InvenSense Inc. (INVN) Position Increased by Ameriprise Financial Inc.
Ameriprise Financial Inc. raised its stake in InvenSense Inc. (NYSE:INVN) by 46.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 782,668 shares of the company’s stock after buying an additional 246,723 shares during the period. Ameriprise Financial Inc. owned 0.84% of InvenSense worth $4,797,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. increased its position in InvenSense by 199.6% in the first quarter. JPMorgan Chase & Co. now owns 1,459,975 shares of the company’s stock valued at $12,264,000 after buying an additional 972,719 shares during the period. Canada Pension Plan Investment Board acquired a new position in InvenSense during the first quarter valued at approximately $7,038,000. Artemis Investment Management LLP acquired a new position in InvenSense during the second quarter valued at approximately $3,303,000. Thompson Siegel & Walmsley LLC increased its position in InvenSense by 35.0% in the second quarter. Thompson Siegel & Walmsley LLC now owns 1,357,497 shares of the company’s stock valued at $8,321,000 after buying an additional 351,954 shares during the period. Finally, HBK Investments L P increased its position in InvenSense by 201.0% in the first quarter. HBK Investments L P now owns 436,700 shares of the company’s stock valued at $3,668,000 after buying an additional 291,600 shares during the period. 40.10% of the stock is currently owned by hedge funds and other institutional investors.
InvenSense Inc. (NYSE:INVN) traded down 0.14% during trading on Friday, hitting $7.21. The stock had a trading volume of 869,430 shares. The stock’s market capitalization is $675.50 million. The stock’s 50-day moving average is $7.45 and its 200-day moving average is $7.05. InvenSense Inc. has a 52-week low of $5.42 and a 52-week high of $12.77.
InvenSense (NYSE:INVN) last released its quarterly earnings results on Thursday, July 28th. The company reported ($0.05) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.01. InvenSense had a negative return on equity of 1.07% and a negative net margin of 9.54%. The company had revenue of $60.64 million for the quarter, compared to analyst estimates of $60.26 million. During the same quarter in the prior year, the firm posted $0.14 EPS. InvenSense’s quarterly revenue was down 43.0% compared to the same quarter last year. On average, analysts predict that InvenSense Inc. will post $0.11 earnings per share for the current fiscal year.
INVN has been the topic of several recent analyst reports. Pacific Crest upgraded shares of InvenSense from a “sector weight” rating to an “overweight” rating and raised their target price for the stock from $6.80 to $9.00 in a report on Friday, August 12th. KeyCorp restated a “hold” rating on shares of InvenSense in a report on Wednesday, July 6th. Northland Securities upgraded shares of InvenSense from a “market perform” rating to an “outperform” rating and set a $10.00 target price on the stock in a report on Friday, July 29th. Finally, Roth Capital initiated coverage on shares of InvenSense in a report on Wednesday, August 31st. They issued a “buy” rating and a $9.00 target price on the stock. One analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $8.94.
In related news, CFO Mark P. Dentinger sold 7,110 shares of the stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $7.55, for a total transaction of $53,680.50. Following the sale, the chief financial officer now owns 28,380 shares in the company, valued at approximately $214,269. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 14.20% of the company’s stock.
InvenSense Company Profile
InvenSense, Inc (InvenSense) is engaged in designing, developing, marketing and selling of sensor system-on-chip (SoC), including accelerometers, gyroscopes and microphones for the mobile, wearable, smart home, gaming, industrial and automotive market segments. The Company delivers solutions based on its motion and sound technology; focused on solutions, such as smartphones, tablets, wearables, console and portable video gaming devices, digital television and set-top box remote controls, fitness accessories, sports equipment, digital still cameras, automobiles, ultra-books, laptops, hearing aids, stabilization systems, tools, navigation devices, remote controlled toys and other household consumer and industrial devices.
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