Axcelis Technologies (NASDAQ:ACLS) Trading 5.8% Higher on Better-Than-Expected Earnings

Axcelis Technologies, Inc. (NASDAQ:ACLS - Get Free Report)'s stock price shot up 5.8% during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $59.00 and last traded at $57.86. 199,928 shares were traded during trading, a decline of 69% from the average session volume of 639,970 shares. The stock had previously closed at $54.69.

The semiconductor company reported $1.04 EPS for the quarter, topping analysts' consensus estimates of $0.39 by $0.65. Axcelis Technologies had a return on equity of 21.02% and a net margin of 19.75%. The firm had revenue of $192.56 million for the quarter, compared to the consensus estimate of $184.86 million. During the same quarter in the prior year, the company posted $1.57 earnings per share. The firm's revenue was down 23.7% on a year-over-year basis.

Axcelis Technologies announced that its Board of Directors has initiated a stock repurchase program on Wednesday, March 12th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 5.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ACLS shares. William Blair downgraded shares of Axcelis Technologies from an "outperform" rating to a "market perform" rating in a research note on Wednesday, February 12th. B. Riley reissued a "neutral" rating and issued a $50.00 price target (down previously from $80.00) on shares of Axcelis Technologies in a research report on Monday, April 21st. Craig Hallum cut their price target on shares of Axcelis Technologies from $115.00 to $105.00 and set a "buy" rating for the company in a research note on Wednesday, January 15th. Finally, Needham & Company LLC restated a "hold" rating on shares of Axcelis Technologies in a research note on Wednesday, February 12th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $131.00.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ACLS. Bank of Montreal Can lifted its holdings in Axcelis Technologies by 3.9% in the 4th quarter. Bank of Montreal Can now owns 4,540 shares of the semiconductor company's stock valued at $317,000 after purchasing an additional 170 shares in the last quarter. Signaturefd LLC lifted its holdings in Axcelis Technologies by 90.6% in the 4th quarter. Signaturefd LLC now owns 364 shares of the semiconductor company's stock valued at $25,000 after purchasing an additional 173 shares in the last quarter. Perkins Coie Trust Co lifted its holdings in Axcelis Technologies by 9.2% in the 1st quarter. Perkins Coie Trust Co now owns 2,675 shares of the semiconductor company's stock valued at $133,000 after purchasing an additional 225 shares in the last quarter. Eagle Bay Advisors LLC lifted its holdings in Axcelis Technologies by 3.8% in the 1st quarter. Eagle Bay Advisors LLC now owns 7,585 shares of the semiconductor company's stock valued at $377,000 after purchasing an additional 275 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in Axcelis Technologies by 85.5% in the 4th quarter. Blue Trust Inc. now owns 627 shares of the semiconductor company's stock valued at $44,000 after purchasing an additional 289 shares in the last quarter. 89.98% of the stock is owned by institutional investors.

Axcelis Technologies Stock Up 7.8%

The company has a market cap of $2.00 billion, a PE ratio of 10.11, a price-to-earnings-growth ratio of 4.52 and a beta of 1.52. The business has a fifty day simple moving average of $51.61 and a two-hundred day simple moving average of $64.93. The company has a current ratio of 5.41, a quick ratio of 4.05 and a debt-to-equity ratio of 0.04.

About Axcelis Technologies

Axcelis Technologies, Inc designs, manufactures, and services ion implantation and other processing equipment used in the fabrication of semiconductor chips in the United States, Europe, and Asia Pacific. The company offers high energy, high current, and medium current implanters for various application requirements.