Mountain Pacific Investment Advisers LLC has significantly reduced its holdings in Nordson Corporation by 69.7%, according to a recent filing with the Securities and Exchange Commission (SEC). As of the end of the third quarter, the institutional investor owned 41,387 shares of the industrial products company, following the sale of 95,343 shares during the period. This reduction means that Nordson now represents approximately 1.5% of Mountain Pacific’s total portfolio, marking it as the firm’s 19th largest position.
As of the latest reporting, Mountain Pacific’s investment in Nordson is valued at approximately $9.39 million. This reduction in their stake aligns with a broader trend, as several other hedge funds have also adjusted their positions in Nordson. Notably, Norges Bank acquired a new stake in the company during the second quarter, investing around $139.22 million.
Meanwhile, State Street Corp increased its holdings by 4.7%, now owning 2,958,110 shares valued at $636.38 million after purchasing an additional 133,229 shares. Additionally, ProShare Advisors LLC expanded its position by 10.2%, resulting in ownership of 866,396 shares valued at $185.73 million. Squarepoint Ops LLC significantly increased its holdings by 501.5%, now owning 80,053 shares valued at $17.16 million.
Hedge funds and institutional investors collectively hold about 72.11% of Nordson’s stock, indicating strong institutional interest in the company.
Stock Performance and Dividends
On the trading front, shares of Nordson Corporation opened at $273.10 on Thursday. The company has a market capitalization of $15.21 billion and a price-to-earnings ratio of 32.02. Over the past year, Nordson’s stock has fluctuated between a low of $165.03 and a high of $274.55. The company reported a quarterly dividend of $0.82, which was paid to investors on January 2, 2024, following the record date of December 17, 2023. This represents an annualized dividend of $3.28 and a yield of 1.2%, with a dividend payout ratio of 38.45%.
Analyst Ratings
Analysts have been active in evaluating Nordson, with several recent upgrades and downgrades. Robert W. Baird raised its price target on Nordson from $252.00 to $275.00, maintaining a “neutral” rating. Meanwhile, DA Davidson set a price target of $290.00. Weiss Ratings reiterated a “hold (c+)” rating, while Vertical Research upgraded its rating from “hold” to “buy” with a target of $270.00.
Currently, four analysts rate the stock as a “buy,” while five recommend a “hold.” According to MarketBeat.com, the consensus rating remains “hold” with a target price of $266.29.
In other corporate developments, James E. Devries, Executive Vice President, sold 9,100 shares at an average price of $233.60, totaling $2,125,760.00. Following this transaction, Devries holds 51,223 shares valued at approximately $11.97 million, marking a 15.09% decrease in his ownership.
About Nordson Corporation
Founded in 1954, Nordson Corporation specializes in designing, manufacturing, and marketing precision dispensing equipment and systems. Its products are utilized in various industrial and medical applications, including adhesives, coatings, sealants, and polymers. The company’s offerings support critical manufacturing processes, ensuring precision and high production throughput across sectors such as electronics, packaging, medical, energy, automotive, and general industrial markets.
