Zacks Investment Research downgraded shares of STMicroelectronics N.V. (NYSE:STM) from a buy rating to a hold rating in a research report report published on Tuesday morning.
According to Zacks, “STMicroelectronics is a global independent semiconductor company which designs, develops, manufactures and markets a broad range of semiconductor integrated circuits and discrete devices used in a wide variety of microelectronic applications, including telecommunications systems, computer systems, consumer products, automotive products and industrial automation and control systems. “
Several other brokerages have also issued reports on STM. BidaskClub raised STMicroelectronics N.V. from a buy rating to a strong-buy rating in a research note on Monday, July 31st. Stifel Nicolaus raised STMicroelectronics N.V. from a hold rating to a buy rating and dropped their price target for the stock from $14.84 to $14.50 in a research note on Tuesday, June 27th. Robert W. Baird lifted their price target on STMicroelectronics N.V. from $15.00 to $20.00 and gave the stock an outperform rating in a research note on Friday, April 28th. J P Morgan Chase & Co raised STMicroelectronics N.V. from a neutral rating to an overweight rating in a research note on Tuesday, July 11th. Finally, Craig Hallum reaffirmed a buy rating and set a $20.00 price target on shares of STMicroelectronics N.V. in a research note on Thursday, April 27th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $18.38.
Shares of STMicroelectronics N.V. (NYSE STM) opened at 16.62 on Tuesday. STMicroelectronics N.V. has a 52-week low of $7.24 and a 52-week high of $17.46. The stock’s 50 day moving average price is $15.99 and its 200-day moving average price is $15.51. The company has a market capitalization of $14.76 billion, a P/E ratio of 33.99 and a beta of 0.66.
STMicroelectronics N.V. (NYSE:STM) last posted its quarterly earnings data on Wednesday, July 26th. The semiconductor producer reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by $0.01. The business had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.92 billion. STMicroelectronics N.V. had a net margin of 5.97% and a return on equity of 10.60%. STMicroelectronics N.V.’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.03 EPS. On average, equities analysts expect that STMicroelectronics N.V. will post $0.82 earnings per share for the current year.
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STMicroelectronics N.V. announced that its Board of Directors has initiated a stock buyback program on Thursday, June 22nd that permits the company to buyback $297.00 million in shares. This buyback authorization permits the semiconductor producer to reacquire up to 2.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in STM. Renaissance Technologies LLC increased its position in STMicroelectronics N.V. by 362.4% in the first quarter. Renaissance Technologies LLC now owns 5,299,919 shares of the semiconductor producer’s stock valued at $81,713,000 after buying an additional 4,153,795 shares in the last quarter. Acadian Asset Management LLC increased its position in STMicroelectronics N.V. by 21.4% in the second quarter. Acadian Asset Management LLC now owns 4,624,153 shares of the semiconductor producer’s stock valued at $66,495,000 after buying an additional 816,194 shares in the last quarter. Highbridge Capital Management LLC bought a new position in STMicroelectronics N.V. during the first quarter valued at approximately $23,004,000. FMR LLC increased its position in STMicroelectronics N.V. by 2.4% in the second quarter. FMR LLC now owns 1,452,766 shares of the semiconductor producer’s stock valued at $20,890,000 after buying an additional 34,106 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in STMicroelectronics N.V. by 1,004.2% in the second quarter. JPMorgan Chase & Co. now owns 1,301,673 shares of the semiconductor producer’s stock valued at $18,718,000 after buying an additional 1,183,788 shares in the last quarter. Hedge funds and other institutional investors own 5.08% of the company’s stock.
About STMicroelectronics N.V.
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.
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