Van ECK Associates Corp Has $228.66 Million Stock Position in STMicroelectronics (NYSE:STM)

Van ECK Associates Corp lifted its holdings in shares of STMicroelectronics (NYSE:STM) by 26.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,195,521 shares of the semiconductor producer’s stock after acquiring an additional 1,719,257 shares during the period. Van ECK Associates Corp owned approximately 0.91% of STMicroelectronics worth $228,655,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC lifted its stake in shares of STMicroelectronics by 41.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,026 shares of the semiconductor producer’s stock valued at $520,000 after buying an additional 3,542 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of STMicroelectronics during the 1st quarter valued at $113,000. Commonwealth Equity Services LLC grew its holdings in STMicroelectronics by 6.1% in the 1st quarter. Commonwealth Equity Services LLC now owns 30,232 shares of the semiconductor producer’s stock worth $1,307,000 after acquiring an additional 1,732 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in STMicroelectronics in the 1st quarter worth $554,000. Finally, Janney Montgomery Scott LLC grew its holdings in STMicroelectronics by 19.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 44,906 shares of the semiconductor producer’s stock worth $1,942,000 after acquiring an additional 7,168 shares during the last quarter. 5.05% of the stock is owned by institutional investors.

STMicroelectronics Stock Performance

Shares of NYSE STM traded down $0.47 during midday trading on Friday, reaching $26.67. 6,813,875 shares of the stock were exchanged, compared to its average volume of 4,814,587. The firm has a market cap of $24.09 billion, a price-to-earnings ratio of 10.98, a PEG ratio of 3.36 and a beta of 1.58. STMicroelectronics has a twelve month low of $26.44 and a twelve month high of $51.27. The firm has a 50-day simple moving average of $28.67 and a two-hundred day simple moving average of $35.39. 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 (NYSE:STM) last issued its quarterly earnings data on Thursday, October 31st. The semiconductor producer reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.04. STMicroelectronics had a net margin of 16.11% and a return on equity of 13.44%. The business had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.27 billion. During the same quarter last year, the company earned $1.16 EPS. The business’s revenue was down 26.6% on a year-over-year basis. As a group, analysts anticipate that STMicroelectronics will post 1.62 EPS for the current fiscal year.

STMicroelectronics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Tuesday, December 17th will be paid a $0.09 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.36 dividend on an annualized basis and a yield of 1.35%. STMicroelectronics’s dividend payout ratio is currently 12.35%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on STM shares. Susquehanna dropped their target price on shares of STMicroelectronics from $35.00 to $33.00 and set a “positive” rating for the company in a research report on Friday. Sanford C. Bernstein cut their target price on shares of STMicroelectronics from $54.00 to $41.00 and set an “outperform” rating for the company in a research report on Tuesday, July 30th. TD Cowen dropped their price target on shares of STMicroelectronics from $50.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, July 26th. Citigroup raised shares of STMicroelectronics to a “strong-buy” rating in a research note on Thursday, October 10th. Finally, Morgan Stanley downgraded shares of STMicroelectronics from an “overweight” rating to an “equal weight” rating in a research note on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, STMicroelectronics has an average rating of “Moderate Buy” and an average target price of $37.63.

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.