Robert W. Baird Issues Positive Forecast for Himax Technologies (NASDAQ:HIMX) Stock Price

Himax Technologies (NASDAQ:HIMX) had its price target boosted by research analysts at Robert W. Baird from $7.00 to $15.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the semiconductor company’s stock. Robert W. Baird’s price target points to a potential upside of 74.72% from the stock’s previous close.

Himax Technologies Stock Down 11.6 %

Shares of HIMX opened at $8.59 on Friday. The company’s 50-day simple moving average is $5.99 and its 200-day simple moving average is $6.34. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.37 and a current ratio of 1.64. Himax Technologies has a 1 year low of $4.80 and a 1 year high of $9.80. The stock has a market capitalization of $1.50 billion, a PE ratio of 19.51 and a beta of 2.07.

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

Himax Technologies announced that its Board of Directors has authorized a stock buyback program on Wednesday, December 4th that authorizes the company to buyback $20.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to buy up to 1.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Himax Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC lifted its stake in Himax Technologies by 33.9% in the third quarter. Sanctuary Advisors LLC now owns 19,431 shares of the semiconductor company’s stock worth $102,000 after acquiring an additional 4,915 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Himax Technologies in the 3rd quarter valued at $98,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Himax Technologies during the 3rd quarter worth $1,125,000. Y Intercept Hong Kong Ltd purchased a new position in Himax Technologies in the third quarter valued at $182,000. Finally, Stifel Financial Corp increased its holdings in Himax Technologies by 4.8% in the third quarter. Stifel Financial Corp now owns 470,526 shares of the semiconductor company’s stock valued at $2,588,000 after buying an additional 21,607 shares during the last quarter. 69.81% of the stock is owned by institutional investors and hedge funds.

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.