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

STMicroelectronics (NYSE:STM) announced its quarterly earnings results on Thursday. The semiconductor producer reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.04, Briefing.com reports. STMicroelectronics had a net margin of 19.68% and a return on equity of 18.18%. The business had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.27 billion. During the same quarter in the previous year, the business posted $1.16 EPS. STMicroelectronics’s quarterly revenue was down 26.6% on a year-over-year basis. STMicroelectronics updated its FY 2024 guidance to EPS and its Q4 2024 guidance to EPS.

STMicroelectronics Stock Performance

STM stock traded down $0.46 during mid-day trading on Friday, hitting $26.68. The company had a trading volume of 6,813,271 shares, 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. The firm has a market cap of $24.10 billion, a PE ratio of 8.28, a price-to-earnings-growth ratio of 3.39 and a beta of 1.57. STMicroelectronics has a 12 month low of $26.44 and a 12 month high of $51.27. The stock’s fifty day moving average price is $28.76 and its two-hundred day moving average price is $35.49.

STMicroelectronics Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Tuesday, December 17th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend 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%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Susquehanna decreased 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. Morgan Stanley lowered STMicroelectronics from an “overweight” rating to an “equal weight” rating in a report on Friday, July 26th. Citigroup upgraded STMicroelectronics to a “strong-buy” rating in a report on Thursday, October 10th. Sanford C. Bernstein cut 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. Finally, Robert W. Baird lowered their price target on STMicroelectronics from $35.00 to $30.00 and set a “neutral” rating for the company in a research report on Friday. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.