Nanometrics (NANO) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Nanometrics (NASDAQ:NANO) from a hold rating to a buy rating in a research note released on Thursday. The firm currently has $31.00 price target on the semiconductor company’s stock.
According to Zacks, “Nanometrics is a leading provider of advanced, high-performance process control metrology and inspection systems used primarily in the fabrication of semiconductors and other solid-state devices, such as data storage components and discrete including high-brightness LEDs and power management components. It’s automated and integrated metrology systems measure critical dimensions, device structures, overlay registration, topography and various thin film properties, including film thickness as well as optical, electrical and material properties. The company’s process control solutions are deployed throughout the fabrication process, from front-end-of-line substrate manufacturing, to high-volume production of semiconductors and other devices, to advanced wafer-scale packaging applications. Nanometrics’ systems enable advanced process control for device manufacturers, providing improved device yield at reduced manufacturing cycle time, supporting the accelerated product life cycles in the semiconductor market. “
Several other research firms also recently weighed in on NANO. BidaskClub downgraded Nanometrics from a hold rating to a sell rating in a research note on Friday, February 2nd. Benchmark reiterated a buy rating and set a $33.00 price target (down previously from $34.00) on shares of Nanometrics in a research note on Wednesday, February 7th.
Nanometrics (NASDAQ:NANO) last posted its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.06. The company had revenue of $78.20 million during the quarter, compared to the consensus estimate of $76.95 million. Nanometrics had a return on equity of 12.05% and a net margin of 11.68%. The firm’s quarterly revenue was up 32.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.33 EPS. sell-side analysts predict that Nanometrics will post 1.66 EPS for the current fiscal year.
Nanometrics declared that its Board of Directors has approved a stock repurchase program on Wednesday, November 15th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the semiconductor company to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
In other Nanometrics news, SVP Rollin Kocher sold 1,807 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $24.54, for a total value of $44,343.78. Following the completion of the transaction, the senior vice president now owns 28,331 shares in the company, valued at approximately $695,242.74. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Janet Therese Taylor sold 1,654 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $24.54, for a total value of $40,589.16. The disclosure for this sale can be found here. In the last 90 days, insiders sold 61,088 shares of company stock valued at $1,635,843. 6.70% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. MetLife Investment Advisors LLC bought a new position in Nanometrics in the 4th quarter worth about $318,000. Millennium Management LLC boosted its stake in Nanometrics by 127.2% in the 4th quarter. Millennium Management LLC now owns 108,230 shares of the semiconductor company’s stock worth $2,697,000 after purchasing an additional 60,592 shares during the period. Teachers Advisors LLC boosted its stake in Nanometrics by 0.5% in the 4th quarter. Teachers Advisors LLC now owns 410,009 shares of the semiconductor company’s stock worth $10,217,000 after purchasing an additional 2,019 shares during the period. Raymond James & Associates boosted its stake in Nanometrics by 171.3% in the 4th quarter. Raymond James & Associates now owns 92,343 shares of the semiconductor company’s stock worth $2,301,000 after purchasing an additional 58,311 shares during the period. Finally, Two Sigma Investments LP boosted its stake in Nanometrics by 51.1% in the 4th quarter. Two Sigma Investments LP now owns 163,109 shares of the semiconductor company’s stock worth $4,065,000 after purchasing an additional 55,134 shares during the period. Institutional investors and hedge funds own 85.53% of the company’s stock.
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Nanometrics Company Profile
Nanometrics Incorporated is a provider of process control metrology and inspection systems used primarily in the fabrication of semiconductors and other solid-state devices, including sensors, optoelectronic devices, high-brightness (HB) light emitting diodes (LEDs), discretes and data storages components.
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