STMicroelectronics (NYSE:STM) Issues Quarterly Earnings Results

STMicroelectronics (NYSE:STM) announced its quarterly earnings data on Thursday. The semiconductor producer reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.04, Briefing.com reports. The firm had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.27 billion. STMicroelectronics had a return on equity of 18.18% and a net margin of 19.68%. The company’s revenue for the quarter was down 26.6% compared to the same quarter last year. During the same period last year, the firm earned $1.16 earnings per share. STMicroelectronics updated its FY 2024 guidance to EPS and its Q4 2024 guidance to EPS.

STMicroelectronics Price Performance

Shares of STM traded down $0.47 during mid-day trading on Friday, reaching $26.67. The stock had a trading volume of 6,801,522 shares, compared to its average volume of 3,951,695. The business has a fifty day moving average of $28.76 and a 200 day moving average of $35.49. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.56 and a current ratio of 3.35. The firm has a market cap of $24.09 billion, a price-to-earnings ratio of 8.34, a PEG ratio of 3.39 and a beta of 1.57. STMicroelectronics has a 12 month low of $26.44 and a 12 month high of $51.27.

STMicroelectronics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Tuesday, December 17th will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date is Tuesday, December 17th. STMicroelectronics’s payout ratio is 9.63%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on STM. Morgan Stanley downgraded STMicroelectronics from an “overweight” rating to an “equal weight” rating in a research report on Friday, July 26th. Susquehanna lowered their price target on STMicroelectronics from $35.00 to $33.00 and set a “positive” rating for the company in a research report on Friday. Citigroup upgraded shares of STMicroelectronics to a “strong-buy” rating in a research note on Thursday, October 10th. StockNews.com cut STMicroelectronics from a “buy” rating to a “hold” rating in a research report on Thursday, September 19th. Finally, TD Cowen lowered their price objective on shares of STMicroelectronics from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, July 26th. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, STMicroelectronics currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.63.

STMicroelectronics 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.