Zacks Investment Research Downgrades NVE Corporation (NVEC) to Sell

NVE Corporation (NASDAQ:NVEC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday, May 12th.

According to Zacks, “NVE Corp. is a recognized leader in the practical commercialization of spintronics, which many experts believe represents the next generation of microelectronics. NVE’s products include magnetic sensors and couplers which revolutionize data acquisition and transfer. “

Separately, Craig Hallum set a $79.00 price objective on NVE Corporation and gave the company a “buy” rating in a report on Thursday, January 19th.

NVE Corporation (NVEC) traded up 0.06% during trading on Friday, hitting $78.06. 23,734 shares of the stock were exchanged. The company has a market cap of $377.89 million, a price-to-earnings ratio of 29.16 and a beta of 1.20. NVE Corporation has a one year low of $52.50 and a one year high of $88.34. The stock’s 50 day moving average is $79.54 and its 200-day moving average is $77.17.

NVE Corporation (NASDAQ:NVEC) last issued its quarterly earnings results on Thursday, May 4th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by $0.09. NVE Corporation had a net margin of 45.71% and a return on equity of 13.60%. The firm had revenue of $6.85 million for the quarter, compared to analyst estimates of $7.50 million. On average, equities research analysts expect that NVE Corporation will post $2.72 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 31st. Investors of record on Monday, May 15th were issued a $1.00 dividend. The ex-dividend date was Thursday, May 11th. This represents a $4.00 dividend on an annualized basis and a yield of 5.12%. NVE Corporation’s dividend payout ratio is presently 149.81%.

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In other NVE Corporation news, Director Terrence Glarner sold 1,000 shares of the stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $79.04, for a total value of $79,040.00. Following the completion of the sale, the director now directly owns 2,200 shares in the company, valued at $173,888. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.40% of the company’s stock.

Large investors have recently made changes to their positions in the company. Bank of America Corp DE increased its stake in shares of NVE Corporation by 110.0% in the first quarter. Bank of America Corp DE now owns 1,380 shares of the semiconductor company’s stock valued at $114,000 after buying an additional 723 shares during the period. Envestnet Asset Management Inc. boosted its position in NVE Corporation by 19.5% in the first quarter. Envestnet Asset Management Inc. now owns 1,777 shares of the semiconductor company’s stock valued at $147,000 after buying an additional 290 shares in the last quarter. Virginia Retirement Systems ET AL purchased a new position in NVE Corporation during the first quarter valued at $232,000. Goldman Sachs Group Inc. purchased a new position in NVE Corporation during the first quarter valued at $238,000. Finally, Spark Investment Management LLC purchased a new position in NVE Corporation during the first quarter valued at $240,000. Institutional investors own 71.41% of the company’s stock.

NVE Corporation 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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