Covenant Asset Management LLC Decreases Position in NXP Semiconductors (NASDAQ:NXPI)

Covenant Asset Management LLC lowered its position in shares of NXP Semiconductors (NASDAQ:NXPI) by 8.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,063 shares of the semiconductor provider’s stock after selling 189 shares during the period. Covenant Asset Management LLC’s holdings in NXP Semiconductors were worth $495,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Family Firm Inc. bought a new stake in shares of NXP Semiconductors in the 2nd quarter worth $27,000. Addison Advisors LLC boosted its position in shares of NXP Semiconductors by 224.2% during the second quarter. Addison Advisors LLC now owns 107 shares of the semiconductor provider’s stock valued at $29,000 after buying an additional 74 shares during the last quarter. Valley National Advisers Inc. increased its holdings in NXP Semiconductors by 71.2% in the 2nd quarter. Valley National Advisers Inc. now owns 125 shares of the semiconductor provider’s stock worth $33,000 after buying an additional 52 shares in the last quarter. Fortitude Family Office LLC raised its position in NXP Semiconductors by 615.0% in the 2nd quarter. Fortitude Family Office LLC now owns 143 shares of the semiconductor provider’s stock worth $38,000 after buying an additional 123 shares during the last quarter. Finally, Beacon Capital Management LLC lifted its stake in NXP Semiconductors by 36.4% during the 1st quarter. Beacon Capital Management LLC now owns 150 shares of the semiconductor provider’s stock valued at $37,000 after acquiring an additional 40 shares during the period. 90.54% of the stock is currently owned by hedge funds and other institutional investors.

NXP Semiconductors Price Performance

NASDAQ:NXPI opened at $224.37 on Friday. The business’s 50-day simple moving average is $233.60 and its two-hundred day simple moving average is $251.75. NXP Semiconductors has a 52 week low of $198.00 and a 52 week high of $296.08. The stock has a market cap of $57.03 billion, a PE ratio of 21.41, a P/E/G ratio of 4.42 and a beta of 1.49. The company has a quick ratio of 1.60, a current ratio of 2.35 and a debt-to-equity ratio of 0.99.

NXP Semiconductors (NASDAQ:NXPI) last issued its earnings results on Monday, November 4th. The semiconductor provider reported $3.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.43 by $0.02. NXP Semiconductors had a return on equity of 33.57% and a net margin of 20.98%. The company had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.25 billion. During the same quarter last year, the company earned $3.31 EPS. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. As a group, analysts forecast that NXP Semiconductors will post 11.37 EPS for the current fiscal year.

NXP Semiconductors Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 9th. Investors of record on Thursday, September 12th were paid a dividend of $1.014 per share. The ex-dividend date was Thursday, September 12th. This represents a $4.06 annualized dividend and a yield of 1.81%. NXP Semiconductors’s payout ratio is 38.74%.

Insider Buying and Selling at NXP Semiconductors

In other news, EVP Jennifer Wuamett sold 3,500 shares of NXP Semiconductors stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $232.35, for a total value of $813,225.00. Following the sale, the executive vice president now directly owns 30,269 shares of the company’s stock, valued at approximately $7,033,002.15. The trade was a 10.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.11% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on NXPI shares. Loop Capital began coverage on shares of NXP Semiconductors in a research note on Monday, November 11th. They issued a “buy” rating and a $300.00 price target for the company. Needham & Company LLC decreased their target price on shares of NXP Semiconductors from $300.00 to $250.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Oppenheimer dropped their price target on NXP Semiconductors from $330.00 to $300.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. UBS Group reduced their price objective on NXP Semiconductors from $285.00 to $275.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Finally, Mizuho set a $290.00 price target on NXP Semiconductors in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $274.14.

About NXP Semiconductors

NXP Semiconductors N.V. offers various semiconductor products. The company's product portfolio includes microcontrollers; application processors, including i.MX application processors, and i.MX 8 and 9 family of applications processors; communication processors; wireless connectivity solutions, such as near field communications, ultra-wideband, Bluetooth low-energy, Zigbee, and Wi-Fi and Wi-Fi/Bluetooth integrated SoCs; analog and interface devices; radio frequency power amplifiers; and security controllers, as well as semiconductor-based environmental and inertial sensors, including pressure, inertial, magnetic, and gyroscopic sensors.