Himax Technologies (NASDAQ:HIMX) Shares Down 4.9% – Here’s Why

Himax Technologies, Inc. (NASDAQ:HIMX)’s share price dropped 4.9% on Monday . The company traded as low as $7.99 and last traded at $8.17. Approximately 1,925,887 shares traded hands during mid-day trading, an increase of 110% from the average daily volume of 915,082 shares. The stock had previously closed at $8.59.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird lifted their price objective on Himax Technologies from $7.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, December 13th.

Himax Technologies Price Performance

The company has a 50-day moving average of $6.07 and a 200 day moving average of $6.36. The company has a quick ratio of 1.37, a current ratio of 1.64 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $1.33 billion, a PE ratio of 17.36 and a beta of 2.07.

Himax Technologies (NASDAQ:HIMX) last released its earnings results on Thursday, November 7th. The semiconductor company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.03. The business had revenue of $222.40 million during the quarter, compared to analyst estimates of $205.93 million. Himax Technologies had a net margin of 8.77% and a return on equity of 9.06%. The company’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.06 earnings per share.

Himax Technologies declared that its board has authorized a share buyback program on Wednesday, December 4th that allows the company to repurchase $20.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to purchase up to 1.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Himax Technologies

A number of institutional investors have recently added to or reduced their stakes in HIMX. Acadian Asset Management LLC boosted its holdings in Himax Technologies by 31.2% in the 2nd quarter. Acadian Asset Management LLC now owns 3,369,618 shares of the semiconductor company’s stock valued at $26,728,000 after purchasing an additional 800,684 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in shares of Himax Technologies by 32.4% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,665,858 shares of the semiconductor company’s stock valued at $9,162,000 after buying an additional 407,400 shares during the period. Point72 Asset Management L.P. lifted its holdings in Himax Technologies by 49.6% in the third quarter. Point72 Asset Management L.P. now owns 868,500 shares of the semiconductor company’s stock valued at $4,777,000 after acquiring an additional 288,000 shares during the last quarter. Polunin Capital Partners Ltd purchased a new position in Himax Technologies in the second quarter worth approximately $6,358,000. Finally, Point72 Hong Kong Ltd purchased a new stake in Himax Technologies in the second quarter valued at $5,817,000. Hedge funds and other institutional investors own 69.81% of the company’s stock.

Himax Technologies Company Profile

Himax Technologies, Inc, a fabless semiconductor company, provides display imaging processing technologies in China, Taiwan, the Philippines, Korea, Japan, Europe, and the United States. The company operates in two segments, Driver IC and Non-Driver Products. It offers display driver integrated circuits (ICs) and timing controllers that are used in televisions, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, and other products.