STMicroelectronics (NYSE:STM) Shares Gap Down to $28.59

STMicroelectronics (NYSE:STM)’s share price gapped down prior to trading on Monday . The stock had previously closed at $28.59, but opened at $27.92. STMicroelectronics shares last traded at $27.70, with a volume of 487,483 shares.

Analyst Ratings Changes

Several research analysts recently commented on the stock. StockNews.com downgraded shares of STMicroelectronics from a “buy” rating to a “hold” rating in a research note on Tuesday, September 10th. TD Cowen lowered their price objective 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. 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 report on Tuesday, June 18th. Craig Hallum dropped their price objective on STMicroelectronics from $48.00 to $42.00 and set a “buy” rating for the company in a report on Thursday, July 25th. Finally, Sanford C. Bernstein cut their price objective on STMicroelectronics from $54.00 to $41.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 30th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, STMicroelectronics currently has a consensus rating of “Moderate Buy” and an average target price of $43.13.

STMicroelectronics Price Performance

The company has a debt-to-equity ratio of 0.17, a current ratio of 3.35 and a quick ratio of 2.56. The company has a market capitalization of $24.90 billion, a P/E ratio of 7.33, a price-to-earnings-growth ratio of 3.36 and a beta of 1.58. The firm’s 50-day moving average is $33.37 and its 200-day moving average is $39.25.

STMicroelectronics (NYSE:STM) last released its earnings results on Thursday, July 25th. The semiconductor producer reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.04. STMicroelectronics had a return on equity of 18.18% and a net margin of 19.68%. The company had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the previous year, the business earned $1.06 earnings per share. STMicroelectronics’s quarterly revenue was down 25.3% compared to the same quarter last year. Analysts predict that STMicroelectronics will post 1.66 EPS for the current fiscal year.

STMicroelectronics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Tuesday, December 17th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.31%. STMicroelectronics’s dividend payout ratio (DPR) is presently 7.69%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Van ECK Associates Corp lifted its holdings in shares of STMicroelectronics by 55.3% in the first quarter. Van ECK Associates Corp now owns 5,800,911 shares of the semiconductor producer’s stock worth $250,831,000 after buying an additional 2,065,387 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of STMicroelectronics by 177.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,311,888 shares of the semiconductor producer’s stock valued at $90,806,000 after purchasing an additional 1,478,213 shares in the last quarter. Lazard Asset Management LLC increased its holdings in shares of STMicroelectronics by 1,564,831.9% in the first quarter. Lazard Asset Management LLC now owns 1,079,803 shares of the semiconductor producer’s stock worth $46,690,000 after purchasing an additional 1,079,734 shares during the last quarter. Quadrature Capital Ltd lifted its position in shares of STMicroelectronics by 337.8% in the fourth quarter. Quadrature Capital Ltd now owns 510,834 shares of the semiconductor producer’s stock worth $25,561,000 after buying an additional 394,147 shares in the last quarter. Finally, Federated Hermes Inc. lifted its position in shares of STMicroelectronics by 128.1% in the second quarter. Federated Hermes Inc. now owns 648,403 shares of the semiconductor producer’s stock worth $25,469,000 after buying an additional 364,184 shares in the last quarter. Institutional investors own 5.05% of the company’s stock.

About STMicroelectronics

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.