STMicroelectronics (NYSE:STM) Holdings Cut by Prosperity Wealth Management Inc.

Prosperity Wealth Management Inc. reduced its stake in shares of STMicroelectronics (NYSE:STM) by 13.7% during the 4th quarter, HoldingsChannel reports. The fund owned 5,675 shares of the semiconductor producer’s stock after selling 900 shares during the period. Prosperity Wealth Management Inc.’s holdings in STMicroelectronics were worth $285,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. increased its position in STMicroelectronics by 13.2% in the 2nd quarter. BlackRock Inc. now owns 3,556,966 shares of the semiconductor producer’s stock worth $177,813,000 after purchasing an additional 413,497 shares during the last quarter. Morgan Stanley increased its holdings in STMicroelectronics by 36.6% in the third quarter. Morgan Stanley now owns 3,005,136 shares of the semiconductor producer’s stock worth $129,702,000 after buying an additional 805,136 shares during the last quarter. Capital International Investors raised its position in STMicroelectronics by 3.0% during the first quarter. Capital International Investors now owns 2,857,566 shares of the semiconductor producer’s stock valued at $128,133,000 after acquiring an additional 83,859 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its stake in STMicroelectronics by 0.6% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 2,229,200 shares of the semiconductor producer’s stock valued at $96,212,000 after acquiring an additional 12,476 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in STMicroelectronics by 448.6% in the first quarter. Renaissance Technologies LLC now owns 2,214,361 shares of the semiconductor producer’s stock worth $118,169,000 after acquiring an additional 1,810,709 shares in the last quarter. 5.05% of the stock is currently owned by hedge funds and other institutional investors.

STMicroelectronics Price Performance

Shares of STM traded down $0.31 during mid-day trading on Wednesday, hitting $40.33. 4,234,875 shares of the company traded hands, compared to its average volume of 2,824,445. The company has a current ratio of 3.17, a quick ratio of 2.44 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average of $44.49 and a 200 day moving average of $44.75. STMicroelectronics has a one year low of $37.21 and a one year high of $55.85. The stock has a market capitalization of $36.41 billion, a price-to-earnings ratio of 9.04, a PEG ratio of 2.69 and a beta of 1.69.

STMicroelectronics (NYSE:STM) last released its earnings results on Thursday, January 25th. The semiconductor producer reported $1.14 EPS for the quarter, beating the consensus estimate of $0.95 by $0.19. STMicroelectronics had a return on equity of 27.70% and a net margin of 24.36%. The company had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same period last year, the firm earned $1.32 EPS. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, equities analysts expect that STMicroelectronics will post 3.02 earnings per share for the current fiscal year.

STMicroelectronics Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 2nd. Shareholders of record on Tuesday, June 25th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Tuesday, June 25th. This is an increase from STMicroelectronics’s previous quarterly dividend of $0.06. This represents a $0.36 dividend on an annualized basis and a yield of 0.89%. STMicroelectronics’s dividend payout ratio is presently 4.48%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on STM. StockNews.com downgraded shares of STMicroelectronics from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 31st. Susquehanna restated a “positive” rating and set a $55.00 target price on shares of STMicroelectronics in a report on Monday, April 8th. HSBC began coverage on STMicroelectronics in a research note on Thursday, February 22nd. They set a “buy” rating for the company. Finally, Craig Hallum reduced their target price on STMicroelectronics from $50.00 to $48.00 and set a “buy” rating for the company in a report on Thursday, January 25th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, STMicroelectronics has a consensus rating of “Moderate Buy” and an average price target of $50.75.

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.