STMicroelectronics (NYSE:STM) Announces Quarterly Earnings Results, Misses Expectations By $0.05 EPS

STMicroelectronics (NYSE:STM) announced its quarterly earnings data on Thursday. The semiconductor producer reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.05), Briefing.com reports. STMicroelectronics had a net margin of 24.36% and a return on equity of 27.70%. The business had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.61 billion. During the same period in the prior year, the company posted $1.10 EPS. The firm’s revenue was down 18.4% on a year-over-year basis. STMicroelectronics updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

STMicroelectronics Stock Down 2.6 %

NYSE:STM traded down $1.10 during midday trading on Friday, hitting $41.50. 1,920,580 shares of the company were exchanged, compared to its average volume of 3,627,231. The company has a fifty day simple moving average of $43.83 and a 200 day simple moving average of $44.58. STMicroelectronics has a fifty-two week low of $37.21 and a fifty-two week high of $55.85. The company has a current ratio of 3.17, a quick ratio of 2.44 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $37.46 billion, a PE ratio of 9.34, a price-to-earnings-growth ratio of 2.82 and a beta of 1.69.

STMicroelectronics Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 2nd. Stockholders of record on Tuesday, June 25th will be given a dividend of $0.09 per share. This is a boost from STMicroelectronics’s previous quarterly dividend of $0.06. This represents a $0.36 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend is Tuesday, June 25th. STMicroelectronics’s payout ratio is 4.48%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. HSBC assumed coverage on shares of STMicroelectronics in a research note on Thursday, February 22nd. They issued a “buy” rating for the company. StockNews.com cut shares of STMicroelectronics from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 31st. Susquehanna reissued a “positive” rating and issued a $55.00 price target on shares of STMicroelectronics in a research note on Monday, April 8th. Berenberg Bank raised shares of STMicroelectronics from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Craig Hallum decreased their price objective on shares of STMicroelectronics from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Thursday, January 25th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.75.

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.