FY2024 EPS Forecast for STMicroelectronics Cut by Analyst

STMicroelectronics (NYSE:STM) – Investment analysts at William Blair reduced their FY2024 earnings per share (EPS) estimates for shares of STMicroelectronics in a note issued to investors on Monday, November 4th. William Blair analyst J. Dorsheimer now expects that the semiconductor producer will earn $1.64 per share for the year, down from their prior forecast of $1.66. The consensus estimate for STMicroelectronics’ current full-year earnings is $1.64 per share. William Blair also issued estimates for STMicroelectronics’ Q4 2024 earnings at $0.35 EPS and Q3 2025 earnings at $0.39 EPS.

STMicroelectronics (NYSE:STM) last issued its quarterly earnings data on Thursday, October 31st. The semiconductor producer reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.04. STMicroelectronics had a return on equity of 13.29% and a net margin of 16.11%. The business had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.27 billion. During the same period in the prior year, the company posted $1.16 EPS. The business’s revenue for the quarter was down 26.6% compared to the same quarter last year.

STM has been the subject of a number of other reports. Citigroup upgraded STMicroelectronics to a “strong-buy” rating in a research report on Thursday, October 10th. Morgan Stanley downgraded STMicroelectronics from an “equal weight” rating to an “underweight” rating in a research report on Monday. StockNews.com downgraded STMicroelectronics from a “buy” rating to a “hold” rating in a research report on Thursday, September 19th. Robert W. Baird cut their price objective on STMicroelectronics from $35.00 to $30.00 and set a “neutral” rating for the company in a research report on Friday, November 1st. Finally, TD Cowen cut their price objective on STMicroelectronics from $50.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, July 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, STMicroelectronics currently has an average rating of “Moderate Buy” and a consensus price target of $37.63.

STMicroelectronics Stock Performance

STM opened at $27.14 on Wednesday. The company has a market capitalization of $24.52 billion, a price-to-earnings ratio of 11.17, a price-to-earnings-growth ratio of 3.16 and a beta of 1.57. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.84 and a quick ratio of 2.16. STMicroelectronics has a 1-year low of $25.95 and a 1-year high of $51.27. The business has a 50 day moving average price of $28.30 and a two-hundred day moving average price of $35.02.

STMicroelectronics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Tuesday, December 17th will be issued a dividend of $0.09 per share. The ex-dividend date is Tuesday, December 17th. This represents a $0.36 annualized dividend and a dividend yield of 1.33%. STMicroelectronics’s dividend payout ratio is 12.35%.

Institutional Trading of STMicroelectronics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Archer Investment Corp bought a new position in STMicroelectronics during the third quarter valued at about $30,000. Waldron Private Wealth LLC bought a new position in STMicroelectronics during the third quarter valued at about $34,000. Whittier Trust Co. of Nevada Inc. increased its stake in shares of STMicroelectronics by 144.2% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,243 shares of the semiconductor producer’s stock worth $49,000 after purchasing an additional 734 shares during the period. Ridgewood Investments LLC bought a new position in shares of STMicroelectronics in the second quarter worth about $51,000. Finally, Tompkins Financial Corp bought a new position in shares of STMicroelectronics in the third quarter worth about $59,000. 5.05% of the stock is currently owned by hedge funds and other institutional investors.

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.