STMicroelectronics (NYSE:STM) Posts Earnings Results

STMicroelectronics (NYSE:STM) announced its quarterly earnings results on Thursday. The semiconductor producer reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.05), Briefing.com reports. STMicroelectronics had a return on equity of 27.70% and a net margin of 24.36%. The company had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.61 billion. During the same period in the prior year, the firm earned $1.10 EPS. STMicroelectronics’s quarterly revenue was down 18.4% on a year-over-year basis. STMicroelectronics updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

STMicroelectronics Price Performance

Shares of STM stock traded down $1.29 during trading hours on Friday, hitting $41.31. The company had a trading volume of 2,504,407 shares, compared to its average volume of 3,633,146. STMicroelectronics has a 12 month low of $37.21 and a 12 month high of $55.85. The firm has a market capitalization of $37.29 billion, a price-to-earnings ratio of 9.30, a PEG ratio of 2.82 and a beta of 1.69. The firm’s fifty day moving average is $43.83 and its 200 day moving average is $44.58. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.44 and a current ratio of 3.17.

STMicroelectronics Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 2nd. Investors of record on Tuesday, June 25th will be paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.87%. This is a positive change from STMicroelectronics’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, June 25th. STMicroelectronics’s payout ratio is currently 4.48%.

Analyst Ratings Changes

A number of brokerages have weighed in on STM. HSBC began coverage on STMicroelectronics in a research report on Thursday, February 22nd. They issued a “buy” rating for the company. Berenberg Bank raised STMicroelectronics from a “hold” rating to a “buy” rating in a research report on Tuesday. Craig Hallum cut their price objective on STMicroelectronics from $50.00 to $48.00 and set a “buy” rating for the company in a research report on Thursday, January 25th. StockNews.com cut STMicroelectronics from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, January 31st. Finally, Susquehanna reissued a “positive” rating and set a $55.00 price objective on shares of STMicroelectronics in a research report on Monday, April 8th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.75.

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.