NXP Semiconductors N.V. $NXPI Position Trimmed by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management trimmed its NXP Semiconductors stake by 15.5% in the first quarter, selling 705,434 shares and leaving it with 3.84 million shares worth about $756 million.
• Wall Street remains constructive on NXPI: several firms raised price targets after earnings, and the stock now carries a Moderate Buy consensus with an average target price of about $300.08.
• NXP reported strong quarterly results, beating EPS and revenue estimates, while also announcing a quarterly dividend of $1.014 per share, equal to a 1.5% annualized yield.

Pictet Asset Management Holding SA trimmed its holdings in shares of NXP Semiconductors N.V. (NASDAQ:NXPI - Free Report) by 15.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,842,220 shares of the semiconductor provider's stock after selling 705,434 shares during the period. NXP Semiconductors accounts for 0.8% of Pictet Asset Management Holding SA's portfolio, making the stock its 20th biggest position. Pictet Asset Management Holding SA owned approximately 1.52% of NXP Semiconductors worth $755,981,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Venturi Wealth Management LLC lifted its holdings in NXP Semiconductors by 25.2% in the first quarter. Venturi Wealth Management LLC now owns 2,771 shares of the semiconductor provider's stock worth $545,000 after acquiring an additional 557 shares during the last quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych grew its holdings in shares of NXP Semiconductors by 20.0% during the first quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 1,200 shares of the semiconductor provider's stock valued at $236,000 after purchasing an additional 200 shares during the last quarter. Louisiana State Employees Retirement System bought a new position in shares of NXP Semiconductors during the first quarter valued at approximately $5,788,000. Ritholtz Wealth Management raised its position in shares of NXP Semiconductors by 10.0% during the 1st quarter. Ritholtz Wealth Management now owns 3,779 shares of the semiconductor provider's stock worth $744,000 after purchasing an additional 343 shares during the period. Finally, Watchman Group Inc. raised its position in shares of NXP Semiconductors by 9.9% during the 1st quarter. Watchman Group Inc. now owns 15,594 shares of the semiconductor provider's stock worth $3,070,000 after purchasing an additional 1,409 shares during the period. 90.54% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Jefferies Financial Group raised their price target on NXP Semiconductors from $265.00 to $300.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Needham & Company LLC increased their target price on NXP Semiconductors from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Sanford C. Bernstein increased their target price on NXP Semiconductors from $240.00 to $270.00 and gave the stock a "market perform" rating in a research report on Wednesday, April 29th. TD Cowen raised their target price on NXP Semiconductors from $250.00 to $310.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Finally, Barclays boosted their price target on shares of NXP Semiconductors from $295.00 to $340.00 and gave the company an "overweight" rating in a report on Tuesday, May 5th. One investment 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 assigned a Sell rating to the company. According to data from MarketBeat, NXP Semiconductors currently has an average rating of "Moderate Buy" and an average target price of $300.08.

NXP Semiconductors Stock Down 7.2%

Shares of NXP Semiconductors stock opened at $277.02 on Friday. The business's fifty day moving average price is $290.93 and its two-hundred day moving average price is $245.06. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.24 and a quick ratio of 1.55. The company has a market capitalization of $69.94 billion, a P/E ratio of 26.51, a PEG ratio of 1.00 and a beta of 1.77. 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 released its quarterly earnings results on Wednesday, April 29th. The semiconductor provider reported $3.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.98 by $0.07. The company had revenue of $3.18 billion during the quarter, compared to analysts' expectations of $3.14 billion. NXP Semiconductors had a return on equity of 26.75% and a net margin of 21.03%.The company's revenue for the quarter was up 12.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.64 earnings per share. As a group, research analysts forecast that NXP Semiconductors N.V. will post 13.4 EPS for the current year.

NXP Semiconductors Dividend Announcement

The business also recently announced 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. This represents a $4.06 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Wednesday, June 24th. NXP Semiconductors's dividend payout ratio is currently 38.85%.

Insider Buying and Selling at NXP Semiconductors

In other news, EVP Andrew Micallef sold 1,000 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $315.57, for a total value of $315,570.00. Following the completion of the transaction, the executive vice president directly owned 8,942 shares in the company, valued at $2,821,826.94. This trade represents a 10.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christopher L. Jensen sold 4,576 shares of the stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $234.03, for a total transaction of $1,070,921.28. Following the completion of the transaction, the executive vice president owned 5,389 shares of the company's stock, valued at $1,261,187.67. This trade represents a 45.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 12,611 shares of company stock valued at $3,182,068. Company insiders own 0.05% of the company's stock.

NXP Semiconductors 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.

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