NVE Corp (NASDAQ:NVEC) Sees Large Decline in Short Interest

NVE Corp (NASDAQ:NVEC) was the target of a significant decrease in short interest during the month of July. As of July 31st, there was short interest totalling 77,000 shares, a decrease of 12.1% from the June 30th total of 87,600 shares. Approximately 1.6% of the company’s stock are sold short. Based on an average daily trading volume, of 29,100 shares, the days-to-cover ratio is currently 2.6 days.

Several research firms have recently issued reports on NVEC. ValuEngine downgraded shares of NVE from a “buy” rating to a “hold” rating in a report on Friday, May 3rd. BidaskClub downgraded shares of NVE from a “sell” rating to a “strong sell” rating in a report on Friday, May 17th.

Shares of NVEC traded up $2.19 during mid-day trading on Friday, hitting $68.64. 18,373 shares of the company traded hands, compared to its average volume of 22,257. NVE has a 1-year low of $63.50 and a 1-year high of $121.20. The company has a market capitalization of $332.63 million, a PE ratio of 22.64 and a beta of 1.37. The business has a 50 day moving average of $68.15 and a 200 day moving average of $84.22.

NVE (NASDAQ:NVEC) last posted its quarterly earnings data on Wednesday, July 17th. The semiconductor company reported $0.74 earnings per share (EPS) for the quarter. NVE had a net margin of 55.22% and a return on equity of 16.97%. The firm had revenue of $6.30 million for the quarter.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Monday, July 29th will be issued a dividend of $1.00 per share. The ex-dividend date is Friday, July 26th. This represents a $4.00 annualized dividend and a dividend yield of 5.83%.

In other news, Director Terrence Glarner sold 1,000 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $69.24, for a total transaction of $69,240.00. Following the transaction, the director now owns 1,200 shares in the company, valued at $83,088. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Connors Investor Services Inc. increased its holdings in NVE by 5.4% in the 1st quarter. Connors Investor Services Inc. now owns 2,932 shares of the semiconductor company’s stock worth $287,000 after buying an additional 150 shares during the period. Institutional & Family Asset Management LLC increased its holdings in NVE by 100.0% in the 1st quarter. Institutional & Family Asset Management LLC now owns 400 shares of the semiconductor company’s stock worth $39,000 after buying an additional 200 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased its holdings in NVE by 0.9% in the 1st quarter. Los Angeles Capital Management & Equity Research Inc. now owns 25,562 shares of the semiconductor company’s stock worth $2,502,000 after buying an additional 230 shares during the period. Northern Trust Corp increased its holdings in NVE by 0.4% in the 2nd quarter. Northern Trust Corp now owns 70,958 shares of the semiconductor company’s stock worth $4,940,000 after buying an additional 257 shares during the period. Finally, Quantamental Technologies LLC increased its holdings in NVE by 161.6% in the 2nd quarter. Quantamental Technologies LLC now owns 497 shares of the semiconductor company’s stock worth $35,000 after buying an additional 307 shares during the period. Institutional investors own 75.53% of the company’s stock.

About NVE

NVE Corporation develops and sells devices that use spintronics, a nanotechnology that utilizes electron spin to acquire, store, and transmit information. The company manufactures spintronic products, including sensors and couplers for use in acquiring and transmitting data. Its products comprise standard sensors to detect the presence of a magnetic or metallic material to determine position or speed primarily for the factory automation market; and custom and medical sensors for medical devices to replace electromechanical magnetic switches.

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