Revere Asset Management Inc Makes New Investment in STMicroelectronics N.V. $STM

Key Points

• Revere Asset Management initiated a $8.44 million position in STMicroelectronics during the second quarter, purchasing 112,662 shares. The stock now represents 3.2% of Revere’s portfolio and is its fifth-largest holding.
• Several institutional investors also increased or initiated positions, although hedge funds and other institutions collectively own only 5.05% of STM. Shares recently fell 7.2% to $47.80.
• STMicroelectronics exceeded quarterly expectations, reporting $0.31 in EPS versus a $0.26 consensus and $3.49 billion in revenue. Analysts maintain a “Moderate Buy” consensus with an average price target of $76.17.

Revere Asset Management Inc bought a new position in STMicroelectronics N.V. (NYSE:STM - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 112,662 shares of the semiconductor producer's stock, valued at approximately $8,437,000. STMicroelectronics accounts for 3.2% of Revere Asset Management Inc's portfolio, making the stock its 5th largest position.

Several other large investors have also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC boosted its position in STMicroelectronics by 21.9% during the second quarter. Sequoia Financial Advisors LLC now owns 17,929 shares of the semiconductor producer's stock worth $1,343,000 after purchasing an additional 3,216 shares in the last quarter. MCF Advisors LLC purchased a new position in shares of STMicroelectronics in the second quarter valued at $57,000. Engineers Gate Manager LP purchased a new position in shares of STMicroelectronics in the second quarter valued at $7,407,000. Integrated Wealth Concepts LLC acquired a new position in shares of STMicroelectronics during the 2nd quarter worth $639,000. Finally, NewEdge Advisors LLC raised its stake in shares of STMicroelectronics by 3,159.1% during the 2nd quarter. NewEdge Advisors LLC now owns 5,019 shares of the semiconductor producer's stock worth $376,000 after buying an additional 4,865 shares during the last quarter. 5.05% of the stock is owned by hedge funds and other institutional investors.

STMicroelectronics Trading Down 7.2%

Shares of NYSE STM traded down $3.71 during midday trading on Monday, reaching $47.80. 9,719,001 shares of the stock were exchanged, compared to its average volume of 10,226,394. The company has a market capitalization of $42.93 billion, a P/E ratio of 93.73 and a beta of 1.93. STMicroelectronics N.V. has a 52-week low of $21.11 and a 52-week high of $81.42. The company has a current ratio of 2.78, a quick ratio of 2.08 and a debt-to-equity ratio of 0.16. The stock has a 50 day moving average price of $55.94 and a 200-day moving average price of $53.95.

STMicroelectronics (NYSE:STM - Get Free Report) last announced its earnings results on Friday, July 24th. The semiconductor producer reported $0.31 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $3.49 billion for the quarter, compared to analyst estimates of $3.46 billion. Equities research analysts expect that STMicroelectronics N.V. will post 1.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on STM. Craig Hallum reissued a "buy" rating and issued a $70.00 price objective on shares of STMicroelectronics in a research note on Thursday, July 23rd. Barclays set a $60.00 price target on shares of STMicroelectronics in a report on Friday, July 24th. Zacks Research lowered shares of STMicroelectronics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 3rd. Wall Street Zen raised shares of STMicroelectronics from a "hold" rating to a "buy" rating in a research note on Saturday, July 25th. Finally, Susquehanna lifted their price objective on STMicroelectronics from $60.00 to $75.00 and gave the stock a "positive" rating in a research report on Tuesday, July 21st. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $76.17.

About STMicroelectronics

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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