Assenagon Asset Management S.A. Cuts Holdings in NXP Semiconductors N.V. $NXPI

Key Points

• Assenagon Asset Management reduced its NXP Semiconductors stake by 25.1% in the first quarter, selling 71,899 shares and ending with 214,835 shares worth about $42.3 million.
• Despite the sale, institutional ownership remains very high, with hedge funds and other institutions holding 90.54% of NXPI shares. Several other funds increased their positions during the quarter.
• Analysts remain constructive on NXP Semiconductors, with a consensus rating of “Moderate Buy” and an average price target of $300.08, while the company also reported better-than-expected quarterly earnings and revenue.

Assenagon Asset Management S.A. lowered its stake in NXP Semiconductors N.V. (NASDAQ:NXPI - Free Report) by 25.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 214,835 shares of the semiconductor provider's stock after selling 71,899 shares during the period. Assenagon Asset Management S.A. owned about 0.09% of NXP Semiconductors worth $42,292,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in NXPI. Total Clarity Wealth Management Inc. lifted its position in shares of NXP Semiconductors by 11.4% during the 1st quarter. Total Clarity Wealth Management Inc. now owns 1,270 shares of the semiconductor provider's stock worth $250,000 after purchasing an additional 130 shares during the last quarter. SVB Wealth LLC increased its holdings in NXP Semiconductors by 35.3% in the first quarter. SVB Wealth LLC now owns 1,941 shares of the semiconductor provider's stock valued at $382,000 after buying an additional 506 shares during the last quarter. Outlook Wealth Advisors LLC increased its holdings in NXP Semiconductors by 218.2% in the first quarter. Outlook Wealth Advisors LLC now owns 5,030 shares of the semiconductor provider's stock valued at $990,000 after buying an additional 3,449 shares during the last quarter. Harbour Wealth Management Group Inc. raised its stake in NXP Semiconductors by 9.5% in the first quarter. Harbour Wealth Management Group Inc. now owns 2,996 shares of the semiconductor provider's stock valued at $590,000 after buying an additional 259 shares in the last quarter. Finally, Brookstone Capital Management lifted its holdings in NXP Semiconductors by 30.2% during the 1st quarter. Brookstone Capital Management now owns 1,428 shares of the semiconductor provider's stock worth $281,000 after buying an additional 331 shares during the last quarter. Hedge funds and other institutional investors own 90.54% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on NXPI shares. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of NXP Semiconductors in a research report on Wednesday, April 29th. Loop Capital upped their price target on NXP Semiconductors from $275.00 to $290.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Truist Financial increased their price target on shares of NXP Semiconductors from $255.00 to $310.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Jefferies Financial Group raised their price objective on shares of NXP Semiconductors from $265.00 to $300.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Finally, Wells Fargo & Company boosted their price objective on shares of NXP Semiconductors from $265.00 to $305.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $300.08.

NXP Semiconductors Stock Up 1.6%

Shares of NASDAQ NXPI opened at $298.64 on Friday. The business has a 50-day moving average price of $289.58 and a 200 day moving average price of $244.83. The stock has a market cap of $75.40 billion, a PE ratio of 28.58, a price-to-earnings-growth ratio of 1.06 and a beta of 1.77. The company has a quick ratio of 1.55, a current ratio of 2.24 and a debt-to-equity ratio of 1.00. NXP Semiconductors N.V. has a 52-week low of $183.00 and a 52-week high of $339.95.

NXP Semiconductors (NASDAQ:NXPI - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The semiconductor provider reported $3.05 EPS for the quarter, topping the consensus estimate of $2.98 by $0.07. The company had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.14 billion. NXP Semiconductors had a return on equity of 26.75% and a net margin of 21.03%.The firm's revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.64 earnings per share. Equities research analysts forecast that NXP Semiconductors N.V. will post 13.4 earnings per share for the current year.

NXP Semiconductors Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Wednesday, June 24th will be given a $1.014 dividend. The ex-dividend date is Wednesday, June 24th. This represents a $4.06 annualized dividend and a yield of 1.4%. NXP Semiconductors's dividend payout ratio is 38.85%.

Insider Buying and Selling

In related news, EVP Andrew Hardy sold 5,289 shares of the stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $235.00, for a total transaction of $1,242,915.00. Following the completion of the sale, the executive vice president owned 2,020 shares in the company, valued at $474,700. This represents a 72.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christopher L. Jensen sold 1,746 shares of the firm's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $316.53, for a total value of $552,661.38. Following the transaction, the executive vice president directly owned 3,643 shares in the company, valued at approximately $1,153,118.79. This represents a 32.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 12,611 shares of company stock worth $3,182,068 in the last 90 days. Company insiders own 0.05% of the company's stock.

About NXP Semiconductors

NXP Semiconductors N.V. is a global semiconductor company headquartered in Eindhoven, the Netherlands, that designs and supplies mixed-signal and standard product solutions for a broad range of end markets. The company focuses on enabling secure connections and infrastructure for embedded applications, developing technologies used across automotive, industrial and Internet of Things (IoT), mobile, and communication infrastructure segments. NXP's offerings target customers that require reliable, secure, and high-performance semiconductor components for connected devices and systems.

Product lines include microcontrollers and application processors, secure elements and authentication technologies, RF and high-power analog components, connectivity solutions, and vehicle networking and infotainment systems.

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