Prosperity Wealth Management Inc. Lowers Holdings in STMicroelectronics (NYSE:STM)

Prosperity Wealth Management Inc. reduced its stake in shares of STMicroelectronics (NYSE:STM) by 13.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 have also modified their holdings of the company. Renaissance Technologies LLC boosted its holdings in shares of STMicroelectronics by 448.6% in the 1st quarter. Renaissance Technologies LLC now owns 2,214,361 shares of the semiconductor producer’s stock valued at $118,169,000 after purchasing an additional 1,810,709 shares during the last quarter. Bank of America Corp DE raised its position in shares of STMicroelectronics by 92.5% in the 1st quarter. Bank of America Corp DE now owns 1,830,732 shares of the semiconductor producer’s stock worth $97,926,000 after buying an additional 879,856 shares during the period. Balyasny Asset Management L.P. acquired a new position in STMicroelectronics in the first quarter valued at $46,169,000. Morgan Stanley grew its position in STMicroelectronics by 36.6% during the third quarter. Morgan Stanley now owns 3,005,136 shares of the semiconductor producer’s stock valued at $129,702,000 after acquiring an additional 805,136 shares during the period. Finally, Two Sigma Investments LP increased its stake in STMicroelectronics by 140.3% during the first quarter. Two Sigma Investments LP now owns 821,137 shares of the semiconductor producer’s stock worth $43,923,000 after acquiring an additional 479,365 shares during the last quarter. 5.05% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

STMicroelectronics Stock Down 0.8 %

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

STMicroelectronics (NYSE:STM) last issued its quarterly earnings data on Thursday, January 25th. The semiconductor producer reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.19. STMicroelectronics had a net margin of 24.36% and a return on equity of 27.70%. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same quarter in the previous year, the business posted $1.32 EPS. The firm’s revenue was down 3.2% compared to the same quarter last year. As a group, equities analysts forecast that STMicroelectronics will post 3.02 EPS for the current fiscal year.

STMicroelectronics Increases Dividend

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

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.