STMicroelectronics (NYSE:STM) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

STMicroelectronics (NYSE:STM) released its earnings results on Thursday. The semiconductor producer reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.04, Briefing.com reports. STMicroelectronics had a return on equity of 22.95% and a net margin of 22.30%. The company had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same period in the prior year, the company posted $1.06 earnings per share. STMicroelectronics’s quarterly revenue was down 25.3% on a year-over-year basis. STMicroelectronics updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

STMicroelectronics Stock Performance

Shares of STMicroelectronics stock traded up $0.52 during trading hours on Friday, reaching $33.99. The company had a trading volume of 5,583,824 shares, compared to its average volume of 3,536,262. STMicroelectronics has a one year low of $33.16 and a one year high of $55.85. The business has a fifty day simple moving average of $41.52 and a 200 day simple moving average of $42.83. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.34 and a quick ratio of 2.58. The firm has a market cap of $30.70 billion, a PE ratio of 8.71, a price-to-earnings-growth ratio of 3.71 and a beta of 1.59.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on STM shares. Craig Hallum reduced their price objective on STMicroelectronics from $48.00 to $42.00 and set a “buy” rating for the company in a report on Thursday. StockNews.com lowered STMicroelectronics from a “buy” rating to a “hold” rating in a report on Friday. William Blair reissued a “market perform” rating on shares of STMicroelectronics in a report on Friday, April 26th. Berenberg Bank raised STMicroelectronics from a “hold” rating to a “buy” rating in a report on Tuesday, April 23rd. Finally, The Goldman Sachs Group raised STMicroelectronics from a “sell” rating to a “neutral” rating and increased their price objective for the company from $35.50 to $45.80 in a report on Tuesday, June 18th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.56.

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.