Bank of New York Mellon Corp decreased its stake in Exar Corp. (NYSE:EXAR) by 10.0% during the second quarter, Holdings Channel reports. The fund owned 467,663 shares of the company’s stock after selling 51,686 shares during the period. Bank of New York Mellon Corp owned about 0.96% of Exar Corp. worth $3,765,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of EXAR. Geode Capital Management LLC boosted its stake in Exar Corp. by 1.2% in the first quarter. Geode Capital Management LLC now owns 288,417 shares of the company’s stock valued at $1,658,000 after buying an additional 3,468 shares during the period. Royal Bank of Canada boosted its stake in Exar Corp. by 171.2% in the first quarter. Royal Bank of Canada now owns 22,436 shares of the company’s stock valued at $129,000 after buying an additional 14,164 shares during the period. Friess Associates LLC boosted its stake in Exar Corp. by 7.1% in the first quarter. Friess Associates LLC now owns 104,645 shares of the company’s stock valued at $602,000 after buying an additional 6,980 shares during the period. Murphy Michael R boosted its stake in Exar Corp. by 53.2% in the first quarter. Murphy Michael R now owns 1,454,706 shares of the company’s stock valued at $8,365,000 after buying an additional 504,899 shares during the period. Finally, Spark Investment Management LLC purchased a new stake in Exar Corp. during the first quarter valued at approximately $216,000. 77.95% of the stock is currently owned by institutional investors.
Shares of Exar Corp. (NYSE:EXAR) traded down 0.86% during mid-day trading on Wednesday, hitting $9.17. 89,537 shares of the company traded hands. The firm has a 50-day moving average price of $9.07 and a 200 day moving average price of $7.46. Exar Corp. has a 52-week low of $4.82 and a 52-week high of $9.38. The firm’s market cap is $454.59 million.
Exar Corp. (NYSE:EXAR) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. The firm had revenue of $27.10 million for the quarter, compared to analysts’ expectations of $26.60 million. Exar Corp. had a negative net margin of 3.36% and a positive return on equity of 5.31%. The firm’s quarterly revenue was down 3.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.10 earnings per share. Equities research analysts anticipate that Exar Corp. will post $0.34 EPS for the current fiscal year.
Several research firms have recently commented on EXAR. B. Riley restated a “buy” rating and issued a $10.50 target price on shares of Exar Corp. in a research note on Tuesday, July 5th. Zacks Investment Research cut shares of Exar Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 26th. Finally, Stifel Nicolaus raised their target price on shares of Exar Corp. from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, June 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $21.00.
In other Exar Corp. news, VP James Lougheed bought 3,400 shares of the stock in a transaction on Monday, August 8th. The stock was purchased at an average price of $8.81 per share, for a total transaction of $29,954.00. Following the completion of the purchase, the vice president now directly owns 29,471 shares in the company, valued at $259,639.51. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.53% of the stock is currently owned by corporate insiders.
About Exar Corp.
Exar Corporation (Exar) designs, develops and markets analog mixed-signal integrated circuits (ICs) and sub-system solutions. The Company’s products are deployed in a range of applications, such as industrial, instrumentation and medical equipment, networking and telecommunication systems, servers, enterprise storage systems, flat panel displays, light emitting diode (LED) lighting solutions, set top boxes and digital video recorders.
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