California Public Employees Retirement System cut its position in NVE Corp. (NASDAQ:NVEC) by 3.1% during the second quarter, Holdings Channel reports. The fund owned 18,800 shares of the company’s stock after selling 600 shares during the period. California Public Employees Retirement System owned 0.39% of NVE Corp. worth $1,103,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC increased its position in shares of 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 during the last quarter. Prudential Financial Inc. increased its position in shares of 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 during the last quarter. Strs Ohio increased its position in shares of 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 during the last quarter. Swiss National Bank increased its position in shares of NVE Corp. by 10.4% in the second quarter. Swiss National Bank now owns 8,500 shares of the company’s stock worth $499,000 after buying an additional 800 shares during the last quarter. Finally, Emerald Acquisition Ltd. acquired a new position in shares of NVE Corp. during the second quarter worth $360,000. Hedge funds and other institutional investors own 73.25% of the company’s stock.
NVE Corp. (NASDAQ:NVEC) traded down 1.98% during trading on Friday, reaching $56.46. The company had a trading volume of 9,568 shares. The firm has a market capitalization of $272.98 million, a PE ratio of 23.53 and a beta of 0.59. NVE Corp. has a 12-month low of $45.47 and a 12-month high of $62.93. The firm’s 50 day moving average price is $58.55 and its 200 day moving average price is $57.56.
NVE Corp. (NASDAQ:NVEC) last released its quarterly earnings results on Wednesday, July 20th. The company reported $0.65 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.11. NVE Corp. had a net margin of 44.52% and a return on equity of 11.54%. The company earned $6.71 million during the quarter, compared to the consensus estimate of $6.40 million. Equities research analysts forecast that NVE Corp. will post $2.16 EPS for the current year.
Separately, Zacks Investment Research downgraded NVE Corp. from a “hold” rating to a “sell” rating in a research note on Saturday, July 23rd.
In other NVE Corp. news, Director Terrence Glarner sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $57.86, for a total transaction of $57,860.00. Following the completion of the transaction, the director now owns 4,200 shares of the company’s stock, valued at $243,012. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.40% of the company’s stock.
About NVE Corp.
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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