Triasima Portfolio Management inc. lifted its position in NVIDIA Corporation (NASDAQ:NVDA – Free Report) by 14.6% during the third quarter, HoldingsChannel.com reports. The fund owned 59,171 shares of the computer hardware maker’s stock after acquiring an additional 7,522 shares during the period. NVIDIA makes up 1.7% of Triasima Portfolio Management inc.’s portfolio, making the stock its 14th largest position. Triasima Portfolio Management inc.’s holdings in NVIDIA were worth $13,513,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the company. Montgomery Financial Services LLC purchased a new stake in shares of NVIDIA during the second quarter worth $28,000. Langley Wealth Management LLC acquired a new position in NVIDIA during the second quarter worth about $34,000. Newton One Investments LLC acquired a new position in NVIDIA during the third quarter worth about $34,000. Phillip James Consulting Co. purchased a new stake in NVIDIA during the 1st quarter valued at about $40,000. Finally, Bard Associates Inc. raised its holdings in NVIDIA by 8,866.7% in the 2nd quarter. Bard Associates Inc. now owns 269 shares of the computer hardware maker’s stock valued at $54,000 after acquiring an additional 266 shares during the last quarter. 65.27% of the stock is owned by institutional investors and hedge funds.
NVIDIA News Summary
Here are the key news stories impacting NVIDIA this week:
- Positive Sentiment: NVIDIA’s underlying business remains strong: its latest reported quarter beat estimates, with revenue up 105.9% year over year. That growth may help support the stock if the controversy does not disrupt operations. Article: Jensen Huang Might Be the Biggest Wild Card for Nvidia Stock
- Positive Sentiment: The company also announced a South Korean AI-infrastructure collaboration with Rebellions and SK Telecom, extending use of NVIDIA’s NVLink platform. Article: NVIDIA, Rebellions and SK Telecom Announce Collaboration
- Neutral Sentiment: NVIDIA’s board has begun an independent investigation into reports that Huang was targeted by a foreign intelligence effort. The board said it has no reason to believe company secrets or national security were compromised; Huang says he is cooperating. The outcome remains uncertain. Article: Statement from NVIDIA Board of Directors
- Negative Sentiment: The investigation follows Huang’s admission of an affair with Alice Huang, a former executive at a company that buys NVIDIA chips, who U.S. intelligence reportedly suspects of links to Chinese intelligence. Investors are concerned about potential exposure of sensitive information, reputational damage, and complications for NVIDIA’s China business. Article: Nvidia Shares Slump on Spy Probe
- Negative Sentiment: Shareholder litigation and possible congressional scrutiny add legal and regulatory risks. Questions about Huang’s future also weigh on sentiment, as reports say NVIDIA has no clear public succession plan for its founder and long-serving CEO. Article: Nvidia’s CEO Turmoil Gives Democrats Fresh Ammunition for Oversight Article: Jensen Huang Affair Puts Nvidia’s Future at Risk
Analyst Upgrades and Downgrades
NVDA has been the subject of a number of analyst reports. Phillip Securities upped their price target on NVIDIA from $285.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, August 31st. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $330.00 target price on shares of NVIDIA in a research note on Monday. DZ Bank restated a “buy” rating on shares of NVIDIA in a report on Wednesday, August 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $350.00 price target on shares of NVIDIA in a research report on Thursday, October 1st. Finally, UBS Group reiterated a “buy” rating on shares of NVIDIA in a research report on Friday, October 9th. Five equities research analysts have rated the stock with a Strong Buy rating, forty-eight have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $317.57.
Read Our Latest Stock Report on NVIDIA
Insiders Place Their Bets
In other news, CFO Colette Kress sold 34,918 shares of NVIDIA stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $219.05, for a total value of $7,648,787.90. Following the completion of the transaction, the chief financial officer owned 765,103 shares in the company, valued at approximately $167,595,812.15. This trade represents a 4.36% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Timothy S. Teter sold 30,460 shares of the firm’s stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $222.80, for a total transaction of $6,786,488.00. Following the completion of the sale, the executive vice president directly owned 2,687,660 shares in the company, valued at approximately $598,810,648. This trade represents a 1.12% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,766,118 shares of company stock worth $399,450,353 over the last 90 days. Corporate insiders own 3.94% of the company’s stock.
NVIDIA Stock Down 4.3%
NVIDIA stock opened at $178.67 on Tuesday. NVIDIA Corporation has a fifty-two week low of $164.27 and a fifty-two week high of $243.37. The firm has a 50 day moving average price of $219.03 and a 200 day moving average price of $204.50. The company has a market capitalization of $4.31 trillion, a PE ratio of 22.59, a price-to-earnings-growth ratio of 1.54 and a beta of 2.21. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.85 and a current ratio of 4.59.
NVIDIA (NASDAQ:NVDA – Get Free Report) last posted its quarterly earnings data on Wednesday, August 26th. The computer hardware maker reported $2.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.13. NVIDIA had a return on equity of 96.04% and a net margin of 63.66%. The firm had revenue of $96.22 billion for the quarter, compared to the consensus estimate of $92.27 billion. During the same quarter in the previous year, the business earned $1.05 EPS. The company’s quarterly revenue was up 105.9% compared to the same quarter last year. Research analysts expect that NVIDIA Corporation will post 9.30 earnings per share for the current year.
NVIDIA Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Thursday, September 10th were issued a dividend of $0.25 per share. The ex-dividend date was Thursday, September 10th. This represents a $1.00 dividend on an annualized basis and a yield of 0.6%. NVIDIA’s dividend payout ratio is 12.64%.
NVIDIA announced that its Board of Directors has initiated a share buyback program on Monday, September 28th that allows the company to repurchase $150 billion in shares. This buyback authorization allows the computer hardware maker to repurchase up to 2.8% of its stock through open market purchases. Share buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
About NVIDIA
NVIDIA Corporation develops graphics processing units (GPUs), accelerated computing platforms and related software. Founded in 1993, the company first became widely known for GPUs used in PC gaming and professional graphics. Its technology now also supports artificial intelligence, scientific computing and other data-intensive applications.
NVIDIA’s offerings include GeForce products for gaming, data-center GPUs and systems for AI workloads, and networking products that connect computing infrastructure.
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