Himax Technologies (NASDAQ:HIMX) Hits New 52-Week High – Here’s Why

Shares of Himax Technologies, Inc. (NASDAQ:HIMX) reached a new 52-week high on Wednesday . The stock traded as high as $10.57 and last traded at $10.61, with a volume of 955483 shares traded. The stock had previously closed at $9.56.

Analysts Set New Price Targets

Separately, Robert W. Baird boosted their target price on Himax Technologies from $7.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday, December 13th.

Himax Technologies Price Performance

The company has a current ratio of 1.64, a quick ratio of 1.37 and a debt-to-equity ratio of 0.03. The company has a 50 day moving average price of $7.17 and a 200 day moving average price of $6.49. The company has a market capitalization of $2.06 billion, a P/E ratio of 26.82 and a beta of 1.94.

Himax Technologies (NASDAQ:HIMX) last announced its quarterly earnings results on Thursday, November 7th. The semiconductor company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. The business had revenue of $222.40 million for 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%. Himax Technologies’s quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.06 EPS.

Himax Technologies announced that its board has authorized a share buyback program on Wednesday, December 4th that permits the company to buyback $20.00 million in shares. This buyback authorization permits the semiconductor company to reacquire up to 1.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Himax Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. Envestnet Asset Management Inc. grew its position in shares of Himax Technologies by 20.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 222,533 shares of the semiconductor company’s stock worth $1,767,000 after purchasing an additional 38,457 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Himax Technologies by 67.0% during the 2nd quarter. Renaissance Technologies LLC now owns 267,500 shares of the semiconductor company’s stock valued at $2,124,000 after acquiring an additional 107,300 shares during the period. Sei Investments Co. grew its holdings in shares of Himax Technologies by 115.6% during the 2nd quarter. Sei Investments Co. now owns 64,926 shares of the semiconductor company’s stock worth $516,000 after purchasing an additional 34,812 shares in the last quarter. Cubist Systematic Strategies LLC increased its position in shares of Himax Technologies by 854.5% in the second quarter. Cubist Systematic Strategies LLC now owns 113,244 shares of the semiconductor company’s stock worth $899,000 after purchasing an additional 101,380 shares during the period. Finally, Caxton Associates LP acquired a new position in Himax Technologies in the second quarter valued at about $581,000. 69.81% of the stock is currently 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.