Amalgamated Bank Buys 4,700,300 Shares of NVIDIA Co. (NASDAQ:NVDA)

Amalgamated Bank boosted its stake in NVIDIA Co. (NASDAQ:NVDA) by 887.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 5,229,901 shares of the computer hardware maker’s stock after buying an additional 4,700,300 shares during the period. NVIDIA makes up 5.5% of Amalgamated Bank’s portfolio, making the stock its 3rd largest holding. Amalgamated Bank’s holdings in NVIDIA were worth $646,102,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Tredje AP fonden grew its stake in NVIDIA by 879.7% in the 2nd quarter. Tredje AP fonden now owns 5,467,509 shares of the computer hardware maker’s stock valued at $675,456,000 after buying an additional 4,909,429 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its position in shares of NVIDIA by 911.5% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 957,780 shares of the computer hardware maker’s stock worth $118,324,000 after purchasing an additional 863,088 shares in the last quarter. Argent Trust Co grew its position in shares of NVIDIA by 913.2% during the 2nd quarter. Argent Trust Co now owns 205,564 shares of the computer hardware maker’s stock worth $25,395,000 after purchasing an additional 185,276 shares in the last quarter. Meiji Yasuda Life Insurance Co grew its position in shares of NVIDIA by 924.4% during the 2nd quarter. Meiji Yasuda Life Insurance Co now owns 698,349 shares of the computer hardware maker’s stock worth $86,274,000 after purchasing an additional 630,180 shares in the last quarter. Finally, Legacy Financial Group Inc. grew its position in shares of NVIDIA by 984.4% during the 2nd quarter. Legacy Financial Group Inc. now owns 15,387 shares of the computer hardware maker’s stock worth $1,901,000 after purchasing an additional 13,968 shares in the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

Insider Activity at NVIDIA

In other NVIDIA news, Director Mark A. Stevens sold 155,000 shares of NVIDIA stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total value of $20,501,850.00. Following the sale, the director now owns 8,100,117 shares of the company’s stock, valued at approximately $1,071,402,475.59. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other NVIDIA news, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $119.27, for a total value of $119,270,000.00. Following the sale, the director now owns 5,852,480 shares of the company’s stock, valued at approximately $698,025,289.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Mark A. Stevens sold 155,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the completion of the sale, the director now directly owns 8,100,117 shares in the company, valued at approximately $1,071,402,475.59. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,876,270 shares of company stock valued at $333,061,527 over the last ninety days. Corporate insiders own 4.23% of the company’s stock.

NVIDIA Stock Up 4.1 %

Shares of NASDAQ NVDA opened at $143.71 on Tuesday. The stock has a market capitalization of $3.53 trillion, a P/E ratio of 67.41, a P/E/G ratio of 1.25 and a beta of 1.67. The company has a 50-day moving average price of $122.58 and a 200-day moving average price of $112.92. NVIDIA Co. has a 1 year low of $39.23 and a 1 year high of $143.71. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The company had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. During the same period last year, the firm earned $0.25 earnings per share. The firm’s revenue was up 122.4% on a year-over-year basis. On average, equities research analysts forecast that NVIDIA Co. will post 2.65 EPS for the current fiscal year.

NVIDIA announced that its board has initiated a stock repurchase plan on Wednesday, August 28th that allows the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization allows the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

NVIDIA Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Thursday, September 12th were given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. The ex-dividend date was Thursday, September 12th. NVIDIA’s payout ratio is currently 1.88%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $100.00 target price on shares of NVIDIA in a research report on Monday, August 5th. JPMorgan Chase & Co. increased their target price on shares of NVIDIA from $115.00 to $155.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Robert W. Baird increased their target price on shares of NVIDIA from $120.00 to $150.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Raymond James increased their target price on shares of NVIDIA from $120.00 to $140.00 and gave the stock a “strong-buy” rating in a research report on Thursday, August 29th. Finally, Wells Fargo & Company increased their price target on shares of NVIDIA from $155.00 to $165.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Five analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.07.

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.