Mechanics Bank Trust Department Has $3.74 Million Stock Position in NVIDIA Co. (NASDAQ:NVDA)

Mechanics Bank Trust Department lessened its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 39.1% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 8,850 shares of the computer hardware maker’s stock after selling 5,671 shares during the period. Mechanics Bank Trust Department’s holdings in NVIDIA were worth $3,744,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its stake in shares of NVIDIA by 9.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 56,956,988 shares of the computer hardware maker’s stock worth $8,323,694,000 after buying an additional 5,043,685 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of NVIDIA by 0.6% during the first quarter. Geode Capital Management LLC now owns 46,056,013 shares of the computer hardware maker’s stock worth $12,763,663,000 after buying an additional 267,061 shares during the last quarter. Morgan Stanley grew its stake in shares of NVIDIA by 20.2% in the fourth quarter. Morgan Stanley now owns 27,533,756 shares of the computer hardware maker’s stock worth $4,023,783,000 after purchasing an additional 4,621,002 shares during the last quarter. Norges Bank bought a new stake in shares of NVIDIA in the fourth quarter worth $3,900,874,000. Finally, Bank of New York Mellon Corp grew its stake in shares of NVIDIA by 1.5% in the first quarter. Bank of New York Mellon Corp now owns 21,702,416 shares of the computer hardware maker’s stock worth $6,028,280,000 after purchasing an additional 322,662 shares during the last quarter. Institutional investors own 64.79% of the company’s stock.

Insiders Place Their Bets

In other news, Director John Dabiri sold 283 shares of the stock in a transaction that occurred on Monday, June 26th. The shares were sold at an average price of $424.53, for a total transaction of $120,141.99. Following the completion of the transaction, the director now directly owns 2,401 shares of the company’s stock, valued at approximately $1,019,296.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other NVIDIA news, CEO Jen Hsun Huang sold 29,688 shares of the stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $454.01, for a total value of $13,478,648.88. Following the sale, the chief executive officer now directly owns 7,918,875 shares in the company, valued at approximately $3,595,248,438.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Dabiri sold 283 shares of the stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $424.53, for a total transaction of $120,141.99. Following the completion of the sale, the director now owns 2,401 shares in the company, valued at $1,019,296.53. The disclosure for this sale can be found here. In the last ninety days, insiders sold 145,515 shares of company stock valued at $67,726,231. Corporate insiders own 3.99% of the company’s stock.

NVIDIA Trading Up 0.2 %

Shares of NVDA stock opened at $439.66 on Tuesday. NVIDIA Co. has a 52-week low of $108.13 and a 52-week high of $502.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.37 and a current ratio of 2.79. The company has a 50-day simple moving average of $455.24 and a two-hundred day simple moving average of $366.89. The company has a market capitalization of $1.09 trillion, a price-to-earnings ratio of 106.20, a PEG ratio of 3.44 and a beta of 1.74.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data on Wednesday, August 23rd. The computer hardware maker reported $2.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.08 by $0.62. NVIDIA had a net margin of 31.59% and a return on equity of 45.50%. The business had revenue of $13.51 billion during the quarter, compared to the consensus estimate of $11.19 billion. During the same period in the prior year, the firm posted $0.32 EPS. The firm’s quarterly revenue was up 101.5% compared to the same quarter last year. Research analysts anticipate that NVIDIA Co. will post 9.46 EPS for the current fiscal year.

NVIDIA Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Thursday, September 7th will be given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.04%. The ex-dividend date of this dividend is Wednesday, September 6th. NVIDIA’s payout ratio is 3.86%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Stifel Nicolaus raised shares of NVIDIA from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $440.00 to $600.00 in a research note on Thursday, August 24th. Needham & Company LLC boosted their price objective on shares of NVIDIA from $300.00 to $460.00 in a research note on Thursday, May 25th. Morgan Stanley boosted their price objective on shares of NVIDIA from $500.00 to $630.00 and gave the stock an “overweight” rating in a research note on Thursday, August 24th. Benchmark boosted their price objective on shares of NVIDIA from $475.00 to $625.00 and gave the stock a “buy” rating in a research note on Thursday, August 24th. Finally, TD Cowen boosted their target price on shares of NVIDIA from $500.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, August 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty-six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, NVIDIA presently has an average rating of “Moderate Buy” and an average price target of $555.70.

About NVIDIA

NVIDIA Corporation provides graphics, and compute and networking solutions in the United States, Taiwan, China, and internationally. The company's 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; vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building 3D designs and virtual worlds.