James Investment Research Inc. Reduces Stake in Nova Ltd. (NASDAQ:NVMI)

James Investment Research Inc. has reduced its stake in Nova Ltd. (NASDAQ:NVMI) by 8.9% during the third quarter, as noted in their latest filing with the Securities and Exchange Commission (SEC). Following this transaction, the firm now holds 45,687 shares of the semiconductor manufacturer, having sold 4,479 shares in the recent quarter. As of the latest filing with the SEC, Nova constitutes about 1.1% of James Investment Research Inc.'s overall investment portfolio, positioning it as the firm's 23rd largest investment. The total worth of their Nova shares amounts to approximately $9,518,000.

A number of other hedge funds and institutional investors have also adjusted their holdings in Nova Ltd. Recently, the Employees Retirement System of Texas acquired a new position in Nova shares during the second quarter, with an investment of around $68,000. In a similar move, FSC Wealth Advisors LLC purchased shares valued at about $79,000 during the same quarter. Signaturefd LLC has increased its holdings by 15.9% in the second quarter and currently owns 767 shares worth $180,000 after adding 105 shares in the past quarter. Additionally, OLD National Bancorp IN and The Manufacturers Life Insurance Company each established new positions in Nova, valued at approximately $205,000 and $211,000, respectively. Overall, institutional investors and hedge funds collectively own 82.99% of Nova Ltd.'s stock.

Analyst Opinions

Various research firms have recently shared their insights regarding NVMI. Citigroup downgraded Nova from a 'buy' rating to a 'neutral' rating, while also lowering their price target for the stock from $273.00 to $224.00 in a report dated September 16th. Conversely, Benchmark raised their price target for Nova from $215.00 to $240.00, maintaining a 'buy' rating in a research note dated August 9th. In total, two research analysts have given the stock a hold rating, while four have assigned a buy rating. According to MarketBeat, Nova currently holds a consensus rating of 'Moderate Buy' and has a consensus target price of $226.80.

Recent Performance of Nova Ltd.

On Friday, NVMI shares opened at $184.99. Nova Ltd. has a market capitalization of $5.37 billion, with a price-to-earnings (P/E) ratio of 38.46, a PEG ratio of 2.04, and a beta of 1.46. The company has a 50-day moving average price of $201.28 and a 200-day moving average of $207.00. Over the past year, shares of Nova have reached a low of $98.19 and a high of $247.21.

The latest earnings results, issued on August 8th, showed that Nova's earnings per share (EPS) stood at $1.61 for the quarter, exceeding analysts' expectations of $1.18 by $0.43. The company's revenue for the quarter was reported at $156.86 million, surpassing the anticipated $148.12 million. Nova's net margin was recorded at 27.38%, and its return on equity stood at 20.76%. Revenue growth was also notable, increasing by 27.8% compared to the same quarter last year, with the firm earning $0.97 EPS in the prior year. Analysts anticipate that Nova Ltd. will achieve an EPS of 5.63 for the current year.

About Nova Ltd.

Nova Ltd. specializes in designing, developing, producing, and selling process control systems crucial for semiconductor manufacturing. The company operates in various countries, including Israel, Taiwan, the United States, China, and Korea. Its wide range of products features metrology platforms that provide essential measurements for process control across different semiconductor manufacturing steps like lithography, etch, chemical mechanical planarization, deposition, and packaging.

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