Himax Technologies (NASDAQ:HIMX) Stock Price Down 4.9% - Here's What Happened

Himax Technologies, Inc. (NASDAQ:HIMX - Get Free Report)'s share price dropped 4.9% during mid-day trading on Monday . The stock 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.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird lifted their price target on shares of Himax Technologies from $7.00 to $15.00 and gave the stock an "outperform" rating in a report on Friday.

Himax Technologies Stock Down 5.1 %

The stock has a 50-day moving average price of $5.99 and a 200-day moving average price of $6.34. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.64 and a quick ratio of 1.37. The company has a market capitalization of $1.42 billion, a P/E ratio of 18.52 and a beta of 2.07.

Himax Technologies (NASDAQ:HIMX - Get Free Report) last issued its quarterly 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. Himax Technologies had a net margin of 8.77% and a return on equity of 9.06%. The firm had revenue of $222.40 million for the quarter, compared to the consensus estimate of $205.93 million. During the same quarter in the previous year, the company earned $0.06 EPS. The company's revenue for the quarter was down 6.8% on a year-over-year basis.

Himax Technologies declared that its Board of Directors has initiated a stock buyback plan on Wednesday, December 4th that allows the company to repurchase $20.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase up to 1.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Institutional Trading of Himax Technologies

Hedge funds have recently modified their holdings of the stock. Summit Securities Group LLC grew its holdings in Himax Technologies by 1,400.0% in the second quarter. Summit Securities Group LLC now owns 4,500 shares of the semiconductor company's stock worth $36,000 after purchasing an additional 4,200 shares during the period. Blue Trust Inc. boosted its position in shares of Himax Technologies by 77,712.5% during the 2nd quarter. Blue Trust Inc. now owns 6,225 shares of the semiconductor company's stock worth $49,000 after purchasing an additional 6,217 shares in the last quarter. Aprio Wealth Management LLC acquired a new stake in shares of Himax Technologies in the 3rd quarter valued at about $56,000. Susquehanna Fundamental Investments LLC bought a new stake in Himax Technologies in the 2nd quarter valued at about $79,000. Finally, Virtu Financial LLC acquired a new position in Himax Technologies during the 3rd quarter worth approximately $98,000. 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.

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