Chipmos Technologies (NASDAQ:IMOS) Shares Gap Down - Here's What Happened

Key Points

• Chipmos Technologies shares opened sharply lower, gapping down from $66.00 to $62.05 before trading around $63.23, even as volume remained relatively light.
• Recent earnings were mixed: the semiconductor company reported $0.45 EPS, missing the $0.50 consensus, though revenue of $217.06 million beat estimates and rose 25.4% year over year.
• The company raised its annual dividend to $0.7826 per share from $0.61, but the payout ratio is high at 102.7%, while analysts currently rate the stock a consensus Hold.

Shares of Chipmos Technologies (NASDAQ:IMOS - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $66.00, but opened at $62.05. Chipmos Technologies shares last traded at $63.2250, with a volume of 13,689 shares changing hands.

Analysts Set New Price Targets

IMOS has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of Chipmos Technologies from a "strong-buy" rating to a "buy" rating in a research report on Saturday, May 9th. Weiss Ratings restated a "hold (c-)" rating on shares of Chipmos Technologies in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Chipmos Technologies currently has an average rating of "Hold".

Chipmos Technologies Trading Down 3.2%

The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of 87.03 and a beta of 1.33. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.08 and a current ratio of 2.40. The company has a 50 day moving average price of $61.83 and a two-hundred day moving average price of $47.67.

Chipmos Technologies (NASDAQ:IMOS - Get Free Report) last released its quarterly earnings results on Tuesday, May 12th. The semiconductor company reported $0.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.50 by ($0.05). The company had revenue of $217.06 million during the quarter, compared to analyst estimates of $214.39 million. Chipmos Technologies had a net margin of 3.05% and a return on equity of 3.28%. Chipmos Technologies's revenue was up 25.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.15 EPS.

Chipmos Technologies Increases Dividend

The business also recently announced an annual dividend, which will be paid on Friday, July 24th. Stockholders of record on Monday, June 29th will be given a $0.7826 dividend. This represents a dividend yield of 134.0%. This is a positive change from Chipmos Technologies's previous annual dividend of $0.61. The ex-dividend date is Monday, June 29th. Chipmos Technologies's dividend payout ratio (DPR) is 102.70%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of IMOS. Allworth Financial LP lifted its stake in Chipmos Technologies by 74.7% in the 3rd quarter. Allworth Financial LP now owns 1,373 shares of the semiconductor company's stock valued at $26,000 after buying an additional 587 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of Chipmos Technologies by 163.0% during the first quarter. NewEdge Advisors LLC now owns 797 shares of the semiconductor company's stock valued at $29,000 after acquiring an additional 494 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Chipmos Technologies by 16,828.6% during the fourth quarter. Farther Finance Advisors LLC now owns 1,185 shares of the semiconductor company's stock valued at $35,000 after acquiring an additional 1,178 shares during the last quarter. Smartleaf Asset Management LLC purchased a new position in shares of Chipmos Technologies in the fourth quarter valued at approximately $54,000. Finally, GAMMA Investing LLC lifted its position in shares of Chipmos Technologies by 14.3% in the fourth quarter. GAMMA Investing LLC now owns 3,276 shares of the semiconductor company's stock valued at $97,000 after acquiring an additional 410 shares in the last quarter. Institutional investors and hedge funds own 7.39% of the company's stock.

About Chipmos Technologies

ChipMOS Technologies Inc is a Taiwan‐based provider of outsourced semiconductor assembly, testing and packaging services. The company offers a comprehensive range of back‐end solutions including wafer probing, assembly, surface mount and final test services for memory chips, microcontrollers, system‐on‐chips and other integrated circuits. ChipMOS serves customers in the consumer electronics, communications, industrial and automotive markets by delivering reliable testing and packaging support to semiconductor fabless companies and foundries.

Founded in 1997 and headquartered in Hsinchu, Taiwan, ChipMOS operates multiple production facilities across Asia, including sites in Taoyuan (Taiwan), Guangdong Province (China) and Singapore.

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