NXP Semiconductors N.V. $NXPI Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services reduced its stake in NXP Semiconductors by 10.1% in the first quarter, selling 6,769 shares and leaving it with 60,379 shares worth about $11.9 million.
• Several analysts turned more bullish on NXPI, with multiple price target hikes and rating upgrades; the stock now has a consensus Moderate Buy rating and an average target of $307.73.
• NXP reported better-than-expected quarterly results, including EPS of $3.05 and revenue of $3.18 billion, while also paying a quarterly dividend of $1.014 per share.

PNC Financial Services Group Inc. trimmed its position in shares of NXP Semiconductors N.V. (NASDAQ:NXPI - Free Report) by 10.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,379 shares of the semiconductor provider's stock after selling 6,769 shares during the quarter. PNC Financial Services Group Inc.'s holdings in NXP Semiconductors were worth $11,886,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Brighton Jones LLC boosted its holdings in NXP Semiconductors by 20.6% during the fourth quarter. Brighton Jones LLC now owns 1,276 shares of the semiconductor provider's stock worth $265,000 after buying an additional 218 shares in the last quarter. NewEdge Advisors LLC increased its holdings in NXP Semiconductors by 3.4% in the first quarter. NewEdge Advisors LLC now owns 7,021 shares of the semiconductor provider's stock valued at $1,334,000 after buying an additional 234 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in NXP Semiconductors by 31.7% in the second quarter. EverSource Wealth Advisors LLC now owns 777 shares of the semiconductor provider's stock valued at $170,000 after buying an additional 187 shares in the last quarter. Marshall Wace LLP raised its position in shares of NXP Semiconductors by 887.0% in the second quarter. Marshall Wace LLP now owns 36,659 shares of the semiconductor provider's stock worth $8,010,000 after acquiring an additional 32,945 shares during the period. Finally, Gamco Investors INC. ET AL acquired a new position in shares of NXP Semiconductors in the second quarter worth about $555,000. 90.54% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently commented on NXPI shares. Wolfe Research raised their target price on NXP Semiconductors from $270.00 to $320.00 and gave the company an "outperform" rating in a research report on Wednesday, April 29th. Wall Street Zen raised NXP Semiconductors from a "hold" rating to a "buy" rating in a report on Saturday, May 2nd. Needham & Company LLC increased their price target on NXP Semiconductors from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Oppenheimer raised their price objective on NXP Semiconductors from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Friday. Finally, KeyCorp boosted their price objective on NXP Semiconductors from $300.00 to $345.00 and gave the company an "overweight" rating in a research report on Wednesday, April 29th. Sixteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $307.73.

Insider Buying and Selling

In other NXP Semiconductors news, EVP Andrew Micallef sold 1,000 shares of the firm's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $315.57, for a total value of $315,570.00. Following the transaction, the executive vice president owned 8,942 shares in the company, valued at approximately $2,821,826.94. This trade represents a 10.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christopher L. Jensen sold 1,746 shares of NXP Semiconductors stock in a transaction on Monday, June 1st. The stock was sold at an average price of $316.53, for a total transaction of $552,661.38. Following the sale, the executive vice president directly owned 3,643 shares in the company, valued at approximately $1,153,118.79. This trade represents a 32.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.05% of the company's stock.

NXP Semiconductors Stock Down 2.9%

Shares of NASDAQ NXPI opened at $269.24 on Friday. The firm has a market cap of $67.98 billion, a price-to-earnings ratio of 25.76, a price-to-earnings-growth ratio of 1.12 and a beta of 1.79. The company's 50-day simple moving average is $295.88 and its 200-day simple moving average is $252.36. The company has a quick ratio of 1.55, a current ratio of 2.24 and a debt-to-equity ratio of 1.00. NXP Semiconductors N.V. has a 52-week low of $183.00 and a 52-week high of $339.95.

NXP Semiconductors (NASDAQ:NXPI - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The semiconductor provider reported $3.05 earnings per share for the quarter, beating analysts' consensus estimates of $2.98 by $0.07. NXP Semiconductors had a net margin of 21.03% and a return on equity of 26.75%. The firm had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.14 billion. During the same period last year, the company posted $2.64 EPS. NXP Semiconductors's quarterly revenue was up 12.2% compared to the same quarter last year. Equities analysts predict that NXP Semiconductors N.V. will post 13.46 EPS for the current fiscal year.

NXP Semiconductors Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Wednesday, June 24th were paid a $1.014 dividend. The ex-dividend date of this dividend was Wednesday, June 24th. This represents a $4.06 dividend on an annualized basis and a dividend yield of 1.5%. NXP Semiconductors's payout ratio is currently 38.85%.

About NXP Semiconductors

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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