Corundum Group Inc. Trims Stake in NVIDIA Co. (NASDAQ:NVDA)

Corundum Group Inc. decreased its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 59.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 18,481 shares of the computer hardware maker’s stock after selling 26,833 shares during the period. NVIDIA accounts for 1.0% of Corundum Group Inc.’s investment portfolio, making the stock its 20th biggest position. Corundum Group Inc.’s holdings in NVIDIA were worth $2,244,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in NVDA. Lowe Wealth Advisors LLC purchased a new stake in NVIDIA in the 2nd quarter worth approximately $25,000. DHJJ Financial Advisors Ltd. boosted its holdings in shares of NVIDIA by 1,900.0% during the second quarter. DHJJ Financial Advisors Ltd. now owns 200 shares of the computer hardware maker’s stock worth $25,000 after purchasing an additional 190 shares during the last quarter. CGC Financial Services LLC acquired a new stake in shares of NVIDIA during the second quarter worth $26,000. Koesten Hirschmann & Crabtree INC. purchased a new stake in shares of NVIDIA in the first quarter valued at $27,000. Finally, Quest Partners LLC acquired a new position in NVIDIA in the second quarter valued at $27,000. 65.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have issued reports on NVDA shares. Westpark Capital raised their price target on NVIDIA from $127.50 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Sanford C. Bernstein raised their target price on shares of NVIDIA from $130.00 to $155.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Evercore ISI boosted their target price on shares of NVIDIA from $189.00 to $190.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. Deutsche Bank Aktiengesellschaft upped their price objective on NVIDIA from $115.00 to $140.00 and gave the stock a “hold” rating in a report on Thursday, November 21st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $175.00 target price on shares of NVIDIA in a report on Thursday, November 21st. Four research analysts have rated the stock with a hold rating, thirty-nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $164.15.

NVIDIA Stock Up 0.7 %

Shares of NVIDIA stock opened at $136.92 on Wednesday. The business has a 50-day moving average price of $134.82 and a 200 day moving average price of $123.17. NVIDIA Co. has a fifty-two week low of $45.01 and a fifty-two week high of $152.89. The firm has a market cap of $3.35 trillion, a P/E ratio of 53.88, a P/E/G ratio of 2.60 and a beta of 1.66. The company has a quick ratio of 3.64, a current ratio of 4.10 and a debt-to-equity ratio of 0.13.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.12. NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. The business had revenue of $35.08 billion during the quarter, compared to the consensus estimate of $33.15 billion. During the same period in the previous year, the business earned $0.38 EPS. The business’s quarterly revenue was up 93.6% on a year-over-year basis. On average, sell-side analysts forecast that NVIDIA Co. will post 2.73 earnings per share for the current fiscal year.

NVIDIA Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Thursday, December 5th will be given a $0.01 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. NVIDIA’s payout ratio is currently 1.57%.

NVIDIA announced that its Board of Directors has approved a stock repurchase plan on Wednesday, August 28th that permits the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization permits the computer hardware maker to reacquire up to 1.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Transactions at NVIDIA

In other news, Director Tench Coxe sold 1,000,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $119.27, for a total transaction of $119,270,000.00. Following the completion of the transaction, the director now owns 5,852,480 shares in the company, valued at approximately $698,025,289.60. This represents a 14.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mark A. Stevens sold 155,000 shares of the stock in a transaction dated Wednesday, October 9th. The stock was 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 1.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,156,270 shares of company stock worth $254,784,327. 4.23% of the stock is currently owned by insiders.

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.