Chipmos Technologies (NASDAQ:IMOS) Posts Quarterly Earnings Results, Misses Estimates By $0.80 EPS

Key Points

• Chipmos Technologies reported a significant earnings miss with a loss of ($0.51) per share, falling short of the consensus estimate of $0.29 by ($0.80).
• The company also announced a cut in dividends, with a recent annual dividend payout of $0.6132 per share, resulting in a dividend yield of 450.0% despite a payout ratio of 65.31%.
• Wall Street analysts have downgraded the company's stock rating from "hold" to "sell," reflecting concerns over its financial performance and outlook.

Chipmos Technologies (NASDAQ:IMOS - Get Free Report) announced its earnings results on Tuesday. The semiconductor company reported ($0.51) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.80), Zacks reports. Chipmos Technologies had a net margin of 0.50% and a return on equity of 0.47%. The business had revenue of $188.55 million for the quarter, compared to analysts' expectations of $5.82 billion. During the same quarter last year, the firm earned $0.38 EPS. The firm's quarterly revenue was down 1.3% on a year-over-year basis.

Chipmos Technologies Stock Down 2.3%

Shares of IMOS stock traded down $0.37 during trading hours on Friday, reaching $16.03. 17,601 shares of the company's stock were exchanged, compared to its average volume of 19,919. The stock's 50 day moving average is $18.28 and its 200-day moving average is $18.09. The company has a market cap of $574.84 million, a price-to-earnings ratio of 178.11 and a beta of 0.95. The company has a current ratio of 2.71, a quick ratio of 2.40 and a debt-to-equity ratio of 0.42. Chipmos Technologies has a fifty-two week low of $12.78 and a fifty-two week high of $23.85.

Chipmos Technologies Cuts Dividend

The firm also recently disclosed an annual dividend, which was paid on Friday, July 25th. Investors of record on Friday, June 27th were paid a $0.6132 dividend. The ex-dividend date of this dividend was Friday, June 27th. This represents a yield of 450.0%. Chipmos Technologies's payout ratio is 711.11%.

Hedge Funds Weigh In On Chipmos Technologies

An institutional investor recently raised its position in Chipmos Technologies stock. Bank of America Corp DE lifted its position in Chipmos Technologies (NASDAQ:IMOS - Free Report) by 71.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,852 shares of the semiconductor company's stock after acquiring an additional 4,952 shares during the period. Bank of America Corp DE's holdings in Chipmos Technologies were worth $215,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 7.39% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered Chipmos Technologies from a "hold" rating to a "sell" rating in a report on Saturday, July 26th.

Chipmos Technologies declared that its Board of Directors has approved a share repurchase program on Tuesday, May 13th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the semiconductor company to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

Chipmos Technologies Company Profile

ChipMOS TECHNOLOGIES INC. engages in the research, development, manufacture, and sale of high-integration and high-precision integrated circuits, and related assembly and testing services in the People's Republic of China, Taiwan, Japan, Singapore, and internationally. It operates through Testing; Assembly; Testing and Assembly for LCD, OLED and Other Display Panel Driver Semiconductors; Bumping; and Others segments.