STMicroelectronics (NYSE:STM) Issues Earnings Results, Beats Estimates By $0.04 EPS

STMicroelectronics (NYSE:STM - Get Free Report) issued its earnings results on Thursday. The semiconductor producer reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.04, Briefing.com reports. STMicroelectronics had a net margin of 16.11% and a return on equity of 13.44%. The firm had revenue of $3.25 billion for the quarter, compared to analysts' expectations of $3.27 billion. During the same quarter last year, the business earned $1.16 earnings per share. The business's 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 Down 1.7 %

STM traded down $0.47 during midday trading on Friday, reaching $26.67. The company's stock had a trading volume of 6,813,875 shares, compared to its average volume of 4,814,587. STMicroelectronics has a 1 year low of $26.44 and a 1 year high of $51.27. The stock's 50-day moving average is $28.67 and its 200-day moving average is $35.39. The firm has a market capitalization of $24.09 billion, a price-to-earnings ratio of 10.98, a PEG ratio of 3.36 and a beta of 1.58. The company has a current ratio of 3.35, a quick ratio of 2.56 and a debt-to-equity ratio of 0.17.

STMicroelectronics Dividend Announcement

The firm 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 is Tuesday, December 17th. This represents a $0.36 dividend on an annualized basis and a yield of 1.35%. STMicroelectronics's dividend payout ratio (DPR) is currently 12.76%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on STM. Susquehanna cut their price target on shares of STMicroelectronics from $35.00 to $33.00 and set a "positive" rating on the stock in a report on Friday. StockNews.com lowered STMicroelectronics from a "buy" rating to a "hold" rating in a research report on Thursday, September 19th. TD Cowen reduced their target price on STMicroelectronics from $50.00 to $40.00 and set a "buy" rating on the stock in a research note on Friday, July 26th. Morgan Stanley lowered STMicroelectronics from an "overweight" rating to an "equal weight" rating in a research note on Friday, July 26th. Finally, Craig Hallum reduced their price objective on shares of STMicroelectronics from $42.00 to $36.00 and set a "buy" rating on the stock in a research report on Thursday. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.63.

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.