Kornitzer Capital Management Inc. KS Purchases 7,156 Shares of NXP Semiconductors N.V. $NXPI
by Doug Wharley · The Cerbat GemKornitzer Capital Management Inc. KS purchased a new position in shares of NXP Semiconductors N.V. (NASDAQ:NXPI – Free Report) in the third quarter, Holdings Channel.com reports. The fund purchased 7,156 shares of the semiconductor provider’s stock, valued at approximately $1,700,000.
Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new stake in NXP Semiconductors in the second quarter valued at about $6,716,412,000. State Street Corp raised its stake in NXP Semiconductors by 6.4% during the second quarter. State Street Corp now owns 11,699,143 shares of the semiconductor provider’s stock worth $3,298,932,000 after acquiring an additional 702,099 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of NXP Semiconductors in the second quarter worth about $21,099,000. Bank of America Corp DE bought a new position in shares of NXP Semiconductors in the second quarter worth about $1,169,846,000. Finally, Van ECK Associates Corp bought a new position in shares of NXP Semiconductors in the second quarter worth about $1,167,458,000. 90.54% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several brokerages recently issued reports on NXPI. Citigroup decreased their price target on shares of NXP Semiconductors from $260.00 to $250.00 and set a “neutral” rating on the stock in a report on Wednesday, October 28th. TD Cowen increased their price objective on shares of NXP Semiconductors from $275.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, October 28th. Morgan Stanley cut their target price on shares of NXP Semiconductors from $338.00 to $313.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 28th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of NXP Semiconductors in a research note on Thursday, October 29th. Finally, Mizuho decreased their target price on shares of NXP Semiconductors from $200.00 to $190.00 and set an “underperform” rating on the stock in a research note on Wednesday, July 29th. Sixteen investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, NXP Semiconductors has an average rating of “Moderate Buy” and an average target price of $295.78.
Check Out Our Latest Analysis on NXP Semiconductors
Insider Buying and Selling at NXP Semiconductors
In other NXP Semiconductors news, EVP Andrew Micallef sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $226.04, for a total value of $226,040.00. Following the completion of the transaction, the executive vice president directly owned 7,942 shares in the company, valued at approximately $1,795,209.68. This represents a 11.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christopher Jensen sold 3,355 shares of the firm’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $240.00, for a total transaction of $805,200.00. Following the transaction, the executive vice president directly owned 288 shares of the company’s stock, valued at $69,120. The trade was a 92.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 4,755 shares of company stock worth $1,136,680. 0.05% of the stock is currently owned by company insiders.
NXP Semiconductors Price Performance
NXP Semiconductors stock opened at $256.42 on Tuesday. The stock has a 50-day moving average price of $236.75 and a two-hundred day moving average price of $246.66. NXP Semiconductors N.V. has a 12 month low of $183.00 and a 12 month high of $339.95. The company has a market capitalization of $64.63 billion, a PE ratio of 20.16, a P/E/G ratio of 0.90 and a beta of 1.83. The company has a current ratio of 2.12, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80.
NXP Semiconductors (NASDAQ:NXPI – Get Free Report) last released its quarterly earnings results on Wednesday, October 28th. The semiconductor provider reported $4.20 earnings per share for the quarter, topping the consensus estimate of $4.12 by $0.08. NXP Semiconductors had a return on equity of 28.57% and a net margin of 23.40%. The company had revenue of $3.79 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same period in the previous year, the business posted $3.11 earnings per share. The business’s quarterly revenue was up 19.3% compared to the same quarter last year. Analysts expect that NXP Semiconductors N.V. will post 13.81 EPS for the current year.
NXP Semiconductors Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Wednesday, September 16th were given a $1.0140 dividend. This represents a $4.06 annualized dividend and a yield of 1.6%. The ex-dividend date was Wednesday, September 16th. NXP Semiconductors’s dividend payout ratio is 31.92%.
NXP Semiconductors declared that its Board of Directors has approved a stock buyback program on Tuesday, October 27th that authorizes the company to buy back $5 billion in shares. This buyback authorization authorizes the semiconductor provider to repurchase shares of its stock through open market purchases. Share buyback programs are often a sign that the company’s board believes its shares are undervalued.
About NXP Semiconductors
NXP Semiconductors is a global semiconductor company headquartered in Eindhoven, the Netherlands. It develops and supplies chips and related technologies for automotive, industrial and Internet of Things, mobile, and communications infrastructure applications.
Its products include microcontrollers and processors, analog and mixed-signal components, connectivity solutions, and security technologies. In the automotive sector, NXP supplies technologies used in vehicle networking, radar, and safety systems; its other offerings support applications such as secure identification and near-field communication.
The company traces its origins to Philips’ semiconductor business, which became an independent company in 2006.
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