STMicroelectronics (NYSE:STM) Shares Bought by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS increased its stake in STMicroelectronics (NYSE:STM) by 19.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 178,126 shares of the semiconductor producer’s stock after acquiring an additional 28,600 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in STMicroelectronics were worth $8,929,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. J.W. Cole Advisors Inc. purchased a new position in STMicroelectronics in the 4th quarter worth about $375,000. Grunden Financial Advisory Inc. purchased a new position in shares of STMicroelectronics in the fourth quarter worth approximately $210,000. SFE Investment Counsel raised its holdings in shares of STMicroelectronics by 2.8% during the fourth quarter. SFE Investment Counsel now owns 9,551 shares of the semiconductor producer’s stock valued at $479,000 after acquiring an additional 258 shares during the period. Federated Hermes Inc. lifted its position in shares of STMicroelectronics by 21.1% in the 4th quarter. Federated Hermes Inc. now owns 539,993 shares of the semiconductor producer’s stock valued at $27,070,000 after acquiring an additional 94,131 shares in the last quarter. Finally, Wealth Alliance boosted its stake in STMicroelectronics by 6.7% in the 4th quarter. Wealth Alliance now owns 6,471 shares of the semiconductor producer’s stock worth $324,000 after purchasing an additional 405 shares during the period. 5.05% of the stock is currently owned by institutional investors and hedge funds.

STMicroelectronics Stock Down 2.5 %

Shares of NYSE STM traded down $1.01 during trading hours on Friday, hitting $38.60. The stock had a trading volume of 3,997,688 shares, compared to its average volume of 2,877,852. The firm’s 50-day moving average price is $44.15 and its two-hundred day moving average price is $44.65. STMicroelectronics has a 52 week low of $37.21 and a 52 week high of $55.85. The company has a market capitalization of $34.85 billion, a P/E ratio of 8.66, a P/E/G ratio of 2.65 and a beta of 1.69. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.44 and a current ratio of 3.17.

STMicroelectronics (NYSE:STM) last posted its earnings results on Thursday, January 25th. The semiconductor producer reported $1.14 EPS for the quarter, topping the consensus estimate of $0.95 by $0.19. The company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.08 billion. STMicroelectronics had a net margin of 24.36% and a return on equity of 27.70%. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.32 earnings per share. Analysts anticipate that STMicroelectronics will post 2.99 EPS for the current fiscal year.

STMicroelectronics Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 2nd. Stockholders of record on Tuesday, June 25th will be issued a dividend of $0.09 per share. This is an increase from STMicroelectronics’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, June 25th. This represents a $0.36 annualized dividend and a dividend yield of 0.93%. STMicroelectronics’s payout ratio is presently 4.48%.

Analysts Set New Price Targets

STM has been the topic of several recent analyst reports. StockNews.com downgraded shares of STMicroelectronics from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 31st. Craig Hallum reduced their price objective on STMicroelectronics from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Thursday, January 25th. HSBC initiated coverage on STMicroelectronics in a research report on Thursday, February 22nd. They set a “buy” rating for the company. Finally, Susquehanna reiterated a “positive” rating and issued a $55.00 price objective on shares of STMicroelectronics in a research note on Monday, April 8th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, STMicroelectronics has an average rating of “Moderate Buy” and an average price target of $50.75.

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.