STMicroelectronics (NYSE:STM) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

STMicroelectronics (NYSE:STM) issued its quarterly earnings data on Thursday. The semiconductor producer reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.04, Briefing.com reports. STMicroelectronics had a return on equity of 18.18% and a net margin of 19.68%. The company had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.27 billion. During the same period last year, the company earned $1.16 earnings per share. The firm’s revenue was down 26.6% compared to the same quarter last year. STMicroelectronics updated its FY 2024 guidance to EPS and its Q4 2024 guidance to EPS.

STMicroelectronics Stock Down 1.7 %

Shares of NYSE STM traded down $0.46 during midday trading on Friday, hitting $26.68. 6,813,271 shares of the stock traded hands, compared to its average volume of 3,951,737. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.56 and a current ratio of 3.35. STMicroelectronics has a one year low of $26.44 and a one year high of $51.27. The business has a 50 day moving average price of $28.76 and a two-hundred day moving average price of $35.49. The company has a market cap of $24.10 billion, a PE ratio of 8.28, a P/E/G ratio of 3.39 and a beta of 1.57.

STMicroelectronics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Tuesday, December 17th will be issued a $0.09 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.36 annualized dividend and a yield of 1.35%. STMicroelectronics’s payout ratio is currently 9.63%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. TD Cowen dropped their price target on shares of STMicroelectronics from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, July 26th. Sanford C. Bernstein dropped their target price on shares of STMicroelectronics from $54.00 to $41.00 and set an “outperform” rating on the stock in a report on Tuesday, July 30th. Morgan Stanley downgraded STMicroelectronics from an “overweight” rating to an “equal weight” rating in a report on Friday, July 26th. Citigroup raised STMicroelectronics to a “strong-buy” rating in a research report on Thursday, October 10th. Finally, Robert W. Baird decreased their target price on STMicroelectronics from $35.00 to $30.00 and set a “neutral” rating for the company in a research note on Friday. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $37.63.

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.