Sound Shore Management Inc. CT Makes New $80.84 Million Investment in NXP Semiconductors N.V. $NXPI

Key Points

• Sound Shore Management disclosed a new first-quarter stake in NXP Semiconductors, buying 410,653 shares worth about $80.84 million. The position makes NXPI its 11th largest holding and about 2.7% of its portfolio.
• NXP recently reported better-than-expected quarterly results, with EPS of $3.05 versus estimates of $2.98 and revenue of $3.18 billion, up 12.2% year over year. Analysts now expect the company to earn 13.49 EPS for the full fiscal year.
• Wall Street remains broadly positive on the stock, with an average rating of Moderate Buy and a consensus price target of $307.27. Several firms have recently raised targets, though some insiders have sold shares in recent months.

Sound Shore Management Inc. CT bought a new stake in shares of NXP Semiconductors N.V. (NASDAQ:NXPI - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 410,653 shares of the semiconductor provider's stock, valued at approximately $80,841,000. NXP Semiconductors accounts for 2.7% of Sound Shore Management Inc. CT's holdings, making the stock its 11th largest holding. Sound Shore Management Inc. CT owned about 0.16% of NXP Semiconductors at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of NXPI. KBC Group NV raised its holdings in shares of NXP Semiconductors by 52.1% in the first quarter. KBC Group NV now owns 108,710 shares of the semiconductor provider's stock worth $21,401,000 after buying an additional 37,243 shares during the period. SEB Asset Management AB bought a new position in NXP Semiconductors in the 1st quarter valued at $11,448,000. Swiss National Bank grew its position in NXP Semiconductors by 6.9% in the 1st quarter. Swiss National Bank now owns 738,629 shares of the semiconductor provider's stock valued at $145,407,000 after acquiring an additional 47,800 shares during the last quarter. California Public Employees Retirement System increased its stake in NXP Semiconductors by 41.9% in the first quarter. California Public Employees Retirement System now owns 1,592,213 shares of the semiconductor provider's stock worth $313,443,000 after purchasing an additional 470,254 shares during the period. Finally, Kera Capital Partners Inc. grew its holdings in shares of NXP Semiconductors by 11.6% in the first quarter. Kera Capital Partners Inc. now owns 1,142 shares of the semiconductor provider's stock worth $225,000 after purchasing an additional 119 shares during the last quarter. Institutional investors own 90.54% of the company's stock.

NXP Semiconductors Price Performance

NXPI opened at $266.53 on Monday. The firm has a market capitalization of $67.29 billion, a PE ratio of 25.51, a price-to-earnings-growth ratio of 0.96 and a beta of 1.79. 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 business's 50-day moving average is $298.25 and its two-hundred day moving average is $250.69. 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 EPS for the quarter, beating the consensus estimate of $2.98 by $0.07. NXP Semiconductors had a net margin of 21.03% and a return on equity of 26.75%. The business had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.14 billion. During the same period in the prior year, the firm posted $2.64 earnings per share. The company's quarterly revenue was up 12.2% on a year-over-year basis. Research analysts anticipate that NXP Semiconductors N.V. will post 13.49 earnings per share for the current fiscal year.

NXP Semiconductors Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts recently commented on NXPI shares. Barclays raised their price target on shares of NXP Semiconductors from $295.00 to $340.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 5th. JPMorgan Chase & Co. upped their target price on shares of NXP Semiconductors from $250.00 to $295.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 29th. Citigroup reaffirmed a "neutral" rating on shares of NXP Semiconductors in a research report on Monday, July 13th. Evercore lifted their price target on shares of NXP Semiconductors from $260.00 to $320.00 and gave the company an "outperform" rating in a research note on Wednesday, April 29th. Finally, Weiss Ratings upgraded NXP Semiconductors from a "hold (c)" rating to a "hold (c+)" rating in a report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $307.27.

Insider Buying and Selling at NXP Semiconductors

In other NXP Semiconductors news, EVP Andrew Micallef sold 1,000 shares of NXP Semiconductors stock in a transaction 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 transaction, the executive vice president directly owned 8,942 shares of the company's stock, valued at approximately $2,821,826.94. The trade was a 10.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 the stock in a transaction on Monday, June 1st. The shares were 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 of the company's stock, valued at approximately $1,153,118.79. This represents a 32.40% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 12,611 shares of company stock worth $3,182,068 over the last three months. Corporate 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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