Chemung Canal Trust Co. Decreases Stake in NVIDIA Corporation (NASDAQ:NVDA)

Key Points

• Chemung Canal Trust Co. has decreased its stake in NVIDIA Corporation by 43.0%, selling 7,564 shares, leaving it with 10,029 shares valued at $1,087,000.
• NVIDIA's recent quarterly earnings revealed an EPS of $0.81, missing expectations by $0.06, although revenue rose by 69.2% year-over-year to $44.06 billion.
• The company recently announced a quarterly dividend of $0.01 per share, resulting in a dividend yield of 0.0% and a payout ratio of 1.29%.

Chemung Canal Trust Co. cut its stake in shares of NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 43.0% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 10,029 shares of the computer hardware maker's stock after selling 7,564 shares during the period. Chemung Canal Trust Co.'s holdings in NVIDIA were worth $1,087,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Condor Capital Management grew its stake in NVIDIA by 3.6% during the 4th quarter. Condor Capital Management now owns 2,559 shares of the computer hardware maker's stock worth $344,000 after buying an additional 89 shares during the last quarter. Kelly Financial Services LLC grew its stake in NVIDIA by 2.0% during the 1st quarter. Kelly Financial Services LLC now owns 4,736 shares of the computer hardware maker's stock worth $513,000 after buying an additional 94 shares during the last quarter. Foundry Financial Group Inc. grew its stake in NVIDIA by 2.2% during the 4th quarter. Foundry Financial Group Inc. now owns 4,387 shares of the computer hardware maker's stock worth $589,000 after buying an additional 96 shares during the last quarter. Mendel Capital Management LLC grew its stake in NVIDIA by 0.8% during the 1st quarter. Mendel Capital Management LLC now owns 11,871 shares of the computer hardware maker's stock worth $1,287,000 after buying an additional 96 shares during the last quarter. Finally, Wallace Hart LLC grew its stake in NVIDIA by 3.9% during the 4th quarter. Wallace Hart LLC now owns 2,599 shares of the computer hardware maker's stock worth $349,000 after buying an additional 97 shares during the last quarter. 65.27% of the stock is owned by institutional investors and hedge funds.

NVIDIA Stock Down 2.3%

Shares of NVIDIA stock opened at $173.72 on Monday. The stock has a 50-day moving average price of $155.30 and a 200 day moving average price of $132.28. The company has a market cap of $4.24 trillion, a P/E ratio of 56.04, a P/E/G ratio of 1.53 and a beta of 2.14. The company has a current ratio of 3.39, a quick ratio of 2.96 and a debt-to-equity ratio of 0.10. NVIDIA Corporation has a 1 year low of $86.62 and a 1 year high of $183.30.

NVIDIA (NASDAQ:NVDA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.06). NVIDIA had a return on equity of 105.09% and a net margin of 51.69%. The business had revenue of $44.06 billion during the quarter, compared to analysts' expectations of $43.09 billion. During the same period in the prior year, the company posted $0.61 earnings per share. The firm's revenue was up 69.2% on a year-over-year basis. As a group, analysts expect that NVIDIA Corporation will post 2.77 EPS for the current fiscal year.

NVIDIA Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Wednesday, June 11th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.0%. The ex-dividend date of this dividend was Wednesday, June 11th. NVIDIA's dividend payout ratio is presently 1.29%.

Insider Transactions at NVIDIA

In other NVIDIA news, Director Mark A. Stevens sold 935,000 shares of the company's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $140.92, for a total value of $131,760,200.00. Following the transaction, the director directly owned 9,214,697 shares of the company's stock, valued at $1,298,535,101.24. This represents a 9.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Tench Coxe sold 1,000,000 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $142.80, for a total value of $142,800,000.00. Following the completion of the transaction, the director directly owned 26,671,360 shares in the company, valued at approximately $3,808,670,208. The trade was a 3.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,339,800 shares of company stock valued at $800,141,003. 4.17% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently commented on NVDA. Rosenblatt Securities upped their price objective on NVIDIA from $178.00 to $200.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Truist Financial increased their price target on NVIDIA from $205.00 to $210.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. UBS Group reissued a "buy" rating on shares of NVIDIA in a research note on Friday, May 23rd. Cantor Fitzgerald reissued an "overweight" rating and issued a $200.00 price target on shares of NVIDIA in a research note on Wednesday, April 16th. Finally, Barclays increased their price target on NVIDIA from $170.00 to $200.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, thirty-three have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $182.03.

About NVIDIA

NVIDIA Corporation provides graphics and compute and networking solutions in the United States, Taiwan, China, Hong Kong, and internationally. The Graphics segment offers GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; virtual GPU or vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building and operating metaverse and 3D internet applications.

Want to see what other hedge funds are holding NVDA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NVIDIA Corporation (NASDAQ:NVDA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.