shares of Nova in a report on Tuesday, June 24th. Benchmark cut their price target on Nova from $295.00 to $280.00 and set a “buy” rating on the stock in a report on Friday, May 9th. Finally, Bank of America boosted their target price on Nova from $250.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, June 24th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $282.50.

About Nova

Nova Ltd. designs, develops, produces, and sells process control systems used in the manufacture of semiconductors in Israel, Taiwan, the United States, China, Korea, and internationally. Its product portfolio includes a set of metrology platforms for dimensional, films, and materials and chemical metrology measurements for process control for various semiconductor manufacturing process steps, including lithography, etch, chemical mechanical planarization, deposition, electrochemical plating, and advanced packaging.