Shares of Nanometrics Incorporated (NASDAQ:NANO) shot up 3.9% during trading on Thursday . The company traded as high as $26.62 and last traded at $24.96. 135,697 shares changed hands during mid-day trading, a decline of 26% from the average session volume of 182,682 shares. The stock had previously closed at $25.97.
A number of research firms recently commented on NANO. Benchmark reiterated a “buy” rating and issued a $33.00 target price (down from $34.00) on shares of Nanometrics in a report on Wednesday. BidaskClub downgraded shares of Nanometrics from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. Finally, Zacks Investment Research downgraded shares of Nanometrics from a “hold” rating to a “sell” rating in a report on Wednesday, January 3rd.
The stock has a market capitalization of $678.20, a price-to-earnings ratio of 21.79, a PEG ratio of 1.23 and a beta of 1.65.
Nanometrics announced that its board has initiated a share buyback plan on Wednesday, November 15th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the semiconductor company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, CEO Timothy J. Stultz sold 14,166 shares of the business’s stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $25.93, for a total transaction of $367,324.38. Following the sale, the chief executive officer now owns 294,817 shares in the company, valued at $7,644,604.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 14,781 shares of company stock worth $382,656 in the last 90 days. 6.70% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in NANO. SG Americas Securities LLC acquired a new position in Nanometrics in the 3rd quarter valued at approximately $158,000. LS Investment Advisors LLC increased its stake in Nanometrics by 36.9% in the 3rd quarter. LS Investment Advisors LLC now owns 7,824 shares of the semiconductor company’s stock valued at $225,000 after buying an additional 2,109 shares during the period. Teacher Retirement System of Texas acquired a new position in Nanometrics in the 4th quarter valued at approximately $209,000. Teachers Retirement System of The State of Kentucky increased its stake in Nanometrics by 39.5% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 9,765 shares of the semiconductor company’s stock valued at $247,000 after buying an additional 2,765 shares during the period. Finally, Virtu KCG Holdings LLC acquired a new position in Nanometrics in the 2nd quarter valued at approximately $296,000. Institutional investors and hedge funds own 83.05% 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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