AMSTERDAM - STMicroelectronics N.V., a key player in the semiconductor industry, has completed a share repurchase, buying back 148,522 of its own shares between April 2, 2024, and April 5, 2024. The transactions were carried out on Euronext Paris and are part of a program initially announced on July 1, 2021, following approval by shareholders and the supervisory board on May 27, 2021.
The company, which is listed on Euronext under the symbol EPA:STM, acquired these shares at an average price of EUR 39.3354 per share, amounting to a total expenditure of EUR 5,842,179.31. This recent buyback represents 0.02% of STMicroelectronics' issued share capital.
STMicroelectronics has stated that the repurchase was conducted to meet obligations from debt financial instruments that can be converted into equity. The acquired shares may be kept in treasury until they are needed for this purpose. If not used for such obligations, the shares may be utilized for any other lawful purpose as permitted under article 5(2) of the Market Abuse Regulation.
Following this repurchase, STMicroelectronics holds approximately 1.2% of its issued share capital in treasury shares, totaling 10,581,907 shares. The detailed transactions of the share buyback have been made available on the company's website, as required by regulatory obligations.
STMicroelectronics is a global semiconductor company with over 50,000 employees, involved in the design and production of a wide range of semiconductor technologies. They serve a diverse spectrum of electronics applications and are committed to becoming carbon neutral by 2027 for scopes 1, 2, and partially scope 3 emissions.
This information is based on a press release statement from STMicroelectronics.
InvestingPro Insights
STMicroelectronics N.V. (STM), a prominent player in the semiconductor industry, not only manages its finances prudently but also demonstrates a strong market position. According to InvestingPro, one of the InvestingPro Tips for STM indicates that the company holds more cash than debt on its balance sheet, providing it with financial flexibility. Additionally, with a history of maintaining dividend payments for 26 consecutive years, STM shows a commitment to returning value to its shareholders.
From a financial standpoint, InvestingPro Data reflects STM's solid performance. The company boasts a Price/Earnings (P/E) Ratio of 9.54, which further adjusts to 9.09 when looking at the last twelve months as of Q4 2023. This suggests that the stock may be reasonably valued compared to earnings. Moreover, the company's revenue growth over the last twelve months has been positive at 7.18%, indicating a robust top-line performance.
For investors looking for deeper insights and additional InvestingPro Tips, STM is covered extensively with additional tips available on InvestingPro. Currently, there are 11 more tips listed, providing a comprehensive analysis of the company's financial health and market position. Investors interested in these insights can take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
The company's next earnings date is scheduled for April 25, 2024, which will provide further information on its financial trajectory. As STMicroelectronics continues to innovate and expand within the semiconductor industry, these financial metrics and insights from InvestingPro provide investors with a clearer picture of the company's current state and potential future performance.
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