Himax Technologies (NASDAQ:HIMX) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Himax Technologies (NASDAQ:HIMX) from a hold rating to a sell rating in a research note published on Friday morning, Zacks.com reports.

According to Zacks, “Himax Technologies, Inc. designs, develops and markets semiconductors that are critical components of flat panel displays. The Company’s principal products are display drivers for large-sized TFT-LCD panels, which are used in desktop monitors, notebook computers and televisions, and display drivers for small- and medium-sized TFT-LCD panels, which are used in mobile handsets and consumer electronics products such as digital cameras, mobile gaming devices and car navigation displays. In addition, the Company is expanding its product offering to include LCD TV chipset solutions and LCOS microdisplays. “

Other equities research analysts also recently issued reports about the company. BidaskClub upgraded Himax Technologies from a strong sell rating to a sell rating in a research report on Thursday, September 5th. Roth Capital restated a neutral rating and set a $3.50 price objective (down from $5.00) on shares of Himax Technologies in a research report on Friday, July 12th. Credit Suisse Group downgraded Himax Technologies from a neutral rating to an underperform rating in a research report on Friday, August 9th. ValuEngine downgraded Himax Technologies from a hold rating to a sell rating in a research report on Wednesday, September 4th. Finally, Lake Street Capital decreased their price objective on Himax Technologies from $3.00 to $2.50 and set a hold rating on the stock in a research report on Tuesday, September 17th. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $4.42.

Shares of HIMX stock opened at $2.20 on Friday. Himax Technologies has a 1 year low of $1.70 and a 1 year high of $6.66. The stock’s 50 day simple moving average is $2.28 and its two-hundred day simple moving average is $3.07. The company has a market cap of $389.05 million, a PE ratio of 36.67 and a beta of 0.06.

Himax Technologies (NASDAQ:HIMX) last issued its quarterly earnings data on Thursday, August 8th. The semiconductor company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). Himax Technologies had a return on equity of 0.76% and a net margin of 0.26%. The business had revenue of $169.30 million for the quarter, compared to the consensus estimate of $170.16 million. During the same period in the prior year, the business posted $0.01 earnings per share. The company’s quarterly revenue was down 6.7% compared to the same quarter last year. Equities research analysts expect that Himax Technologies will post -0.17 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in HIMX. Creative Planning bought a new position in shares of Himax Technologies during the second quarter valued at approximately $2,306,000. Morgan Stanley grew its stake in shares of Himax Technologies by 111.5% during the second quarter. Morgan Stanley now owns 1,233,797 shares of the semiconductor company’s stock valued at $4,294,000 after buying an additional 650,517 shares during the last quarter. Mondrian Capital Management LLC bought a new position in shares of Himax Technologies during the second quarter valued at approximately $1,131,000. Point72 Asset Management L.P. bought a new position in shares of Himax Technologies during the second quarter valued at approximately $720,000. Finally, D. E. Shaw & Co. Inc. bought a new position in shares of Himax Technologies during the second quarter valued at approximately $414,000. 8.99% of the stock is currently owned by hedge funds and other institutional investors.

About Himax Technologies

Himax Technologies, Inc, a fabless semiconductor company, provides display imaging processing technologies worldwide. The company operates in two segments, Driver IC and Non-Driver Products. It offers display driver integrated circuits (ICs) and timing controllers used in televisions (TVs), laptops, monitors, mobile phones, tablets, digital cameras, car navigation, and other consumer electronics devices.

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