STMicroelectronics (NYSE:STM) Given New $40.00 Price Target at TD Cowen

STMicroelectronics (NYSE:STM) had its price objective cut by TD Cowen from $50.00 to $40.00 in a report published on Friday, Marketbeat Ratings reports. They currently have a buy rating on the semiconductor producer’s stock.

STM has been the topic of a number of other reports. The Goldman Sachs Group raised STMicroelectronics from a sell rating to a neutral rating and raised their price target for the company from $35.50 to $45.80 in a report on Tuesday, June 18th. Susquehanna reissued a positive rating and issued a $55.00 price target on shares of STMicroelectronics in a report on Monday, April 8th. StockNews.com raised shares of STMicroelectronics from a hold rating to a buy rating in a report on Wednesday, June 12th. Craig Hallum lowered their target price on shares of STMicroelectronics from $48.00 to $42.00 and set a buy rating on the stock in a report on Thursday, July 25th. Finally, Morgan Stanley cut shares of STMicroelectronics from an overweight rating to an equal weight rating in a research note on Friday. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $43.56.

STMicroelectronics Stock Down 1.1 %

STM stock opened at $33.61 on Friday. The business’s 50-day moving average price is $41.35 and its 200-day moving average price is $42.73. The stock has a market cap of $30.36 billion, a P/E ratio of 8.62, a PEG ratio of 3.38 and a beta of 1.59. The company has a quick ratio of 2.56, a current ratio of 3.35 and a debt-to-equity ratio of 0.17. STMicroelectronics has a twelve month low of $33.16 and a twelve month high of $53.96.

STMicroelectronics (NYSE:STM) last issued its quarterly earnings results on Thursday, July 25th. The semiconductor producer reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.04. The business had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.55 billion. STMicroelectronics had a net margin of 19.68% and a return on equity of 18.18%. The company’s revenue for the quarter was down 25.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.06 earnings per share. On average, equities research analysts forecast that STMicroelectronics will post 2.01 EPS for the current year.

Hedge Funds Weigh In On STMicroelectronics

A number of institutional investors and hedge funds have recently made changes to their positions in STM. Van ECK Associates Corp raised its position in shares of STMicroelectronics by 55.3% during the 1st quarter. Van ECK Associates Corp now owns 5,800,911 shares of the semiconductor producer’s stock valued at $250,831,000 after buying an additional 2,065,387 shares in the last quarter. Lazard Asset Management LLC raised its position in STMicroelectronics by 1,564,831.9% during the first quarter. Lazard Asset Management LLC now owns 1,079,803 shares of the semiconductor producer’s stock valued at $46,690,000 after purchasing an additional 1,079,734 shares during the period. Quadrature Capital Ltd raised its position in STMicroelectronics by 337.8% during the fourth quarter. Quadrature Capital Ltd now owns 510,834 shares of the semiconductor producer’s stock valued at $25,561,000 after purchasing an additional 394,147 shares during the period. Grand Alliance Asset Management Ltd purchased a new position in shares of STMicroelectronics in the 4th quarter worth approximately $14,036,000. Finally, Delta Global Management LP boosted its holdings in shares of STMicroelectronics by 31.3% in the 1st quarter. Delta Global Management LP now owns 1,047,650 shares of the semiconductor producer’s stock worth $45,300,000 after purchasing an additional 249,905 shares during the period. 5.05% of the stock is owned by hedge funds and other institutional investors.

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.