Kornitzer Capital Management Inc. KS Acquires 7,156 Shares of NXP Semiconductors N.V. $NXPI

Key Points

• Kornitzer Capital Management initiated a position in NXP Semiconductors, buying 7,156 shares worth about $1.7 million in the third quarter. Institutional investors collectively own 90.54% of the stock.
• NXP reported quarterly EPS of $4.20, beating estimates of $4.12, while revenue rose 19.3% year over year to $3.79 billion.
• The board authorized a $5 billion share repurchase program. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $295.78.

Kornitzer Capital Management Inc. KS acquired a new stake in NXP Semiconductors N.V. (NASDAQ:NXPI - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,156 shares of the semiconductor provider's stock, valued at approximately $1,700,000.

A number of other hedge funds also recently modified their holdings of NXPI. Fortitude Family Office LLC bought a new position in NXP Semiconductors in the 3rd quarter valued at about $26,000. Allied Private Wealth LLC acquired a new stake in NXP Semiconductors during the second quarter worth approximately $28,000. Fiduciary Financial Advisors bought a new stake in shares of NXP Semiconductors during the second quarter worth approximately $28,000. Bell Investment Advisors Inc bought a new stake in shares of NXP Semiconductors during the second quarter worth approximately $29,000. Finally, Midwest Professional Planners LTD. bought a new stake in shares of NXP Semiconductors during the second quarter worth approximately $29,000. Institutional investors and hedge funds own 90.54% of the company's stock.

NXP Semiconductors Stock Up 3.3%

NASDAQ NXPI opened at $256.42 on Tuesday. The company has a current ratio of 2.12, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. The company has a market cap of $64.63 billion, a price-to-earnings ratio of 20.16, a PEG ratio of 0.90 and a beta of 1.83. The company has a 50 day moving average of $236.75 and a 200-day moving average of $246.66. NXP Semiconductors N.V. has a 1-year low of $183.00 and a 1-year high of $339.95.

NXP Semiconductors (NASDAQ:NXPI - Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The semiconductor provider reported $4.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.12 by $0.08. NXP Semiconductors had a return on equity of 28.57% and a net margin of 23.40%. The business had revenue of $3.79 billion for the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter in the prior year, the business posted $3.11 earnings per share. The firm's quarterly revenue was up 19.3% compared to the same quarter last year. On average, equities research analysts expect that NXP Semiconductors N.V. will post 13.81 earnings per share for the current fiscal year.

NXP Semiconductors Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Wednesday, September 16th were given a dividend of $1.0140 per share. This represents a $4.06 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Wednesday, September 16th. NXP Semiconductors's dividend payout ratio is presently 31.92%.

NXP Semiconductors announced that its Board of Directors has authorized a share buyback program on Tuesday, October 27th that permits the company to repurchase $5 billion in outstanding shares. This buyback authorization permits the semiconductor provider to reacquire shares of its stock through open market purchases. Share buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

NXPI has been the subject of several research reports. Sanford C. Bernstein reissued a "market perform" rating and set a $290.00 price target (up from $270.00) on shares of NXP Semiconductors in a report on Wednesday, July 29th. Truist Financial decreased their price objective on NXP Semiconductors from $310.00 to $300.00 and set a "buy" rating on the stock in a report on Wednesday, October 28th. Wells Fargo & Company upped their price objective on NXP Semiconductors from $235.00 to $245.00 and gave the company an "equal weight" rating in a report on Wednesday, October 28th. Cantor Fitzgerald reiterated an "overweight" rating and set a $400.00 price objective on shares of NXP Semiconductors in a research report on Monday, October 26th. Finally, UBS Group cut shares of NXP Semiconductors from a "buy" rating to a "neutral" rating and reduced their target price for the company from $305.00 to $270.00 in a research 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.com, NXP Semiconductors currently has an average rating of "Moderate Buy" and a consensus price target of $295.78.

Insider Transactions at NXP Semiconductors

In related news, EVP Christopher L. Jensen sold 3,355 shares of the business's stock in a transaction dated 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 transaction, the executive vice president owned 288 shares of the company's stock, valued at $69,120. The trade was a 92.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anthony R. Foxx sold 400 shares of the company's stock in a transaction dated Wednesday, November 4th. The stock was sold at an average price of $263.60, for a total transaction of $105,440.00. Following the sale, the director directly owned 2,942 shares of the company's stock, valued at $775,511.20. This represents a 11.97% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 4,755 shares of company stock valued at $1,136,680. 0.05% of the stock is owned by corporate insiders.

About NXP Semiconductors

NXP Semiconductors is a global semiconductor company headquartered in Eindhoven, the Netherlands. It develops and supplies chips and related technologies for automotive, industrial and Internet of Things, mobile, and communications infrastructure applications.

Its products include microcontrollers and processors, analog and mixed-signal components, connectivity solutions, and security technologies. In the automotive sector, NXP supplies technologies used in vehicle networking, radar, and safety systems; its other offerings support applications such as secure identification and near-field communication.

The company traces its origins to Philips' semiconductor business, which became an independent company in 2006.

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