STMicroelectronics Shares Trade at 52-Week High Thursday

Date : 01/23/2020 @ 9:25PM
Source : Dow Jones News
Stock : ST Microelectronics (STM)
Quote : 28.3  -0.41 (-1.43%) @ 4:40PM

STMicroelectronics Shares Trade at 52-Week High Thursday

STMicroelectronics NV (NYSE:STM)
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   By Stephen Nakrosis 
 

Shares of STMicroelectronics NV (STM) hit a 52-week high Thursday, after the company reported fourth-quarter results that beat analysts' expectations and offered guidance for the first quarter of 2020.

At 3:43 p.m. EST, the company's shares had risen 5.57% to trade at $29.97. Earlier in the session, they hit a 52-week high of $30.22. Volume topped 5.3 million shares, above the 65-day average volume of some 1.9 million.

The company reported fourth-quarter earnings per share of 43 cents on sales of $2.754 billion. Analysts were expecting EPS of 40 cents on sales of $2.713 billion, according to FactSet. The company had guided fourth-quarter sales of $2.68 billion.

The semiconductor company also said it was anticipating first-quarter net revenue of $2.36 billion, an increase of 13.7% from the year ago period.

On Thursday morning, Craig-Hallum said it was raising its price target on the stock to $34 per share from $28.

 

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

January 23, 2020 16:10 ET (21:10 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.


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