STMicroelectronics (NYSE:STM) Announces Quarterly Earnings Results

STMicroelectronics (NYSE:STM) released its quarterly earnings data on Thursday. The semiconductor producer reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.04, Briefing.com reports. STMicroelectronics had a net margin of 22.30% and a return on equity of 22.95%. The company had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the prior year, the firm posted $1.06 earnings per share. STMicroelectronics’s revenue for the quarter was down 25.3% on a year-over-year basis. STMicroelectronics updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

STMicroelectronics Stock Performance

Shares of NYSE:STM traded up $0.52 during trading on Friday, reaching $33.99. 5,583,824 shares of the company’s stock traded hands, compared to its average volume of 3,536,262. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.34 and a quick ratio of 2.58. The company has a 50 day moving average of $41.52 and a 200-day moving average of $42.83. The stock has a market capitalization of $30.70 billion, a P/E ratio of 8.71, a price-to-earnings-growth ratio of 3.71 and a beta of 1.59. STMicroelectronics has a 12 month low of $33.16 and a 12 month high of $55.85.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group upgraded shares of STMicroelectronics from a “sell” rating to a “neutral” rating and increased their target price for the stock from $35.50 to $45.80 in a research note on Tuesday, June 18th. Susquehanna reaffirmed a “positive” rating and issued a $55.00 target price on shares of STMicroelectronics in a report on Monday, April 8th. StockNews.com cut shares of STMicroelectronics from a “buy” rating to a “hold” rating in a research note on Friday. Morgan Stanley lowered shares of STMicroelectronics from an “overweight” rating to an “equal weight” rating in a research report on Friday. Finally, Craig Hallum decreased their target price on shares of STMicroelectronics from $48.00 to $42.00 and set a “buy” rating on the stock in a research report on Thursday. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.56.

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.