Bank of New York Mellon Corp purchased a new stake in STMicroelectronics N.V. (NYSE:STM) during the first quarter, Holdings Channel reports. The institutional investor purchased 13,567 shares of the semiconductor producer’s stock, valued at approximately $210,000.
A number of other institutional investors also recently added to or reduced their stakes in the company. Capital Fund Management S.A. bought a new position in STMicroelectronics N.V. during the first quarter valued at $1,439,000. Highland Capital Management LLC increased its position in STMicroelectronics N.V. by 1.6% in the first quarter. Highland Capital Management LLC now owns 226,127 shares of the semiconductor producer’s stock valued at $3,496,000 after buying an additional 3,630 shares during the last quarter. Advisory Services Network LLC bought a new position in STMicroelectronics N.V. during the first quarter valued at $1,048,000. Russell Investments Group Ltd. bought a new position in STMicroelectronics N.V. during the first quarter valued at $1,047,000. Finally, IFC Holdings Incorporated FL increased its position in STMicroelectronics N.V. by 500.7% in the first quarter. IFC Holdings Incorporated FL now owns 111,066 shares of the semiconductor producer’s stock valued at $1,721,000 after buying an additional 92,576 shares during the last quarter. 5.08% of the stock is owned by institutional investors.
Shares of STMicroelectronics N.V. (STM) opened at 17.13 on Thursday. The stock has a 50 day moving average price of $15.91 and a 200-day moving average price of $15.47. STMicroelectronics N.V. has a 12 month low of $7.24 and a 12 month high of $17.46. The stock has a market cap of $15.21 billion, a P/E ratio of 35.03 and a beta of 0.66.
STMicroelectronics N.V. (NYSE:STM) last released its earnings results on Wednesday, July 26th. The semiconductor producer reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.18 by $0.01. The business had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.92 billion. STMicroelectronics N.V. had a net margin of 5.97% and a return on equity of 10.60%. STMicroelectronics N.V.’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.03 EPS. On average, analysts forecast that STMicroelectronics N.V. will post $0.82 EPS for the current fiscal year.
STMicroelectronics N.V. announced that its board has initiated a share buyback plan on Thursday, June 22nd that allows the company to repurchase $297.00 million in shares. This repurchase authorization allows the semiconductor producer to buy up to 2.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
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Several equities analysts have weighed in on STM shares. BidaskClub raised STMicroelectronics N.V. from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 31st. Zacks Investment Research downgraded STMicroelectronics N.V. from a “buy” rating to a “hold” rating in a research report on Wednesday, June 7th. Stifel Nicolaus raised STMicroelectronics N.V. from a “hold” rating to a “buy” rating and dropped their price target for the stock from $14.84 to $14.50 in a research report on Tuesday, June 27th. Robert W. Baird raised their price target on STMicroelectronics N.V. from $15.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, April 28th. Finally, J P Morgan Chase & Co raised STMicroelectronics N.V. from a “neutral” rating to an “overweight” rating in a research report on Tuesday, July 11th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. STMicroelectronics N.V. has a consensus rating of “Hold” and a consensus price target of $18.38.
About STMicroelectronics N.V.
STMicroelectronics N.V. is a global semiconductor company that designs, develops, manufactures and markets a range of products, including discrete and standard commodity components, and application-specific integrated circuits (ASICs) for analog, digital and mixed-signal applications. The Company’s segments include Automotive and Discrete Group (ADG), Analog and MEMS Group (AMG), Microcontrollers and Digital ICs Group (MDG), and Others.
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