STMicroelectronics (NYSE:STM) Short Interest Down 37.6% in April

STMicroelectronics (NYSE:STMGet Rating) was the recipient of a significant drop in short interest during the month of April. As of April 30th, there was short interest totalling 3,570,000 shares, a drop of 37.6% from the April 15th total of 5,720,000 shares. Based on an average daily trading volume, of 4,170,000 shares, the days-to-cover ratio is presently 0.9 days. Currently, 0.4% of the company’s shares are sold short.

A number of brokerages have recently issued reports on STM. Cowen reduced their price objective on STMicroelectronics from $66.00 to $60.00 in a research note on Thursday, April 28th. Zacks Investment Research cut STMicroelectronics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 30th. Craig Hallum reduced their price objective on STMicroelectronics from $65.00 to $55.00 in a research note on Wednesday, April 27th. UBS Group reduced their price objective on STMicroelectronics from €44.00 ($46.32) to €38.00 ($40.00) and set a “neutral” rating on the stock in a research note on Thursday, April 28th. Finally, Cowen reduced their price objective on STMicroelectronics from $66.00 to $60.00 in a research note on Thursday, April 28th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, STMicroelectronics currently has a consensus rating of “Buy” and an average target price of $50.91.

Several hedge funds have recently added to or reduced their stakes in STM. Goldman Sachs Group Inc. lifted its holdings in shares of STMicroelectronics by 120.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,733,455 shares of the semiconductor producer’s stock valued at $133,612,000 after purchasing an additional 1,492,053 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of STMicroelectronics by 393.3% during the fourth quarter. Renaissance Technologies LLC now owns 1,530,679 shares of the semiconductor producer’s stock valued at $75,787,000 after purchasing an additional 1,220,355 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of STMicroelectronics by 33.0% during the first quarter. Van ECK Associates Corp now owns 4,824,022 shares of the semiconductor producer’s stock valued at $208,494,000 after purchasing an additional 1,197,001 shares during the last quarter. Citigroup Inc. lifted its holdings in shares of STMicroelectronics by 985.6% during the third quarter. Citigroup Inc. now owns 854,094 shares of the semiconductor producer’s stock valued at $37,264,000 after purchasing an additional 775,417 shares during the last quarter. Finally, UBS Group AG lifted its holdings in shares of STMicroelectronics by 504.7% during the third quarter. UBS Group AG now owns 766,314 shares of the semiconductor producer’s stock valued at $33,434,000 after purchasing an additional 639,592 shares during the last quarter. Hedge funds and other institutional investors own 11.49% of the company’s stock.

Shares of STM opened at $39.53 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.60 and a quick ratio of 1.90. STMicroelectronics has a one year low of $34.65 and a one year high of $52.15. The company has a 50-day simple moving average of $39.36 and a two-hundred day simple moving average of $44.49. The firm has a market capitalization of $35.91 billion, a PE ratio of 15.44, a price-to-earnings-growth ratio of 2.12 and a beta of 1.46.

STMicroelectronics (NYSE:STMGet Rating) last issued its quarterly earnings data on Wednesday, April 27th. The semiconductor producer reported $0.79 EPS for the quarter, topping the consensus estimate of $0.71 by $0.08. STMicroelectronics had a net margin of 17.93% and a return on equity of 26.20%. The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.49 billion. During the same period last year, the business posted $0.39 earnings per share. STMicroelectronics’s quarterly revenue was up 17.6% compared to the same quarter last year. Analysts expect that STMicroelectronics will post 3.31 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 29th. Shareholders of record on Tuesday, March 22nd were issued a $0.051 dividend. The ex-dividend date was Monday, March 21st. This represents a $0.20 annualized dividend and a yield of 0.52%. STMicroelectronics’s dividend payout ratio (DPR) is presently 7.81%.

About STMicroelectronics (Get Rating)

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.

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