Trade Report: The Bank of New York Mellon Corp cuts position of KVH Industries Inc. (KVHI)

The Bank of New York Mellon Corp cuts position of KVH Industries Inc. (KVHI)

Bank of New York Mellon Corp reduced its stake in shares of KVH Industries Inc. (NASDAQ:KVHI) by 5.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 119,385 shares of the company’s stock after selling 7,218 shares during the period. Bank of New York Mellon Corp owned about 0.72% of KVH Industries worth $920,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Genesee Valley Trust Co. raised its stake in shares of KVH Industries by 7.9% in the second quarter. Genesee Valley Trust Co. now owns 14,318 shares of the company’s stock valued at $110,000 after buying an additional 1,045 shares in the last quarter. Keane Capital Partners LLC bought a new stake in shares of KVH Industries during the first quarter valued at approximately $732,000. Kennedy Capital Management Inc. bought a new stake in shares of KVH Industries during the first quarter valued at approximately $239,000. Geode Capital Management LLC raised its stake in shares of KVH Industries by 1.0% in the first quarter. Geode Capital Management LLC now owns 95,635 shares of the company’s stock valued at $913,000 after buying an additional 985 shares in the last quarter. Finally, Spark Investment Management LLC raised its stake in shares of KVH Industries by 177.6% in the first quarter. Spark Investment Management LLC now owns 34,419 shares of the company’s stock valued at $328,000 after buying an additional 22,019 shares in the last quarter. 65.08% of the stock is currently owned by institutional investors and hedge funds.

Shares of KVH Industries Inc. (NASDAQ:KVHI) traded down 0.641% during trading on Monday, reaching $8.525. The company’s stock had a trading volume of 3,398 shares. KVH Industries Inc. has a 52-week low of $7.31 and a 52-week high of $10.60. The firm’s 50-day moving average is $8.77 and its 200 day moving average is $8.65. The company’s market cap is $140.74 million.

KVH Industries (NASDAQ:KVHI) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. KVH Industries had a net margin of 0.02% and a return on equity of 5.62%. The firm had revenue of $46 million for the quarter, compared to analyst estimates of $44.52 million. During the same period last year, the firm posted $0.13 EPS. KVH Industries’s quarterly revenue was up 2.4% on a year-over-year basis. On average, equities research analysts predict that KVH Industries Inc. will post $0.61 EPS for the current fiscal year.

Separately, Zacks Investment Research lowered KVH Industries from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 7th.

In other news, CFO John Francis Mccarthy, Jr. acquired 8,700 shares of the stock in a transaction that occurred on Friday, August 19th. The shares were purchased at an average cost of $8.68 per share, for a total transaction of $75,516.00. Following the transaction, the chief financial officer now directly owns 1,800 shares in the company, valued at approximately $15,624. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.10% of the stock is currently owned by corporate insiders.

About KVH Industries

KVH Industries, Inc is a manufacturer of solutions that provide high-speed Internet, television and voice services through satellite to mobile users at sea and on land. The Company also provides commercially licensed entertainment, including news, sports, music and movies, to commercial and leisure customers in the maritime, hotel and retail markets.

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