Mountain Pacific Investment Advisers LLC has significantly reduced its stake in Nordson Corporation, decreasing its holdings by 69.7% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the institutional investor now owns 41,387 shares of Nordson after selling 95,343 shares during this period. This adjustment leaves Nordson comprising approximately 1.5% of Mountain Pacific’s total portfolio, making it the 19th largest holding.
As of the latest report, Mountain Pacific Investment Advisers holds about 0.07% of Nordson, valued at around $9.39 million. This divestment reflects broader trends in institutional investment, as other hedge funds have also altered their positions in Nordson recently.
In the second quarter, Norges Bank acquired a new stake in Nordson valued at approximately $139.22 million. Additionally, State Street Corporation increased its holdings by 4.7%, now owning 2,958,110 shares valued at $636.38 million after buying an additional 133,229 shares. ProShare Advisors LLC also expanded its position by 10.2%, acquiring 866,396 shares worth $185.73 million. Squarepoint Ops LLC made headlines with a 501.5% increase, now holding 80,053 shares valued at $17.16 million. Finally, Boston Trust Walden Corp raised its stake by 22.8%, owning 355,613 shares worth $76.23 million.
Institutional investors collectively own approximately 72.11% of Nordson’s stock, indicating strong confidence in the company’s future.
Market Performance and Financials
On Thursday, Nordson Corporation’s shares opened at $273.10, reflecting an increase of 2.6%. The company has experienced fluctuations, having a 52-week low of $165.03 and a high of $274.55. Nordson’s market capitalization stands at $15.21 billion, with a price-to-earnings ratio of 32.02 and a PEG ratio of 1.83. The company’s debt-to-equity ratio is reported at 0.56, with a quick ratio of 1.05 and a current ratio of 1.64.
Additionally, Nordson recently announced a quarterly dividend of $0.82, which was distributed on January 2, 2024. Shareholders of record on December 17, 2023 received this dividend, representing an annualized payout of $3.28 and a yield of 1.2%. The company’s dividend payout ratio currently stands at 38.45%.
Analyst Ratings and Insider Transactions
Several market analysts have provided insights into Nordson’s stock performance. Robert W. Baird recently raised its price target for Nordson from $252.00 to $275.00, maintaining a “neutral” rating. DA Davidson set a higher target of $290.00, while Weiss Ratings reaffirmed a “hold (c+)” rating. Vertical Research upgraded its recommendation from “hold” to “buy” with a target of $270.00. In contrast, Wall Street Zen downgraded the stock from “buy” to “hold.” Currently, four analysts have rated Nordson as a “buy” while five have issued “hold” ratings, leading to a consensus rating of “hold” with an average target price of $266.29, according to MarketBeat.com.
In terms of insider activity, Executive Vice President James E. Devries sold 9,100 shares on November 10, 2023 at an average price of $233.60, totaling $2.13 million. Following this transaction, Devries retains 51,223 shares, valued at around $11.97 million, showing a 15.09% reduction in his ownership.
About Nordson Corporation
Nordson Corporation specializes in designing, manufacturing, and marketing precision dispensing equipment and systems. These products cater to various industrial and medical applications, including adhesives, coatings, sealants, and polymers. The company’s extensive portfolio includes fluid systems, curing technologies, and advanced testing solutions, serving key manufacturing processes that demand precise dispensing accuracy and robust process control.
Nordson operates across multiple segments, addressing diverse markets such as electronics, packaging, medical, energy, automotive, and general industrial sectors. As the company continues to evolve, its strategic decisions and market performance remain closely monitored by investors and analysts alike.
