Carmel Capital Management L.L.C. Buys 65,702 Shares of NXP Semiconductors N.V. $NXPI

Key Points

• Carmel Capital Management opened a position of 65,702 NXP Semiconductors shares, worth about $15.6 million. The holding represents 3.7% of its portfolio and is its 10th-largest investment.
• NXP beat quarterly estimates, reporting EPS of $4.20 versus $4.12 expected and revenue of $3.79 billion; revenue rose 19.3% year over year.
• The company authorized a $5 billion share repurchase program. Institutional investors own 90.54% of its shares, and analysts’ consensus rating is “Moderate Buy.”

Carmel Capital Management L.L.C. bought a new position in NXP Semiconductors N.V. (NASDAQ:NXPI - Free Report) during the third quarter, according to the company in its most recent filing with the SEC. The firm bought 65,702 shares of the semiconductor provider's stock, valued at approximately $15,606,000. NXP Semiconductors accounts for approximately 3.7% of Carmel Capital Management L.L.C.'s investment portfolio, making the stock its 10th biggest holding.

Several other hedge funds have also added to or reduced their stakes in the business. Legacy Wealth Management LLC MS purchased a new position in shares of NXP Semiconductors in the third quarter worth $282,000. Signature Equity Partners LLC purchased a new stake in NXP Semiconductors during the 3rd quarter valued at $29,000. Salomon & Ludwin LLC purchased a new stake in NXP Semiconductors during the 3rd quarter valued at $70,000. One Way Holdings LLC bought a new stake in NXP Semiconductors in the 3rd quarter worth $1,663,000. Finally, Bank Julius Baer & Co. Ltd Zurich grew its holdings in NXP Semiconductors by 172.3% in the 3rd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 420,951 shares of the semiconductor provider's stock worth $99,914,000 after acquiring an additional 266,339 shares during the last quarter. 90.54% of the stock is owned by institutional investors.

NXP Semiconductors Stock Performance

Shares of NXPI stock opened at $262.79 on Wednesday. The company's fifty day moving average price is $234.42 and its 200-day moving average price is $246.29. The stock has a market cap of $66.24 billion, a PE ratio of 20.66, a price-to-earnings-growth ratio of 0.87 and a beta of 1.83. The company has a current ratio of 2.12, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. NXP Semiconductors N.V. has a 12 month low of $183.00 and a 12 month high of $339.95.

NXP Semiconductors (NASDAQ:NXPI - Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The semiconductor provider reported $4.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.12 by $0.08. NXP Semiconductors had a net margin of 23.40% and a return on equity of 28.57%. The company had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same period last year, the business earned $3.11 EPS. NXP Semiconductors's quarterly revenue was up 19.3% compared to the same quarter last year. On average, equities analysts expect that NXP Semiconductors N.V. will post 13.81 EPS for the current fiscal year.

NXP Semiconductors announced that its board has approved a stock buyback program on Tuesday, October 27th that authorizes the company to buy back $5 billion in shares. This repurchase authorization authorizes the semiconductor provider to purchase shares of its stock through open market purchases. Share repurchase programs are often an indication that the company's management believes its shares are undervalued.

NXP Semiconductors Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Wednesday, September 16th were paid a dividend of $1.0140 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $4.06 dividend on an annualized basis and a dividend yield of 1.5%. NXP Semiconductors's dividend payout ratio (DPR) is currently 31.92%.

Insider Buying and Selling

In other news, EVP Andrew Micallef sold 1,000 shares of the business's stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $226.04, for a total value of $226,040.00. Following the sale, the executive vice president directly owned 7,942 shares of the company's stock, valued at $1,795,209.68. The trade was a 11.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christopher L. Jensen sold 3,355 shares of the company's stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $240.00, for a total value of $805,200.00. Following the completion of the sale, the executive vice president owned 288 shares in the company, valued at $69,120. The trade was a 92.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.05% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on NXPI. Mizuho decreased their price objective on shares of NXP Semiconductors from $200.00 to $190.00 and set an "underperform" rating on the stock in a research report on Wednesday, July 29th. Wells Fargo & Company increased their target price on shares of NXP Semiconductors from $235.00 to $245.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 28th. JPMorgan Chase & Co. raised their target price on NXP Semiconductors from $295.00 to $300.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. Susquehanna boosted their price target on NXP Semiconductors from $210.00 to $250.00 and gave the company a "neutral" rating in a report on Tuesday, July 21st. Finally, UBS Group downgraded NXP Semiconductors from a "buy" rating to a "neutral" rating and reduced their price target for the company from $305.00 to $270.00 in a report on Monday, August 3rd. Sixteen equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, NXP Semiconductors presently has a consensus rating of "Moderate Buy" and a consensus target price of $295.78.

NXP Semiconductors Profile

NXP Semiconductors N.V. is a global semiconductor company that develops technologies for automotive, industrial, communications infrastructure, mobile, and Internet of Things applications. The company provides processing, connectivity, security, sensing, and power-management solutions that help enable connected and automated systems.

Its product portfolio includes microcontrollers and application processors, automotive networking and radar solutions, secure identification and authentication technologies, near-field communication products, radio-frequency power amplifiers, analog and mixed-signal devices, and wireless connectivity solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.