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

Shares of Chipmos Technologies (NASDAQ:IMOS - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $17.41, but opened at $18.20. Chipmos Technologies shares last traded at $18.20, with a volume of 2,853 shares trading hands.

Chipmos Technologies Stock Performance

The company has a quick ratio of 2.40, a current ratio of 2.71 and a debt-to-equity ratio of 0.42. The stock has a 50 day simple moving average of $18.82 and a 200 day simple moving average of $18.32. The company has a market capitalization of $654.09 million, a price-to-earnings ratio of 18.61 and a beta of 0.94.

Chipmos Technologies (NASDAQ:IMOS - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The semiconductor company reported $0.15 earnings per share for the quarter, missing analysts' consensus estimates of $0.19 by ($0.04). The business had revenue of $166.70 million for the quarter, compared to the consensus estimate of $5.26 billion. Chipmos Technologies had a net margin of 5.10% and a return on equity of 4.69%. The business's quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the firm posted $0.38 EPS.

Chipmos Technologies Cuts Dividend

The company also recently announced an annual dividend, which will be paid on Friday, July 25th. Investors of record on Friday, June 27th will be issued a dividend of $0.6132 per share. The ex-dividend date of this dividend is Friday, June 27th. This represents a yield of 4.5%. Chipmos Technologies's payout ratio is 64.29%.

Chipmos Technologies declared that its board has initiated a stock buyback plan on Tuesday, May 13th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the semiconductor company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Institutional Trading of Chipmos Technologies

Several large investors have recently added to or reduced their stakes in IMOS. Wealthquest Corp acquired a new stake in Chipmos Technologies during the 1st quarter valued at $52,000. JPMorgan Chase & Co. raised its stake in Chipmos Technologies by 761.4% during the 4th quarter. JPMorgan Chase & Co. now owns 4,083 shares of the semiconductor company's stock valued at $77,000 after purchasing an additional 3,609 shares during the period. Tower Research Capital LLC TRC grew its holdings in shares of Chipmos Technologies by 1,000.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 5,500 shares of the semiconductor company's stock valued at $104,000 after acquiring an additional 5,000 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Chipmos Technologies by 8.6% during the 4th quarter. Bank of America Corp DE now owns 8,613 shares of the semiconductor company's stock valued at $162,000 after acquiring an additional 679 shares in the last quarter. Finally, Signaturefd LLC grew its holdings in shares of Chipmos Technologies by 27.0% during the 2nd quarter. Signaturefd LLC now owns 22,180 shares of the semiconductor company's stock valued at $402,000 after acquiring an additional 4,716 shares in the last quarter. 7.39% of the stock is owned by institutional investors and hedge funds.

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.