STMicroelectronics NV (STM) Shares Gap Up Following Dividend Announcement
STMicroelectronics NV (NYSE:STM) gapped up before the market opened on Tuesday following a dividend announcement from the company. The stock had previously closed at $9.24, but opened at $9.55. STMicroelectronics NV shares last traded at $9.88, with a volume of 4,331,502 shares changing hands.
The newly announced dividend which will be paid on Wednesday, December 28th. Shareholders of record on Tuesday, December 20th will be paid a $0.06 dividend. The ex-dividend date is Friday, December 16th. This represents a $0.24 annualized dividend and a yield of 2.43%. STMicroelectronics NV’s payout ratio is currently 333.39%.
Several equities research analysts have issued reports on STM shares. Craig Hallum lowered their price target on shares of STMicroelectronics NV from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, October 14th. TheStreet raised shares of STMicroelectronics NV from a “hold” rating to a “buy” rating in a research report on Thursday, August 4th. Zacks Investment Research downgraded shares of STMicroelectronics NV from a “buy” rating to a “hold” rating in a research report on Wednesday, September 28th. Robert W. Baird raised shares of STMicroelectronics NV from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $7.00 to $11.00 in a research report on Monday, October 10th. Finally, Bank of America Corp. downgraded shares of STMicroelectronics NV from a “neutral” rating to an “underperform” rating in a research report on Friday, September 2nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $9.30.
The company has a market capitalization of $8.73 billion, a price-to-earnings ratio of 164.67 and a beta of 0.90. The company has a 50 day moving average of $8.74 and a 200 day moving average of $7.21.
STMicroelectronics NV (NYSE:STM) last issued its earnings results on Thursday, October 27th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by $0.01. The company had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.80 billion. STMicroelectronics NV had a return on equity of 2.46% and a net margin of 0.81%. The firm’s revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.12 earnings per share. On average, analysts forecast that STMicroelectronics NV will post $0.26 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Credit Suisse AG raised its position in shares of STMicroelectronics NV by 92.2% in the third quarter. Credit Suisse AG now owns 470,315 shares of the company’s stock valued at $3,833,000 after buying an additional 225,639 shares in the last quarter. AMP Capital Investors Ltd bought a new position in shares of STMicroelectronics NV during the third quarter valued at about $909,000. KCG Holdings Inc. raised its position in shares of STMicroelectronics NV by 130.5% in the third quarter. KCG Holdings Inc. now owns 83,083 shares of the company’s stock valued at $677,000 after buying an additional 47,044 shares in the last quarter. Espalier Global Management LLC bought a new position in shares of STMicroelectronics NV during the third quarter valued at about $921,000. Finally, Morgan Stanley raised its position in shares of STMicroelectronics NV by 51.4% in the third quarter. Morgan Stanley now owns 4,749,798 shares of the company’s stock valued at $38,710,000 after buying an additional 1,613,515 shares in the last quarter. 2.19% of the stock is currently owned by institutional investors and hedge funds.
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STMicroelectronics NV Company Profile
STMicroelectronics N.V. is a global semiconductor company. The Company is focused on Smart Driving, enabled by digitalization and electrification of the car, and the Internet of Things, including portable and wearable systems, as well as smart home, city and industry 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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