Bank of America Corp DE increased its stake in STMicroelectronics N.V. (NYSE:STM) by 433.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 519,711 shares of the semiconductor producer’s stock after buying an additional 422,337 shares during the period. Bank of America Corp DE owned about 0.06% of STMicroelectronics N.V. worth $8,035,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in STM. Envestnet Asset Management Inc. increased its stake in STMicroelectronics N.V. by 20.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 10,607 shares of the semiconductor producer’s stock valued at $119,000 after buying an additional 1,771 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in STMicroelectronics N.V. by 114.9% in the first quarter. PNC Financial Services Group Inc. now owns 7,808 shares of the semiconductor producer’s stock valued at $121,000 after buying an additional 4,175 shares in the last quarter. Financial Architects Inc bought a new stake in STMicroelectronics N.V. during the first quarter valued at $123,000. Quadrant Capital Group LLC increased its stake in STMicroelectronics N.V. by 388.3% in the first quarter. Quadrant Capital Group LLC now owns 8,672 shares of the semiconductor producer’s stock valued at $131,000 after buying an additional 6,896 shares in the last quarter. Finally, IFP Advisors Inc increased its stake in STMicroelectronics N.V. by 4,233.5% in the first quarter. IFP Advisors Inc now owns 10,877 shares of the semiconductor producer’s stock valued at $168,000 after buying an additional 10,626 shares in the last quarter. 5.08% of the stock is currently owned by institutional investors.
STMicroelectronics N.V. (NYSE:STM) opened at 16.62 on Friday. The firm has a market cap of $14.76 billion, a PE ratio of 33.99 and a beta of 0.66. STMicroelectronics N.V. has a 52-week low of $7.24 and a 52-week high of $17.46. The firm has a 50-day moving average of $15.99 and a 200-day moving average of $15.51.
STMicroelectronics N.V. (NYSE:STM) last posted its quarterly earnings data on Wednesday, July 26th. The semiconductor producer reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by $0.01. The company had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.92 billion. STMicroelectronics N.V. had a return on equity of 10.60% and a net margin of 5.97%. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.03 EPS. Equities analysts anticipate that STMicroelectronics N.V. will post $0.82 EPS for the current year.
STMicroelectronics N.V. announced that its board has approved a stock repurchase plan on Thursday, June 22nd that allows the company to repurchase $297.00 million in shares. This repurchase authorization allows the semiconductor producer to reacquire up to 2.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
WARNING: This report was reported by StockNewsTimes and is the sole property of of StockNewsTimes. If you are viewing this report on another domain, it was illegally copied and reposted in violation of US & international trademark & copyright legislation. The legal version of this report can be accessed at https://stocknewstimes.com/2017/08/12/bank-of-america-corp-de-boosts-position-in-stmicroelectronics-n-v-nysestm-updated-updated.html.
STM has been the topic of several research analyst reports. BidaskClub downgraded shares of STMicroelectronics N.V. from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 27th. Stifel Nicolaus raised shares of STMicroelectronics N.V. from a “hold” rating to a “buy” rating and dropped their target price for the stock from $14.84 to $14.50 in a research report on Tuesday, June 27th. Craig Hallum restated a “buy” rating and set a $20.00 price objective on shares of STMicroelectronics N.V. in a research note on Thursday, April 27th. Zacks Investment Research cut shares of STMicroelectronics N.V. from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Robert W. Baird lifted their price objective on shares of STMicroelectronics N.V. from $15.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday, April 28th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. STMicroelectronics N.V. presently has an average rating of “Hold” and an average target price of $18.38.
STMicroelectronics N.V. Company Profile
STMicroelectronics N.V. is a global semiconductor company that designs, develops, manufactures and markets a range of products, including discrete and standard commodity components, and application-specific integrated circuits (ASICs) for analog, digital and mixed-signal applications. The Company’s segments include Automotive and Discrete Group (ADG), Analog and MEMS Group (AMG), Microcontrollers and Digital ICs Group (MDG), and Others.
Receive News & Ratings for STMicroelectronics N.V. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for STMicroelectronics N.V. and related companies with MarketBeat.com's FREE daily email newsletter.
