Polar Asset Management Partners Inc. Sells 76,200 Shares of STMicroelectronics (NYSE:STM)

Polar Asset Management Partners Inc. reduced its position in STMicroelectronics (NYSE:STM) by 22.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 262,100 shares of the semiconductor producer’s stock after selling 76,200 shares during the quarter. Polar Asset Management Partners Inc.’s holdings in STMicroelectronics were worth $7,792,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Truvestments Capital LLC bought a new position in STMicroelectronics during the third quarter worth $25,000. Archer Investment Corp purchased a new stake in shares of STMicroelectronics in the third quarter valued at about $30,000. Waldron Private Wealth LLC purchased a new stake in STMicroelectronics during the third quarter worth about $34,000. Whittier Trust Co. of Nevada Inc. increased its holdings in STMicroelectronics by 144.2% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,243 shares of the semiconductor producer’s stock worth $49,000 after buying an additional 734 shares during the last quarter. Finally, Ridgewood Investments LLC purchased a new stake in STMicroelectronics during the second quarter worth about $51,000. 5.05% of the stock is owned by institutional investors.

STMicroelectronics Stock Performance

STM stock opened at $25.76 on Wednesday. The company has a quick ratio of 2.16, a current ratio of 2.84 and a debt-to-equity ratio of 0.12. The business’s fifty day simple moving average is $27.10 and its two-hundred day simple moving average is $33.02. STMicroelectronics has a twelve month low of $23.95 and a twelve month high of $51.27. The firm has a market cap of $23.27 billion, a price-to-earnings ratio of 10.60, a PEG ratio of 3.18 and a beta of 1.53.

STMicroelectronics (NYSE:STM) last issued its quarterly earnings data on Thursday, October 31st. The semiconductor producer reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.04. The company had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.27 billion. STMicroelectronics had a return on equity of 13.29% and a net margin of 16.11%. The firm’s revenue for the quarter was down 26.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.16 earnings per share. Analysts predict that STMicroelectronics will post 1.64 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Citigroup upgraded shares of STMicroelectronics to a “strong-buy” rating in a research report on Thursday, October 10th. StockNews.com lowered shares of STMicroelectronics from a “buy” rating to a “hold” rating in a research report on Thursday, September 19th. Susquehanna reissued a “positive” rating and set a $33.00 price target on shares of STMicroelectronics in a research note on Thursday, November 21st. Morgan Stanley downgraded shares of STMicroelectronics from an “equal weight” rating to an “underweight” rating in a research note on Monday, November 4th. Finally, BNP Paribas initiated coverage on shares of STMicroelectronics in a research report on Tuesday. They set a “neutral” rating and a $28.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.26.

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.