Corient Private Wealth LP Lowers Holdings in STMicroelectronics N.V. $STM

Key Points

• Corient Private Wealth LP cut its STMicroelectronics stake by 57.1% in the second quarter, selling 41,424 shares and retaining 31,077 shares valued at approximately $2.33 million.
• STMicroelectronics reported quarterly EPS of $0.31, exceeding the $0.26 analyst consensus, while revenue of $3.49 billion also topped expectations.
• Analyst sentiment remains generally positive, with seven Buy ratings and five Hold ratings, producing a “Moderate Buy” consensus and an average price target of $76.17.

Corient Private Wealth LP trimmed its position in STMicroelectronics N.V. (NYSE:STM - Free Report) by 57.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,077 shares of the semiconductor producer's stock after selling 41,424 shares during the period. Corient Private Wealth LP's holdings in STMicroelectronics were worth $2,327,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in STM. Situational Awareness LP bought a new stake in shares of STMicroelectronics during the 2nd quarter worth $584,344,000. Van ECK Associates Corp boosted its holdings in shares of STMicroelectronics by 12.2% in the 4th quarter. Van ECK Associates Corp now owns 10,532,428 shares of the semiconductor producer's stock worth $273,211,000 after purchasing an additional 1,145,426 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of STMicroelectronics during the 1st quarter valued at about $19,132,000. Beaconlight Capital LLC bought a new position in shares of STMicroelectronics during the 1st quarter valued at about $13,284,000. Finally, Brandes Investment Partners LP raised its holdings in shares of STMicroelectronics by 20.4% during the 4th quarter. Brandes Investment Partners LP now owns 1,566,965 shares of the semiconductor producer's stock valued at $40,647,000 after buying an additional 265,108 shares in the last quarter. Institutional investors own 5.05% of the company's stock.

STMicroelectronics Stock Up 3.5%

NYSE:STM opened at $53.41 on Wednesday. The firm's 50-day moving average price is $53.13 and its 200-day moving average price is $54.74. The company has a market capitalization of $47.97 billion, a PE ratio of 104.73 and a beta of 1.93. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.78 and a quick ratio of 2.08. STMicroelectronics N.V. has a 1-year low of $21.11 and a 1-year high of $81.42.

STMicroelectronics (NYSE:STM - Get Free Report) last issued its quarterly earnings results on Friday, July 24th. The semiconductor producer reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.26 by $0.05. STMicroelectronics had a net margin of 3.56% and a return on equity of 4.30%. The company had revenue of $3.49 billion during the quarter, compared to analysts' expectations of $3.46 billion. On average, equities analysts predict that STMicroelectronics N.V. will post 1.3 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on the stock. Weiss Ratings reissued a "hold (c-)" rating on shares of STMicroelectronics in a research note on Friday, August 21st. Mizuho lowered their price target on shares of STMicroelectronics from $84.00 to $80.00 and set an "outperform" rating for the company in a research note on Friday, July 24th. Wall Street Zen lowered shares of STMicroelectronics from a "buy" rating to a "hold" rating in a research report on Saturday. Bank of America raised STMicroelectronics from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a research note on Wednesday, June 10th. Finally, Zacks Research downgraded STMicroelectronics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 3rd. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $76.17.

STMicroelectronics Profile

STMicroelectronics N.V. NYSE: STM is a global semiconductor company that designs, develops, manufactures and markets a broad range of integrated circuits and electronic components. Its products are used in automotive systems, industrial equipment, personal electronics, communications infrastructure and other embedded applications.

The company's portfolio includes microcontrollers and microprocessors, analog and mixed-signal devices, power semiconductors, sensors, MEMS devices, connectivity products and automotive semiconductors.

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