QRG Capital Management Inc. Sells 25,207 Shares of STMicroelectronics (NYSE:STM)

QRG Capital Management Inc. cut its position in STMicroelectronics (NYSE:STM) by 23.1% in the third quarter, HoldingsChannel.com reports. The firm owned 83,754 shares of the semiconductor producer’s stock after selling 25,207 shares during the quarter. QRG Capital Management Inc.’s holdings in STMicroelectronics were worth $2,490,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of STM. Waldron Private Wealth LLC bought a new stake in STMicroelectronics during the third quarter valued at about $34,000. Whittier Trust Co. of Nevada Inc. boosted its stake in STMicroelectronics by 144.2% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,243 shares of the semiconductor producer’s stock worth $49,000 after purchasing an additional 734 shares during the period. Ridgewood Investments LLC bought a new position in STMicroelectronics in the 2nd quarter worth approximately $51,000. Denver PWM LLC purchased a new stake in STMicroelectronics during the 2nd quarter valued at approximately $72,000. Finally, Cromwell Holdings LLC raised its position in shares of STMicroelectronics by 68.1% during the third quarter. Cromwell Holdings LLC now owns 2,559 shares of the semiconductor producer’s stock valued at $76,000 after buying an additional 1,037 shares during the last quarter. Hedge funds and other institutional investors own 5.05% of the company’s stock.

STMicroelectronics Stock Performance

NYSE:STM opened at $26.49 on Thursday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.16 and a current ratio of 2.84. The stock’s fifty day moving average is $28.47 and its 200 day moving average is $35.14. The firm has a market capitalization of $23.93 billion, a PE ratio of 10.99, a PEG ratio of 3.16 and a beta of 1.57. STMicroelectronics has a fifty-two week low of $25.95 and a fifty-two week high of $51.27.

STMicroelectronics (NYSE:STM) last announced its earnings results on Thursday, October 31st. The semiconductor producer reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.04. STMicroelectronics had a net margin of 16.11% and a return on equity of 13.29%. The business had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.27 billion. During the same quarter in the prior year, the firm posted $1.16 earnings per share. The business’s revenue for the quarter was down 26.6% on a year-over-year basis. On average, sell-side analysts anticipate that STMicroelectronics will post 1.64 earnings per share for the current year.

STMicroelectronics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.09 per share. The ex-dividend date is Tuesday, December 17th. This represents a $0.36 annualized dividend and a dividend yield of 1.36%. STMicroelectronics’s dividend payout ratio (DPR) is presently 12.76%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on STM. 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, November 1st. Citigroup raised shares of STMicroelectronics to a “strong-buy” rating in a report on Thursday, October 10th. Sanford C. Bernstein decreased their target price on STMicroelectronics from $54.00 to $41.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 30th. Morgan Stanley lowered STMicroelectronics from an “equal weight” rating to an “underweight” rating in a research note on Monday. Finally, Robert W. Baird decreased their price objective on STMicroelectronics from $35.00 to $30.00 and set a “neutral” rating on the stock in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently 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.