Cove Private Wealth LLC Invests $935,000 in NXP Semiconductors N.V. (NASDAQ:NXPI)

Key Points

• Cove Private Wealth LLC purchased 4,918 shares of NXP Semiconductors N.V. for approximately $935,000 in the first quarter, indicating growing institutional interest in the semiconductor sector.
• NXP Semiconductors reported earnings of $2.72 EPS, exceeding analysts' expectations, despite a 6.4% year-over-year revenue decline.
• The company announced a quarterly dividend of $1.014 per share, translating to an annualized yield of 2.0% and a payout ratio of 48.39%.

Cove Private Wealth LLC purchased a new stake in NXP Semiconductors N.V. (NASDAQ:NXPI - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 4,918 shares of the semiconductor provider's stock, valued at approximately $935,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hemington Wealth Management boosted its holdings in shares of NXP Semiconductors by 50.0% during the 1st quarter. Hemington Wealth Management now owns 177 shares of the semiconductor provider's stock worth $33,000 after buying an additional 59 shares during the period. Ameriflex Group Inc. bought a new stake in NXP Semiconductors in the 4th quarter valued at about $44,000. Valley National Advisers Inc. boosted its holdings in NXP Semiconductors by 118.9% in the 1st quarter. Valley National Advisers Inc. now owns 232 shares of the semiconductor provider's stock valued at $43,000 after purchasing an additional 126 shares during the period. Rossby Financial LCC bought a new stake in NXP Semiconductors in the 1st quarter valued at about $46,000. Finally, GoalVest Advisory LLC boosted its holdings in NXP Semiconductors by 472.9% in the 1st quarter. GoalVest Advisory LLC now owns 275 shares of the semiconductor provider's stock valued at $52,000 after purchasing an additional 227 shares during the period. 90.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NXPI. Evercore ISI restated an "outperform" rating and issued a $289.00 target price (up from $237.00) on shares of NXP Semiconductors in a research report on Thursday, June 12th. KeyCorp upped their price objective on shares of NXP Semiconductors from $240.00 to $275.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. UBS Group upped their price objective on shares of NXP Semiconductors from $250.00 to $276.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company upped their price objective on shares of NXP Semiconductors from $250.00 to $260.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. Finally, Needham & Company LLC upped their price objective on shares of NXP Semiconductors from $225.00 to $250.00 and gave the stock a "buy" rating in a research report on Tuesday, July 22nd. Four equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $256.05.

NXP Semiconductors Stock Performance

NASDAQ NXPI traded up $10.47 during trading hours on Wednesday, reaching $230.52. 3,582,389 shares of the company were exchanged, compared to its average volume of 2,940,513. NXP Semiconductors N.V. has a 1 year low of $148.09 and a 1 year high of $259.74. The business's 50 day simple moving average is $219.26 and its 200-day simple moving average is $206.74. The company has a quick ratio of 1.20, a current ratio of 1.74 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $58.12 billion, a P/E ratio of 27.48, a P/E/G ratio of 2.49 and a beta of 1.41.

NXP Semiconductors (NASDAQ:NXPI - Get Free Report) last posted its earnings results on Monday, July 21st. The semiconductor provider reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.66 by $0.06. The firm had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.90 billion. NXP Semiconductors had a net margin of 17.72% and a return on equity of 27.99%. The company's revenue was down 6.4% on a year-over-year basis. During the same quarter last year, the company earned $3.20 earnings per share. On average, equities research analysts expect that NXP Semiconductors N.V. will post 10.28 earnings per share for the current year.

NXP Semiconductors Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 9th. Stockholders of record on Wednesday, June 25th were issued a $1.014 dividend. This represents a $4.06 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Wednesday, June 25th. NXP Semiconductors's payout ratio is presently 48.39%.

Insider Buying and Selling

In other news, EVP Jennifer Wuamett sold 9,132 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $230.00, for a total value of $2,100,360.00. Following the completion of the sale, the executive vice president directly owned 27,088 shares in the company, valued at approximately $6,230,240. The trade was a 25.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO William Betz sold 6,785 shares of NXP Semiconductors stock in a transaction on Monday, July 28th. The stock was sold at an average price of $227.34, for a total transaction of $1,542,501.90. Following the completion of the transaction, the chief financial officer directly owned 1,520 shares in the company, valued at approximately $345,556.80. The trade was a 81.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.12% of the company's stock.

NXP Semiconductors Company Profile

NXP Semiconductors N.V. offers various semiconductor products. The company's product portfolio includes microcontrollers; application processors, including i.MX application processors, and i.MX 8 and 9 family of applications processors; communication processors; wireless connectivity solutions, such as near field communications, ultra-wideband, Bluetooth low-energy, Zigbee, and Wi-Fi and Wi-Fi/Bluetooth integrated SoCs; analog and interface devices; radio frequency power amplifiers; and security controllers, as well as semiconductor-based environmental and inertial sensors, including pressure, inertial, magnetic, and gyroscopic sensors.