STMicroelectronics N.V. (NYSE:STM) Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon Corp significantly reduced its stake in STMicroelectronics N.V. by 70.8%, selling over 111,000 shares and holding approximately 46,000 shares worth $1,012,000 as of the end of the first quarter.
• STMicroelectronics reported earnings of $0.06 per share for the latest quarter, missing expectations of $0.10, and its revenue reached $2.77 billion, exceeding forecasts.
• The company's proposed quarterly dividend is $0.09 per share, translating to an annualized payout of $0.36 and a yield of 1.4%.

Bank of New York Mellon Corp cut its stake in STMicroelectronics N.V. (NYSE:STM - Free Report) by 70.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 46,106 shares of the semiconductor producer's stock after selling 111,761 shares during the quarter. Bank of New York Mellon Corp's holdings in STMicroelectronics were worth $1,012,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of STM. Raymond James Financial Inc. acquired a new position in shares of STMicroelectronics during the 4th quarter worth about $1,738,000. XTX Topco Ltd raised its position in shares of STMicroelectronics by 207.5% during the 4th quarter. XTX Topco Ltd now owns 75,211 shares of the semiconductor producer's stock worth $1,878,000 after purchasing an additional 50,756 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of STMicroelectronics by 16.0% during the 4th quarter. Russell Investments Group Ltd. now owns 5,069 shares of the semiconductor producer's stock worth $127,000 after purchasing an additional 700 shares during the last quarter. Oppenheimer Asset Management Inc. raised its position in shares of STMicroelectronics by 146.1% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 25,585 shares of the semiconductor producer's stock worth $562,000 after purchasing an additional 15,190 shares during the last quarter. Finally, Washington Capital Management Inc. raised its position in shares of STMicroelectronics by 40.1% during the 1st quarter. Washington Capital Management Inc. now owns 52,435 shares of the semiconductor producer's stock worth $1,151,000 after purchasing an additional 15,020 shares during the last quarter. 5.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

STM has been the subject of several recent research reports. Dbs Bank downgraded STMicroelectronics from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 28th. Robert W. Baird raised STMicroelectronics from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $23.00 to $50.00 in a research note on Tuesday, July 22nd. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of STMicroelectronics in a research note on Friday, July 25th. Susquehanna increased their price objective on STMicroelectronics from $30.00 to $40.00 and gave the company a "positive" rating in a research note on Tuesday, July 22nd. Finally, TD Cowen reduced their price objective on STMicroelectronics from $34.00 to $27.00 and set a "hold" rating for the company in a research note on Friday, July 25th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, STMicroelectronics currently has an average rating of "Hold" and a consensus price target of $32.21.

STMicroelectronics Stock Performance

NYSE STM opened at $25.44 on Friday. The stock has a market cap of $22.85 billion, a PE ratio of 36.88, a P/E/G ratio of 4.09 and a beta of 1.60. The company has a current ratio of 2.74, a quick ratio of 1.96 and a debt-to-equity ratio of 0.11. STMicroelectronics N.V. has a twelve month low of $17.25 and a twelve month high of $33.89. The stock has a fifty day simple moving average of $29.26 and a 200-day simple moving average of $25.54.

STMicroelectronics (NYSE:STM - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The semiconductor producer reported $0.06 earnings per share for the quarter, missing analysts' consensus estimates of $0.10 by ($0.04). The business had revenue of $2.77 billion for the quarter, compared to analysts' expectations of $2.71 billion. STMicroelectronics had a return on equity of 4.55% and a net margin of 5.49%. Equities analysts anticipate that STMicroelectronics N.V. will post 0.85 earnings per share for the current year.

STMicroelectronics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 24th will be issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Tuesday, March 24th. STMicroelectronics's dividend payout ratio (DPR) is 44.93%.

STMicroelectronics Profile

STMicroelectronics N.V., together with its subsidiaries, designs, develops, manufactures, and sells semiconductor products in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. The company operates through Automotive and Discrete Group; Analog, MEMS and Sensors Group; and Microcontrollers and Digital ICs Group segments.

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