Taiwan Semiconductor Manufacturing (NYSE:TSM) Trading Up 3.4% After Better-Than-Expected Earnings

Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM)’s stock price was up 3.4% on Thursday following a stronger than expected earnings report. The stock traded as high as $247.87 and last traded at $245.69. Approximately 12,966,008 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 15,235,882 shares. The stock had previously closed at $237.56.

The semiconductor company reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.13 by $0.34. Taiwan Semiconductor Manufacturing had a net margin of 41.67% and a return on equity of 31.43%. During the same period in the prior year, the firm earned $1.48 earnings per share. The firm’s revenue was up 44.4% on a year-over-year basis.

Taiwan Semiconductor Manufacturing Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Tuesday, September 16th will be paid a $0.6499 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $2.60 annualized dividend and a yield of 1.06%. Taiwan Semiconductor Manufacturing’s dividend payout ratio is presently 31.75%.

Analyst Ratings Changes

Several equities analysts have issued reports on TSM shares. Needham & Company LLC restated a “buy” rating and issued a $270.00 price objective on shares of Taiwan Semiconductor Manufacturing in a research note on Thursday. Barclays restated an “overweight” rating and issued a $240.00 price objective (up from $215.00) on shares of Taiwan Semiconductor Manufacturing in a research note on Tuesday, June 3rd. Citigroup reissued a “buy” rating on shares of Taiwan Semiconductor Manufacturing in a report on Thursday, May 22nd. Finally, Susquehanna set a $265.00 price objective on shares of Taiwan Semiconductor Manufacturing and gave the stock a “positive” rating in a report on Monday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Taiwan Semiconductor Manufacturing has an average rating of “Moderate Buy” and a consensus price target of $236.25.

Hedge Funds Weigh In On Taiwan Semiconductor Manufacturing

A number of institutional investors have recently modified their holdings of the company. Accredited Wealth Management LLC acquired a new stake in Taiwan Semiconductor Manufacturing during the fourth quarter worth about $31,000. City Holding Co. increased its position in shares of Taiwan Semiconductor Manufacturing by 238.0% in the first quarter. City Holding Co. now owns 169 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 119 shares in the last quarter. 1248 Management LLC acquired a new stake in shares of Taiwan Semiconductor Manufacturing in the first quarter worth $28,000. Glass Jacobson Investment Advisors llc grew its holdings in Taiwan Semiconductor Manufacturing by 289.4% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 183 shares of the semiconductor company’s stock valued at $36,000 after purchasing an additional 136 shares in the last quarter. Finally, Nemes Rush Group LLC grew its holdings in Taiwan Semiconductor Manufacturing by 1,810.0% during the 4th quarter. Nemes Rush Group LLC now owns 191 shares of the semiconductor company’s stock valued at $38,000 after purchasing an additional 181 shares in the last quarter. Institutional investors and hedge funds own 16.51% of the company’s stock.

Taiwan Semiconductor Manufacturing Stock Up 3.2%

The stock has a market capitalization of $1.27 trillion, a P/E ratio of 31.52, a P/E/G ratio of 1.28 and a beta of 1.29. The company has a current ratio of 2.39, a quick ratio of 2.18 and a debt-to-equity ratio of 0.22. The stock’s 50 day simple moving average is $211.45 and its 200 day simple moving average is $193.43.

About Taiwan Semiconductor Manufacturing

Taiwan Semiconductor Manufacturing Company Limited, together with its subsidiaries, manufactures, packages, tests, and sells integrated circuits and other semiconductor devices in Taiwan, China, Europe, the Middle East, Africa, Japan, the United States, and internationally. It provides a range of wafer fabrication processes, including processes to manufacture complementary metal- oxide-semiconductor (CMOS) logic, mixed-signal, radio frequency, embedded memory, bipolar CMOS mixed-signal, and others.