Bank of New York Mellon Corp reduced its position in NVE Corp. (NASDAQ:NVEC) by 0.2% during the second quarter, Holdings Channel reports. The fund owned 31,927 shares of the company’s stock after selling 62 shares during the period. Bank of New York Mellon Corp owned 0.66% of NVE Corp. worth $1,872,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Strs Ohio boosted its position in NVE Corp. by 8.2% in the second quarter. Strs Ohio now owns 10,600 shares of the company’s stock worth $621,000 after buying an additional 800 shares in the last quarter. Geode Capital Management LLC boosted its position in NVE Corp. by 2.7% in the first quarter. Geode Capital Management LLC now owns 32,947 shares of the company’s stock worth $1,862,000 after buying an additional 871 shares in the last quarter. Finally, Prudential Financial Inc. boosted its position in NVE Corp. by 12.7% in the first quarter. Prudential Financial Inc. now owns 16,023 shares of the company’s stock worth $906,000 after buying an additional 1,800 shares in the last quarter. Institutional investors own 73.25% of the company’s stock.
NVE Corp. (NASDAQ:NVEC) traded down 0.89% on Friday, reaching $58.23. The company’s stock had a trading volume of 3,170 shares. NVE Corp. has a 52-week low of $45.47 and a 52-week high of $62.93. The stock’s 50 day moving average price is $58.55 and its 200 day moving average price is $57.46. The firm has a market cap of $281.54 million, a PE ratio of 24.27 and a beta of 0.59.
NVE Corp. (NASDAQ:NVEC) last posted its quarterly earnings data on Wednesday, July 20th. The company reported $0.65 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.11. NVE Corp. had a return on equity of 11.54% and a net margin of 44.52%. The business had revenue of $6.71 million for the quarter, compared to analysts’ expectations of $6.40 million. Equities research analysts expect that NVE Corp. will post $2.16 earnings per share for the current fiscal year.
Separately, Zacks Investment Research cut NVE Corp. from a “hold” rating to a “sell” rating in a research report on Saturday, July 23rd.
In other news, Director Terrence Glarner sold 1,000 shares of the company’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $57.86, for a total transaction of $57,860.00. Following the transaction, the director now owns 4,200 shares of the company’s stock, valued at approximately $243,012. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.40% of the company’s stock.
NVE Corp. Company Profile
NVE Corporation develops and sells devices that use spintronics, a nanotechnology that relies on electron spin to acquire, store and transmit information. The Company manufactures spintronic products, including sensors and couplers that are used to acquire and transmit data. The Company has also licensed its spintronic magnetoresistive random access memory technology (MRAM).
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