Pinnacle Associates Ltd. Reduces Stock Holdings in Ichor Holdings, Ltd. (NASDAQ:ICHR)

Key Points

• Pinnacle Associates Ltd. reduced its holdings in Ichor Holdings, Ltd. by 7.4%, owning approximately 385,443 shares worth $8.7 million after selling 30,826 shares.
• Institutional investors currently hold 94.81% of Ichor's stock, indicating significant institutional interest despite recent stock fluctuations.
• Ichor reported a negative EPS of $0.12, missing analyst estimates, despite a 21.4% year-over-year revenue increase of $244.47 million.

Pinnacle Associates Ltd. cut its position in Ichor Holdings, Ltd. (NASDAQ:ICHR - Free Report) by 7.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 385,443 shares of the technology company's stock after selling 30,826 shares during the quarter. Pinnacle Associates Ltd. owned approximately 1.13% of Ichor worth $8,715,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ICHR. Quarry LP lifted its holdings in shares of Ichor by 54.9% during the 4th quarter. Quarry LP now owns 2,426 shares of the technology company's stock worth $78,000 after acquiring an additional 860 shares during the period. Tower Research Capital LLC TRC lifted its holdings in Ichor by 52.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,562 shares of the technology company's stock valued at $147,000 after purchasing an additional 1,578 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in Ichor during the 4th quarter valued at about $193,000. Meeder Asset Management Inc. lifted its holdings in Ichor by 12.6% during the 4th quarter. Meeder Asset Management Inc. now owns 6,049 shares of the technology company's stock valued at $195,000 after purchasing an additional 675 shares during the last quarter. Finally, Cerity Partners LLC lifted its holdings in Ichor by 5.9% during the 1st quarter. Cerity Partners LLC now owns 9,521 shares of the technology company's stock valued at $215,000 after purchasing an additional 533 shares during the last quarter. 94.81% of the stock is currently owned by institutional investors and hedge funds.

Ichor Trading Down 1.9%

NASDAQ:ICHR traded down $0.39 during mid-day trading on Friday, hitting $20.66. 322,703 shares of the company's stock were exchanged, compared to its average volume of 395,672. The company has a 50 day simple moving average of $19.53 and a 200-day simple moving average of $23.34. The company has a current ratio of 3.09, a quick ratio of 1.32 and a debt-to-equity ratio of 0.17. Ichor Holdings, Ltd. has a fifty-two week low of $15.33 and a fifty-two week high of $36.48. The firm has a market capitalization of $704.92 million, a P/E ratio of -43.04 and a beta of 1.80.

Ichor (NASDAQ:ICHR - Get Free Report) last released its earnings results on Monday, May 5th. The technology company reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.26 by ($0.14). The company had revenue of $244.47 million for the quarter, compared to analyst estimates of $244.95 million. Ichor had a negative net margin of 1.84% and a negative return on equity of 0.63%. The firm's revenue was up 21.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.09) EPS. As a group, research analysts expect that Ichor Holdings, Ltd. will post 1.01 earnings per share for the current year.

Analysts Set New Price Targets

ICHR has been the subject of a number of research analyst reports. TD Cowen dropped their target price on shares of Ichor from $38.00 to $28.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Wall Street Zen downgraded shares of Ichor from a "hold" rating to a "sell" rating in a research note on Thursday, April 10th. Needham & Company LLC reaffirmed a "hold" rating on shares of Ichor in a research note on Tuesday, May 6th. Stifel Nicolaus dropped their target price on shares of Ichor from $35.00 to $28.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Finally, Oppenheimer dropped their target price on shares of Ichor from $35.00 to $25.00 and set a "market perform" rating for the company in a research note on Friday, April 11th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $32.67.

Insiders Place Their Bets

In other news, CEO Jeff Andreson acquired 10,000 shares of Ichor stock in a transaction on Thursday, May 8th. The stock was acquired at an average cost of $16.86 per share, with a total value of $168,600.00. Following the completion of the acquisition, the chief executive officer owned 285,594 shares in the company, valued at approximately $4,815,114.84. This trade represents a 3.63% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.90% of the company's stock.

About Ichor

Ichor Holdings, Ltd. engages in the design, engineering, and manufacture of fluid delivery subsystems and components for semiconductor capital equipment in the United States and internationally. It primarily offers gas and chemical delivery systems and subsystems that are used in the manufacturing of semiconductor devices.