Nordson (NASDAQ:NDSN) Cut to Sell at Zacks Investment Research
Zacks Investment Research lowered shares of Nordson (NASDAQ:NDSN) from a hold rating to a sell rating in a report released on Thursday morning, Zacks.com reports. They currently have $173.00 target price on the industrial products company’s stock.
According to Zacks, “Nordson stands to benefit from the diversified product portfolio and large customer base in end markets. Also, business acquisitions are likely to prove beneficial to the company. For instance, the buyout of Optical Control has been strengthening its Advanced Technology Systems segment. Also, the company’s continuous focus on rewarding shareholders handsomely through dividends and share buybacks will work in its favor. Over the past three months, its shares have outperformed its industry. However, the stock has been significantly overvalued compared with the industry over the same time frame. Also, high debt levels remain concerning. In addition, forex woes are likely to hurt sales growth by 2% in fiscal 2019. Further, analysts have become increasingly bearish on the company in the past 60 days.”
A number of other research analysts have also recently issued reports on the company. DA Davidson cut their price target on Nordson from $130.00 to $125.00 and set a neutral rating for the company in a report on Wednesday, August 21st. Wells Fargo & Co increased their price objective on shares of Nordson from $125.00 to $135.00 and gave the stock a market perform rating in a report on Friday, October 18th. Longbow Research set a $160.00 price objective on shares of Nordson and gave the company a buy rating in a research report on Friday, August 23rd. ValuEngine downgraded shares of Nordson from a buy rating to a hold rating in a research note on Wednesday, October 2nd. Finally, BidaskClub raised shares of Nordson from a buy rating to a strong-buy rating in a research note on Thursday, November 21st. One analyst has rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Nordson has a consensus rating of Hold and an average price target of $148.00.
In other news, insider Michael F. Hilton sold 15,951 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $164.11, for a total transaction of $2,617,718.61. Following the completion of the sale, the insider now owns 215,582 shares in the company, valued at $35,379,162.02. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Michael F. Hilton sold 8,538 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $146.81, for a total value of $1,253,463.78. Following the transaction, the insider now directly owns 210,917 shares in the company, valued at approximately $30,964,724.77. The disclosure for this sale can be found here. Insiders sold a total of 66,630 shares of company stock valued at $9,989,816 over the last three months. Insiders own 1.97% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Millennium Management LLC acquired a new position in Nordson during the 3rd quarter valued at about $9,225,000. Voloridge Investment Management LLC bought a new stake in shares of Nordson during the third quarter worth approximately $1,559,000. Barclays PLC raised its stake in shares of Nordson by 108.0% during the third quarter. Barclays PLC now owns 15,903 shares of the industrial products company’s stock worth $2,327,000 after buying an additional 8,258 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in Nordson by 5.1% in the third quarter. Public Employees Retirement System of Ohio now owns 29,083 shares of the industrial products company’s stock valued at $4,254,000 after buying an additional 1,405 shares during the period. Finally, Parametric Portfolio Associates LLC lifted its holdings in Nordson by 2.2% in the third quarter. Parametric Portfolio Associates LLC now owns 103,742 shares of the industrial products company’s stock valued at $15,173,000 after buying an additional 2,209 shares during the period. Hedge funds and other institutional investors own 68.66% of the company’s stock.
Nordson Corporation engineers, manufactures, and markets products and systems to dispense, apply, and control adhesives, coatings, polymers, sealants, biomaterials, and other fluids worldwide. Its Adhesive Dispensing Systems segment provides dispensing, coating, and laminating systems for adhesives, lotions, liquids, and fibers to disposable products and roll goods; automated adhesive dispensing systems used in packaged goods industries; components and systems used in the thermoplastic melt stream; and product assembly systems for use in paper and paperboard converting applications, and manufacturing roll goods, as well as for the assembly of plastic, metal, and wood products.
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