STMicroelectronics (NYSE:STM) Announces Quarterly Earnings Results

STMicroelectronics (NYSE:STM) issued its quarterly earnings results on Thursday. The semiconductor producer reported $0.38 EPS for the quarter, topping the consensus estimate of $0.34 by $0.04, Briefing.com reports. STMicroelectronics had a net margin of 19.68% and a return on equity of 18.35%. The company had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter in the previous year, the company earned $1.06 EPS. STMicroelectronics’s revenue was down 25.3% on a year-over-year basis. STMicroelectronics updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

STMicroelectronics Trading Up 1.5 %

Shares of NYSE:STM opened at $33.99 on Friday. The company has a market capitalization of $30.70 billion, a P/E ratio of 8.71, a P/E/G ratio of 3.14 and a beta of 1.59. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.34 and a quick ratio of 2.58. The business’s 50 day simple moving average is $41.52 and its 200 day simple moving average is $42.83. STMicroelectronics has a 1 year low of $33.16 and a 1 year high of $55.85.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Morgan Stanley lowered shares of STMicroelectronics from an “overweight” rating to an “equal weight” rating in a research note on Friday. Susquehanna reaffirmed a “positive” rating and issued a $55.00 target price on shares of STMicroelectronics in a research note on Monday, April 8th. Berenberg Bank upgraded shares of STMicroelectronics from a “hold” rating to a “buy” rating in a report on Tuesday, April 23rd. StockNews.com downgraded shares of STMicroelectronics from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Craig Hallum reduced their price objective on shares of STMicroelectronics from $48.00 to $42.00 and set a “buy” rating for the company in a research note on Thursday. Five analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, STMicroelectronics currently has an average rating of “Moderate Buy” and a consensus target price of $43.56.

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.