Firsthand Capital Management Inc. Has $149,000 Stake in STMicroelectronics (NYSE:STM)

Firsthand Capital Management Inc. lowered its stake in shares of STMicroelectronics (NYSE:STM) by 57.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,000 shares of the semiconductor producer’s stock after selling 6,761 shares during the quarter. Firsthand Capital Management Inc.’s holdings in STMicroelectronics were worth $149,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Truvestments Capital LLC acquired a new stake in shares of STMicroelectronics during the 3rd quarter worth $25,000. Archer Investment Corp acquired a new stake in STMicroelectronics during the third quarter worth about $30,000. Waldron Private Wealth LLC bought a new position in STMicroelectronics in the 3rd quarter valued at about $34,000. Whittier Trust Co. of Nevada Inc. raised its position in shares of STMicroelectronics by 144.2% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,243 shares of the semiconductor producer’s stock valued at $49,000 after buying an additional 734 shares in the last quarter. Finally, Ridgewood Investments LLC bought a new stake in shares of STMicroelectronics during the 2nd quarter worth approximately $51,000. Institutional investors own 5.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on STM. Robert W. Baird decreased their price objective on shares of STMicroelectronics from $35.00 to $30.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st. Citigroup raised STMicroelectronics to a “strong-buy” rating in a report on Thursday, October 10th. Susquehanna reissued a “positive” rating and set a $33.00 price target on shares of STMicroelectronics in a report on Thursday, November 21st. Craig Hallum reduced their price objective on STMicroelectronics from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Finally, StockNews.com downgraded STMicroelectronics from a “buy” rating to a “hold” rating in a research note on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $37.63.

STMicroelectronics Stock Performance

NYSE:STM opened at $25.53 on Friday. The stock’s 50-day moving average is $27.24 and its 200-day moving average is $33.47. The stock has a market cap of $23.06 billion, a P/E ratio of 10.51, a price-to-earnings-growth ratio of 3.09 and a beta of 1.57. STMicroelectronics has a 1-year low of $23.95 and a 1-year high of $51.27. The company has a current ratio of 2.84, a quick ratio of 2.16 and a debt-to-equity ratio of 0.12.

STMicroelectronics (NYSE:STM) last announced its quarterly earnings results on Thursday, October 31st. The semiconductor producer reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.04. The firm had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.27 billion. STMicroelectronics had a net margin of 16.11% and a return on equity of 13.29%. The company’s revenue was down 26.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.16 EPS. Equities research analysts anticipate that STMicroelectronics will post 1.64 earnings per share for the current year.

STMicroelectronics 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.