State Street Corp Sells 2,851 Shares of STMicroelectronics (NYSE:STM)

State Street Corp trimmed its stake in shares of STMicroelectronics (NYSE:STM) by 3.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 83,426 shares of the semiconductor producer’s stock after selling 2,851 shares during the period. State Street Corp’s holdings in STMicroelectronics were worth $2,488,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of STM. Van ECK Associates Corp boosted its holdings in shares of STMicroelectronics by 26.5% during the 3rd quarter. Van ECK Associates Corp now owns 8,195,521 shares of the semiconductor producer’s stock valued at $228,655,000 after purchasing an additional 1,719,257 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of STMicroelectronics by 177.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,311,888 shares of the semiconductor producer’s stock worth $90,806,000 after buying an additional 1,478,213 shares in the last quarter. Federated Hermes Inc. boosted its stake in STMicroelectronics by 128.1% during the second quarter. Federated Hermes Inc. now owns 648,403 shares of the semiconductor producer’s stock valued at $25,469,000 after buying an additional 364,184 shares during the last quarter. Mediolanum International Funds Ltd purchased a new position in STMicroelectronics during the 3rd quarter valued at approximately $7,642,000. Finally, Lombard Odier Asset Management Europe Ltd grew its holdings in STMicroelectronics by 581.9% during the 2nd quarter. Lombard Odier Asset Management Europe Ltd now owns 225,428 shares of the semiconductor producer’s stock valued at $8,855,000 after buying an additional 192,369 shares in the last quarter. 5.05% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on STM. Susquehanna reiterated a “positive” rating and set a $33.00 target price on shares of STMicroelectronics in a research report on Thursday, November 21st. Citigroup raised shares of STMicroelectronics to a “strong-buy” rating in a research note on Thursday, October 10th. StockNews.com cut shares of STMicroelectronics from a “buy” rating to a “hold” rating in a research note on Thursday, September 19th. JPMorgan Chase & Co. restated a “neutral” rating on shares of STMicroelectronics in a report on Monday, December 9th. Finally, BNP Paribas began coverage on shares of STMicroelectronics in a report on Tuesday, December 3rd. They issued a “neutral” rating and a $28.00 price target for the company. One analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.26.

STMicroelectronics Stock Performance

STMicroelectronics stock opened at $24.97 on Wednesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.84 and a quick ratio of 2.16. The firm has a market capitalization of $22.56 billion, a P/E ratio of 10.28, a price-to-earnings-growth ratio of 3.20 and a beta of 1.53. STMicroelectronics has a 1-year low of $23.95 and a 1-year high of $49.05. The company’s 50-day moving average is $26.11 and its 200 day moving average is $30.74.

STMicroelectronics (NYSE:STM) last released its earnings results on Thursday, October 31st. The semiconductor producer reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.04. STMicroelectronics had a return on equity of 13.29% and a net margin of 16.11%. The firm had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.27 billion. During the same quarter in the prior year, the firm posted $1.16 earnings per share. The company’s quarterly revenue was down 26.6% on a year-over-year basis. Research analysts forecast that STMicroelectronics will post 1.64 EPS for the current year.

STMicroelectronics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 25th will be paid a $0.09 dividend. The ex-dividend date is Tuesday, March 25th. This represents a $0.36 dividend on an annualized basis and a yield of 1.44%. STMicroelectronics’s payout ratio is 14.81%.

STMicroelectronics Profile

STMicroelectronics N.V., together with its subsidiaries, designs, develops, manufactures, and sells semiconductor products in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. The company operates through Automotive and Discrete Group; Analog, MEMS and Sensors Group; and Microcontrollers and Digital ICs Group segments.