Chipmos Technologies (NASDAQ:IMOS) Raised to Hold at Wall Street Zen

Key Points

• Chipmos Technologies was upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating a more optimistic outlook on the company's stock performance.
• The company 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).
• Chipmos Technologies announced a share buyback program aimed at purchasing outstanding shares, signaling the board's belief that the company's stock is undervalued.

Chipmos Technologies (NASDAQ:IMOS - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Saturday.

Chipmos Technologies Price Performance

NASDAQ IMOS opened at $17.72 on Friday. The company has a quick ratio of 1.97, a current ratio of 2.29 and a debt-to-equity ratio of 0.39. The company has a market cap of $635.44 million, a PE ratio of 196.89 and a beta of 1.02. Chipmos Technologies has a 52 week low of $12.78 and a 52 week high of $23.85. The firm's 50-day simple moving average is $17.14 and its two-hundred day simple moving average is $17.59.

Chipmos Technologies (NASDAQ:IMOS - Get Free Report) last posted its earnings results on Tuesday, August 12th. The semiconductor company reported ($0.51) earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.80). The business had revenue of $188.55 million during the quarter, compared to analysts' expectations of $5.82 billion. Chipmos Technologies had a return on equity of 0.47% and a net margin of 0.50%.Chipmos Technologies's revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.38 EPS.

Chipmos Technologies announced that its Board of Directors has initiated a share repurchase program on Tuesday, September 2nd that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the semiconductor company to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

Institutional Investors Weigh In On Chipmos Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Acadian Asset Management LLC lifted its holdings in shares of Chipmos Technologies by 5.9% in the second quarter. Acadian Asset Management LLC now owns 265,392 shares of the semiconductor company's stock worth $4,795,000 after buying an additional 14,697 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in Chipmos Technologies by 66.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 69,191 shares of the semiconductor company's stock worth $1,253,000 after purchasing an additional 27,617 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in Chipmos Technologies by 2.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 57,091 shares of the semiconductor company's stock valued at $1,034,000 after purchasing an additional 1,205 shares during the period. Creative Planning grew its position in shares of Chipmos Technologies by 50.3% during the 2nd quarter. Creative Planning now owns 45,283 shares of the semiconductor company's stock valued at $820,000 after purchasing an additional 15,150 shares in the last quarter. Finally, Rhumbline Advisers grew its position in shares of Chipmos Technologies by 51.4% during the 2nd quarter. Rhumbline Advisers now owns 37,595 shares of the semiconductor company's stock valued at $681,000 after purchasing an additional 12,759 shares in the last quarter. 7.39% of the stock is currently owned by institutional investors.

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.

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