HITE Hedge Asset Management LLC Sells 33,350 Shares of NXP Semiconductors N.V. $NXPI

Key Points

• HITE Hedge Asset Management sharply reduced its NXP Semiconductors stake in the fourth quarter, selling 33,350 shares and cutting its position by 88.5% to 4,324 shares worth about $939,000.
• Wall Street sentiment remains positive, with multiple analysts raising price targets on NXPI. The consensus rating is “Moderate Buy,” and the average price target is $295.92.
• NXP reported solid quarterly results, beating earnings and revenue estimates with EPS of $3.05 on revenue of $3.18 billion. The company also announced a quarterly dividend of $1.014 per share, yielding about 1.3% annualized.

HITE Hedge Asset Management LLC trimmed its position in shares of NXP Semiconductors N.V. (NASDAQ:NXPI - Free Report) by 88.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,324 shares of the semiconductor provider's stock after selling 33,350 shares during the period. HITE Hedge Asset Management LLC's holdings in NXP Semiconductors were worth $939,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. JPL Wealth Management LLC bought a new position in NXP Semiconductors during the third quarter valued at about $26,000. Jessup Wealth Management Inc bought a new position in NXP Semiconductors during the fourth quarter valued at about $29,000. Wexford Capital LP bought a new position in NXP Semiconductors during the third quarter valued at about $31,000. Kelleher Financial Advisors bought a new position in NXP Semiconductors during the third quarter valued at about $31,000. Finally, Community Bank N.A. bought a new position in NXP Semiconductors during the third quarter valued at about $37,000. 90.54% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on NXPI shares. Evercore boosted their price target on NXP Semiconductors from $260.00 to $320.00 and gave the company an "outperform" rating in a research note on Wednesday, April 29th. Citigroup upped their price objective on NXP Semiconductors from $255.00 to $270.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Raymond James Financial upped their price objective on NXP Semiconductors from $250.00 to $300.00 and gave the company an "outperform" rating in a research note on Wednesday, April 29th. Wells Fargo & Company upped their price objective on NXP Semiconductors from $265.00 to $305.00 and gave the company an "equal weight" rating in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of NXP Semiconductors in a research note on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $295.92.

Insider Buying and Selling

In related news, EVP Andrew Micallef sold 1,000 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $194.58, for a total transaction of $194,580.00. Following the sale, the executive vice president directly owned 9,942 shares in the company, valued at $1,934,514.36. This represents a 9.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Christopher L. Jensen sold 1,746 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $316.53, for a total value of $552,661.38. Following the sale, the executive vice president owned 3,643 shares in the company, valued at approximately $1,153,118.79. This trade represents a 32.40% decrease in their ownership of the stock. 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. Insiders have sold a total of 12,611 shares of company stock worth $3,061,078 in the last three months. Insiders own 0.05% of the company's stock.

NXP Semiconductors Trading Up 0.8%

NXPI stock opened at $304.86 on Friday. NXP Semiconductors N.V. has a 1-year low of $183.00 and a 1-year high of $339.95. The firm has a market cap of $76.97 billion, a P/E ratio of 29.17, a P/E/G ratio of 1.09 and a beta of 1.77. The business's 50 day moving average is $270.67 and its 200-day moving average is $238.24. The company has a current ratio of 2.24, a quick ratio of 1.55 and a debt-to-equity ratio of 1.00.

NXP Semiconductors (NASDAQ:NXPI - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The semiconductor provider reported $3.05 earnings per share for the quarter, beating the consensus estimate of $2.98 by $0.07. NXP Semiconductors had a return on equity of 26.75% and a net margin of 21.03%.The company had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.14 billion. During the same period in the prior year, the company posted $2.64 EPS. The company's revenue was up 12.2% compared to the same quarter last year. Equities analysts anticipate that NXP Semiconductors N.V. will post 13.38 earnings per share for the current fiscal year.

NXP Semiconductors Announces Dividend

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 dividend of $1.014 per share. The ex-dividend date is Wednesday, June 24th. This represents a $4.06 dividend on an annualized basis and a yield of 1.3%. NXP Semiconductors's dividend payout ratio is 38.85%.

NXP Semiconductors Company Profile

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.

Want to see what other hedge funds are holding NXPI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NXP Semiconductors N.V. (NASDAQ:NXPI - Free Report).

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.