STMicroelectronics (NYSE:STM) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lessened its holdings in shares of STMicroelectronics (NYSE:STM) by 9.5% during the 2nd quarter, Holdings Channel reports. The firm owned 334,861 shares of the semiconductor producer’s stock after selling 34,974 shares during the period. Envestnet Asset Management Inc.’s holdings in STMicroelectronics were worth $13,153,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Federated Hermes Inc. lifted its stake in 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 acquiring an additional 364,184 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of STMicroelectronics by 6.5% during the second quarter. American Century Companies Inc. now owns 469,669 shares of the semiconductor producer’s stock worth $18,449,000 after purchasing an additional 28,846 shares during the last quarter. Dorsey & Whitney Trust CO LLC increased its position in STMicroelectronics by 46.5% during the second quarter. Dorsey & Whitney Trust CO LLC now owns 12,016 shares of the semiconductor producer’s stock worth $472,000 after buying an additional 3,814 shares during the period. Choreo LLC acquired a new position in shares of STMicroelectronics in the 2nd quarter valued at $1,029,000. Finally, First Foundation Advisors purchased a new position in STMicroelectronics during the 2nd quarter worth $321,000. Hedge funds and other institutional investors own 5.05% of the company’s stock.

Wall Street Analysts Forecast Growth

STM has been the topic of several recent research reports. The Goldman Sachs Group upgraded STMicroelectronics from a “sell” rating to a “neutral” rating and boosted their price target for the company from $35.50 to $45.80 in a research report on Tuesday, June 18th. Sanford C. Bernstein cut their price target on STMicroelectronics from $54.00 to $41.00 and set an “outperform” rating for the company in a research note on Tuesday, July 30th. Craig Hallum lowered their price objective on STMicroelectronics from $48.00 to $42.00 and set a “buy” rating on the stock in a report on Thursday, July 25th. TD Cowen dropped their target price on shares of STMicroelectronics from $50.00 to $40.00 and set a “buy” rating for the company in a report on Friday, July 26th. Finally, StockNews.com downgraded STMicroelectronics from a “buy” rating to a “hold” rating in a research note on Thursday, September 19th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $43.13.

STMicroelectronics Stock Down 1.2 %

STM opened at $28.10 on Thursday. The company has a quick ratio of 2.56, a current ratio of 3.35 and a debt-to-equity ratio of 0.17. The firm has a market cap of $25.39 billion, a P/E ratio of 7.21, a PEG ratio of 3.36 and a beta of 1.58. STMicroelectronics has a 52 week low of $27.44 and a 52 week high of $51.27. The business’s fifty day simple moving average is $31.14 and its 200 day simple moving average is $38.26.

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

STMicroelectronics Dividend Announcement

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 issued a $0.09 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.28%. STMicroelectronics’s dividend payout ratio (DPR) is 7.95%.

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.