Brokers Issue Forecasts for STMicroelectronics’ FY2024 Earnings (NYSE:STM)

Brokers Issue Forecasts for STMicroelectronics’ FY2024 Earnings (NYSE:STM)
  • STMicroelectronics Stock Up 2.4 %
  • Institutional Investors Weigh In On STMicroelectronics
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  • Brokers Issue Forecasts for STMicroelectronics’ FY2024 Earnings (NYSE:STM)

    STMicroelectronics (NYSE:STM – Get Rating) – Investment analysts at William Blair issued their FY2024 earnings estimates for STMicroelectronics in a report issued on Thursday, January 26th. William Blair analyst J. Dorsheimer forecasts that the semiconductor producer will post earnings of $4.21 per share for the year. William Blair has a “Market Perform” rating on the stock. The consensus estimate for STMicroelectronics’ current full-year earnings is $3.79 per share.

    STM has been the subject of a number of other reports. Sanford C. Bernstein began coverage on shares of STMicroelectronics in a research note on Wednesday, January 18th. They issued an “outperform” rating for the company. Craig Hallum boosted their target price on shares of STMicroelectronics from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday. Cowen boosted their target price on shares of STMicroelectronics from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Friday. Deutsche Bank Aktiengesellschaft reduced their target price on shares of STMicroelectronics from €48.00 ($52.17) to €45.00 ($48.91) and set a “buy” rating for the company in a report on Friday, October 28th. Finally, Barclays began coverage on shares of STMicroelectronics in a report on Tuesday, January 17th. They issued an “overweight” rating for the company. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $52.44.

    STMicroelectronics Stock Up 2.4 %

    Shares of STM opened at $47.79 on Monday. STMicroelectronics has a 12-month low of $28.35 and a 12-month high of $47.88. The firm has a fifty day moving average price of $38.80 and a 200-day moving average price of $36.24. The firm has a market capitalization of $43.41 billion, a P/E ratio of 11.41, a P/E/G ratio of 2.56 and a beta of 1.52. The company has a current ratio of 2.43, a quick ratio of 1.81 and a debt-to-equity ratio of 0.23.

    STMicroelectronics (NYSE:STM – Get Rating) last issued its earnings results on Thursday, January 26th. The semiconductor producer reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.19. The firm had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.37 billion. STMicroelectronics had a net margin of 24.56% and a return on equity of 38.30%. The business’s revenue was up 24.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.82 earnings per share.

    Institutional Investors Weigh In On STMicroelectronics

    Several hedge funds have recently bought and sold shares of the stock. Advisory Services Network LLC lifted its position in shares of STMicroelectronics by 2.8% during the 2nd quarter. Advisory Services Network LLC now owns 11,986 shares of the semiconductor producer’s stock valued at $377,000 after buying an additional 330 shares in the last quarter. Comerica Bank lifted its position in shares of STMicroelectronics by 2.1% during the 4th quarter. Comerica Bank now owns 16,051 shares of the semiconductor producer’s stock valued at $670,000 after buying an additional 333 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of STMicroelectronics by 2.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 16,964 shares of the semiconductor producer’s stock valued at $535,000 after buying an additional 342 shares in the last quarter. CAPROCK Group Inc. lifted its position in shares of STMicroelectronics by 3.9% during the 3rd quarter. CAPROCK Group Inc. now owns 9,507 shares of the semiconductor producer’s stock valued at $294,000 after buying an additional 355 shares in the last quarter. Finally, CWM LLC raised its stake in STMicroelectronics by 47.6% in the 2nd quarter. CWM LLC now owns 1,193 shares of the semiconductor producer’s stock valued at $38,000 after purchasing an additional 385 shares during the last quarter. Hedge funds and other institutional investors own 6.49% of the company’s stock.