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NXP Semiconductors: A Chip Company Electric Vehicles Rely On

Stock MarketsApr 12, 2021 12:31PM ET
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© Reuters. NXP Semiconductors: A Chip Company Electric Vehicles Rely On

One of the top companies in the semiconductor space, NXP Semiconductors (NASDAQ:NXPI), has gained significantly over the past few months on the resumption of operations at some of its manufacturing facilities and increasing demand for its solutions across several industries, including the automotive industry. Given the rising demand for its product and its strong financials, we think it could be wise to buy NXPI now.NXP Semiconductors N.V.(NXPI) suffered amid the COVID-19 pandemic because several of its end-markets were hit severely by the public health crisis. However, it made a strong comeback during the second half of 2020 thanks to strong trends in especially in the Automotive and Mobile sectors .

The stock has gained 77.4% over the past nine months to close Friday’s trading session at $209.19. It is currently trading 3.4% below its 52-week high of $216.24, which it hit on April 5, 2021.

The company resumed operations at its manufacturing facilities in Austin, Texas on March 11, following the state’s severe winter storm. It paid an interim dividend of $0.56 per ordinary share on April 5, 2021 and its board of directors approved a new $2 billion 2021 share repurchase program. Also, NXPI was added to the S&P 500 index on March 22, 2021.

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NXP Semiconductors: A Chip Company Electric Vehicles Rely On
 

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