Point72 Asset Management L.P. Takes $3.49 Million Position in STMicroelectronics NV (NYSE:STM)

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Point72 Asset Management L.P. purchased a new position in STMicroelectronics NV (NYSE:STM) in the third quarter, Holdings Channel reports. The fund purchased 180,381 shares of the semiconductor producer’s stock, valued at approximately $3,489,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Invesco Ltd. purchased a new position in STMicroelectronics during the second quarter valued at approximately $31,556,000. Morgan Stanley boosted its stake in shares of STMicroelectronics by 28.1% during the 2nd quarter. Morgan Stanley now owns 3,683,389 shares of the semiconductor producer’s stock valued at $64,901,000 after buying an additional 808,642 shares during the period. Amundi Pioneer Asset Management Inc. acquired a new stake in shares of STMicroelectronics during the 1st quarter valued at $7,630,000. Bank of America Corp DE grew its holdings in shares of STMicroelectronics by 100.3% during the 2nd quarter. Bank of America Corp DE now owns 739,259 shares of the semiconductor producer’s stock valued at $13,025,000 after acquiring an additional 370,187 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in shares of STMicroelectronics by 40.0% during the 2nd quarter. Van ECK Associates Corp now owns 1,237,301 shares of the semiconductor producer’s stock valued at $21,801,000 after acquiring an additional 353,458 shares in the last quarter. 3.08% of the stock is owned by institutional investors and hedge funds.

In other news, insider Ascough Graham 4,000,000 shares of the firm’s stock in a transaction on Thursday, October 31st.

STM stock opened at $24.27 on Tuesday. The firm has a 50 day moving average of $23.16 and a two-hundred day moving average of $19.13. STMicroelectronics NV has a 12 month low of $12.00 and a 12 month high of $24.89. The company has a market capitalization of $21.68 billion, a price-to-earnings ratio of 16.97, a P/E/G ratio of 4.50 and a beta of 1.41. The company has a quick ratio of 2.04, a current ratio of 2.87 and a debt-to-equity ratio of 0.30.

STMicroelectronics (NYSE:STM) last released its quarterly earnings results on Thursday, October 24th. The semiconductor producer reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.05. STMicroelectronics had a net margin of 11.20% and a return on equity of 16.11%. The business had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.48 billion. During the same quarter last year, the firm earned $0.41 EPS. STMicroelectronics’s revenue for the quarter was up 1.2% on a year-over-year basis. On average, research analysts expect that STMicroelectronics NV will post 1.08 EPS for the current fiscal year.

Several analysts recently issued reports on STM shares. Zacks Investment Research upgraded STMicroelectronics from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a report on Wednesday, October 30th. Cowen lifted their price objective on STMicroelectronics from $23.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Finally, Goldman Sachs Group upgraded STMicroelectronics from a “neutral” rating to a “buy” rating and boosted their target price for the company from $18.60 to $19.20 in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. STMicroelectronics has an average rating of “Buy” and an average price target of $19.02.

STMicroelectronics Company Profile

STMicroelectronics N.V., together with its subsidiaries, develops, manufactures, and markets semiconductor products worldwide. It operates through Automotive and Discrete Group; Analog, MEMS and Sensors Group; and Microcontrollers and Digital ICs Group segments. The company offers a range of products, including discrete and standard commodity components, application-specific integrated circuits, full-custom and semi-custom devices, and application-specific standard products for analog, digital, and mixed-signal applications, as well as silicon chips and smartcards.

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Institutional Ownership by Quarter for STMicroelectronics (NYSE:STM)

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