James Investment Research Lowers Stake in Nova Ltd.

James Investment Research Inc. has reduced its ownership in Nova Ltd. (NASDAQ:NVMI - Free Report) by 8.9% in the third quarter, as revealed in its latest filing with the Securities and Exchange Commission. Following the sale of 4,479 shares during this period, the firm now holds 45,687 shares of the semiconductor company. Nova constitutes about 1.1% of James Investment Research Inc.'s investment portfolio, ranking as its 23rd largest holding. At the time of the filing, James Investment Research Inc. owned 0.16% of Nova, which was valued at approximately $9,518,000.

Other hedge funds and institutional investors have also made changes to their holdings in Nova shares. For instance, the Employees Retirement System of Texas acquired a new stake in Nova during the second quarter, investing around $68,000. Similarly, FSC Wealth Advisors LLC obtained a new stake valued at about $79,000 in the same quarter. Signaturefd LLC increased its holdings in Nova by 15.9% during the second quarter, now owning 767 shares worth $180,000 after acquiring an additional 105 shares last quarter. OLD National Bancorp IN and The Manufacturers Life Insurance Company also entered into new positions in Nova during the second quarter, with valuations at approximately $205,000 and $211,000 respectively. Collectively, institutional investors and hedge funds account for 82.99% of Nova's stock ownership.

Market Analysts Provide Insights

Research firms have recently offered their perspectives on Nova Ltd. In a report released on September 16, Citigroup downgraded its rating for Nova from "buy" to "neutral," while adjusting the price target down from $273.00 to $224.00. Conversely, Benchmark raised its price target from $215.00 to $240.00, maintaining a "buy" rating for the stock. Currently, two analysts have recommended holding the stock, while four others have issued buy ratings. According to MarketBeat, Nova Ltd. has a consensus rating of "Moderate Buy" and has a consensus target price set at $226.80.

Evaluating Nova's Stock Performance

The shares of NVMI opened at $184.99 on the last trading day. Nova Ltd. has a market capitalization of $5.37 billion, with a price-to-earnings ratio of 38.46, a PEG ratio of 2.04, and a beta of 1.46. The company’s fifty-day moving average stands at $201.28, while the 200-day moving average is at $207.00. Over the past year, Nova's stock price has varied significantly, hitting a low of $98.19 and a high of $247.21.

Nova Ltd. most recently announced its earnings results on August 8, revealing an earnings per share (EPS) of $1.61, which exceeded analysts' average expectations of $1.18 by $0.43. The company's revenue for the quarter was reported at $156.86 million, surpassing the consensus estimate of $148.12 million. Nova's net margin stands at 27.38%, with a return on equity of 20.76%. Year-over-year, the company's revenue for this quarter increased by 27.8%. In the same quarter the previous year, Nova earned $0.97 EPS. Analysts predict that Nova Ltd. will report an EPS of 5.63 for the current financial year.

About Nova Ltd.

Nova Ltd. designs, develops, produces, and sells process control systems primarily used in semiconductor manufacturing internationally, including in Israel, Taiwan, the United States, China, and Korea. The company's product line features a variety of metrology platforms that are employed for measurements in the semiconductor manufacturing process, such as lithography, etch, chemical mechanical planarization, deposition, electrochemical plating, and advanced packaging.

Investment Considerations

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