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 decreased its holdings in STMicroelectronics N.V. (NYSE:STM - Free Report) by 70.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in STM. Farther Finance Advisors LLC lifted its position in STMicroelectronics by 139.6% during the 1st quarter. Farther Finance Advisors LLC now owns 1,862 shares of the semiconductor producer's stock worth $41,000 after acquiring an additional 1,085 shares in the last quarter. Deutsche Bank AG lifted its holdings in shares of STMicroelectronics by 14.5% in the fourth quarter. Deutsche Bank AG now owns 3,682 shares of the semiconductor producer's stock valued at $92,000 after buying an additional 466 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of STMicroelectronics by 16.0% during the fourth quarter. Russell Investments Group Ltd. now owns 5,069 shares of the semiconductor producer's stock valued at $127,000 after purchasing an additional 700 shares during the last quarter. Parvin Asset Management LLC acquired a new position in STMicroelectronics during the fourth quarter valued at $137,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in STMicroelectronics in the 4th quarter worth about $145,000. Hedge funds and other institutional investors own 5.05% of the company's stock.

Wall Street Analyst Weigh In

STM has been the subject of several recent analyst reports. Oddo Bhf upgraded STMicroelectronics to an "outperform" rating in a research note on Wednesday, July 2nd. Dbs Bank lowered STMicroelectronics from a "strong-buy" rating to a "hold" rating in a report on Monday, April 28th. Robert W. Baird upgraded shares of STMicroelectronics from a "neutral" rating to an "outperform" rating and upped their price target for the company from $23.00 to $50.00 in a research note on Tuesday, July 22nd. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of STMicroelectronics in a research note on Friday, July 25th. Finally, TD Cowen lowered their target price on STMicroelectronics from $34.00 to $27.00 and set a "hold" rating for the company in a research report on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $32.21.

STMicroelectronics Stock Performance

Shares of STMicroelectronics stock traded up $0.13 on Monday, hitting $25.19. 3,188,961 shares of the company's stock were exchanged, compared to its average volume of 7,640,504. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.96 and a current ratio of 2.74. The stock has a market capitalization of $22.62 billion, a PE ratio of 36.46, a PEG ratio of 3.94 and a beta of 1.61. The company has a 50-day simple moving average of $29.27 and a 200-day simple moving average of $25.56. STMicroelectronics N.V. has a 1 year low of $17.25 and a 1 year high of $33.47.

STMicroelectronics (NYSE:STM - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The semiconductor producer reported $0.06 EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.04). The firm 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%. As a group, equities analysts anticipate that STMicroelectronics N.V. will post 0.85 EPS for the current year.

STMicroelectronics Dividend Announcement

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

About STMicroelectronics

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.