STMicroelectronics (NYSE:STM) Announces Earnings Results

STMicroelectronics (NYSE:STM) issued its quarterly earnings data on Thursday. The semiconductor producer reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04, Briefing.com reports. STMicroelectronics had a return on equity of 18.35% and a net margin of 19.68%. The firm had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same period in the prior year, the business posted $1.06 EPS. The firm’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 NYSE STM opened at $33.99 on Friday. The company has a current ratio of 3.34, a quick ratio of 2.58 and a debt-to-equity ratio of 0.17. STMicroelectronics has a 12 month low of $33.16 and a 12 month high of $55.85. The company has a 50 day simple moving average of $41.52 and a two-hundred day simple moving average of $42.82. The stock has a market cap of $30.71 billion, a price-to-earnings ratio of 8.72, a PEG ratio of 3.19 and a beta of 1.59.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on STM. TD Cowen lowered their target price on shares of STMicroelectronics from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Friday. StockNews.com cut STMicroelectronics from a “buy” rating to a “hold” rating in a research note on Friday. Morgan Stanley lowered STMicroelectronics from an “overweight” rating to an “equal weight” rating in a research note on Friday. William Blair reiterated a “market perform” rating on shares of STMicroelectronics in a research note on Friday, April 26th. Finally, Craig Hallum lowered their target price on shares of STMicroelectronics from $48.00 to $42.00 and set a “buy” rating for the company in a research note on Thursday. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, STMicroelectronics presently has a consensus rating of “Moderate Buy” and an average target price of $43.56.

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.