Investment management firm Ingalls & Snyder LLC recently filed its 13F report with the Securities and Exchange Commission, revealing that it sold 24,452 shares of STMicroelectronics (STM:NYE) during the fourth quarter of the previous year. As a result, the firm now owns 145,020 shares of the STM stock, which are valued at $5,158,000 as of its most recent SEC filing. This represents a 14.4% decrease in the firm’s holdings of STM.
Ingalls & Snyder LLC is not the only institutional investor to have recently made changes to its holdings of STM. Armstrong Advisory Group Inc. acquired a new stake in the company during the fourth quarter, valued at $36,000. Meanwhile, Ellevest Inc., Janiczek Wealth Management LLC, CWM LLC, and Geneos Wealth Management Inc. increased their holdings of STM during the third quarter of 2022.
STM Stock Price Analysis:
Despite the recent changes in institutional investor holdings, STM stock price has remained relatively stable, and even increased by 2.8% during trading hours on Thursday, reaching $51.06 per share. This is in contrast to the stock’s one-year low of $28.35 and one-year high of $53.53.
Quarterly Earnings Review:
STM recently announced its earnings results for the fourth quarter of 2022. The company reported earnings per share (EPS) of $1.32, which exceeded the consensus estimate of $1.13 by $0.19.
The company’s revenue for the quarter was $4.42 billion, higher than analyst estimates of $4.37 billion. This indicates that the company is performing well and is likely to continue doing so in the near future.
STM Stock Dividend:
The company also announced a quarterly dividend of $0.06 per share, to be paid to stockholders of record on June 27th, 2023. The ex-dividend date for this dividend is June 26th, 2023. This represents a dividend yield of 0.47% and an annualized dividend payout of $0.24 per share. The company’s dividend payout ratio (DPR) is currently 4.77%.
STM Stock-Analyst Ratings:
Several research analyst reports have been issued for STM in recent months.
Cowen raised its target price on STM stock from $50.00 to $56.00 and gave the company an “outperform” rating in January 2023.
Similarly, Craig Hallum increased its price target on STM from $50.00 to $55.00 and gave the company a “buy” rating in January 2023.
On the other hand, The Goldman Sachs Group downgraded STM from a “neutral” rating to a “sell” rating in January 2023.
Overall, STM stock has received a consensus rating of “Strong Buy” from analysts, with an average target price of $55.29 per share.
Company 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.
It serves automotive, industrial, personal electronics and communications equipment, and computers and peripherals markets. STMicroelectronics N.V. was incorporated in 1987 and is headquartered in Geneva, Switzerland.
