STMicroelectronics (NYSE:STM) Shares Gap Up – Here’s What Happened

STMicroelectronics (NYSE:STM) shares gapped up prior to trading on Tuesday . The stock had previously closed at $26.86, but opened at $27.40. STMicroelectronics shares last traded at $27.37, with a volume of 891,454 shares traded.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on STM. TD Cowen cut their target price on shares of STMicroelectronics from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, July 26th. Morgan Stanley downgraded STMicroelectronics from an “equal weight” rating to an “underweight” rating in a research report on Monday, November 4th. Sanford C. Bernstein cut their price target on STMicroelectronics from $54.00 to $41.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 30th. Robert W. Baird lowered their price objective on STMicroelectronics from $35.00 to $30.00 and set a “neutral” rating for the company in a research report on Friday, November 1st. Finally, Susquehanna lowered their price target on shares of STMicroelectronics from $35.00 to $33.00 and set a “positive” rating for the company in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $37.63.

STMicroelectronics Trading Down 4.7 %

The business has a 50 day simple moving average of $27.96 and a 200-day simple moving average of $34.58. The stock has a market capitalization of $23.38 billion, a price-to-earnings ratio of 10.65, a PEG ratio of 3.30 and a beta of 1.57. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.84 and a quick ratio of 2.16.

STMicroelectronics (NYSE:STM) last issued its quarterly earnings data on Thursday, October 31st. The semiconductor producer reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.04. The business had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.27 billion. STMicroelectronics had a return on equity of 13.29% and a net margin of 16.11%. STMicroelectronics’s quarterly revenue was down 26.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.16 EPS. As a group, equities analysts expect that STMicroelectronics will post 1.64 earnings per share for the current year.

STMicroelectronics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Tuesday, December 17th will be given a $0.09 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.36 annualized dividend and a yield of 1.39%. STMicroelectronics’s dividend payout ratio is currently 12.76%.

Hedge Funds Weigh In On STMicroelectronics

A number of large investors have recently added to or reduced their stakes in STM. FORA Capital LLC acquired a new stake in STMicroelectronics in the 3rd quarter valued at approximately $528,000. Quantbot Technologies LP grew its stake in shares of STMicroelectronics by 174.3% during the 3rd quarter. Quantbot Technologies LP now owns 97,063 shares of the semiconductor producer’s stock worth $2,886,000 after acquiring an additional 61,682 shares in the last quarter. Truvestments Capital LLC acquired a new stake in shares of STMicroelectronics in the third quarter valued at approximately $25,000. Marco Investment Management LLC lifted its position in shares of STMicroelectronics by 12.0% in the third quarter. Marco Investment Management LLC now owns 24,300 shares of the semiconductor producer’s stock worth $722,000 after purchasing an additional 2,600 shares in the last quarter. Finally, Cerity Partners LLC boosted its holdings in STMicroelectronics by 20.1% during the third quarter. Cerity Partners LLC now owns 26,921 shares of the semiconductor producer’s stock worth $800,000 after purchasing an additional 4,509 shares during the last quarter. Institutional investors own 5.05% of the company’s stock.

STMicroelectronics Company 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.