Ichor (ICHR) Trading Down 16.9% Following Analyst Downgrade

Ichor Holdings Ltd (NASDAQ:ICHR)’s share price fell 16.9% during trading on Wednesday after Cowen lowered their price target on the stock from $32.00 to $28.00. Cowen currently has an outperform rating on the stock. Ichor traded as low as $15.89 and last traded at $16.03. 2,685,334 shares were traded during mid-day trading, an increase of 144% from the average session volume of 1,098,377 shares. The stock had previously closed at $19.28.

ICHR has been the subject of a number of other research reports. Royal Bank of Canada lowered Ichor from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from $28.00 to $20.00 in a research note on Wednesday. ValuEngine lowered Ichor from a “hold” rating to a “sell” rating in a research note on Wednesday, September 12th. BidaskClub upgraded Ichor from a “sell” rating to a “hold” rating in a research note on Tuesday, July 10th. Stifel Nicolaus set a $41.00 target price on Ichor and gave the company a “buy” rating in a research note on Tuesday, October 23rd. Finally, Zacks Investment Research upgraded Ichor from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 11th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $32.00.

In related news, CFO Jeff Andreson bought 5,200 shares of the stock in a transaction dated Monday, August 27th. The stock was acquired at an average price of $24.22 per share, for a total transaction of $125,944.00. Following the completion of the purchase, the chief financial officer now owns 10,000 shares in the company, valued at $242,200. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.20% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. grew its stake in Ichor by 35.1% during the 2nd quarter. BlackRock Inc. now owns 1,603,700 shares of the technology company’s stock valued at $34,030,000 after purchasing an additional 416,283 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Ichor by 103.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,158,654 shares of the technology company’s stock valued at $24,587,000 after purchasing an additional 587,943 shares in the last quarter. Selz Capital LLC grew its stake in Ichor by 296.7% during the 2nd quarter. Selz Capital LLC now owns 671,877 shares of the technology company’s stock valued at $14,257,000 after purchasing an additional 502,516 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Ichor by 245.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 546,840 shares of the technology company’s stock valued at $11,166,000 after purchasing an additional 388,397 shares in the last quarter. Finally, Federated Investors Inc. PA grew its stake in Ichor by 1.1% during the 2nd quarter. Federated Investors Inc. PA now owns 486,746 shares of the technology company’s stock valued at $10,329,000 after purchasing an additional 5,099 shares in the last quarter. Hedge funds and other institutional investors own 84.96% of the company’s stock.

The company has a debt-to-equity ratio of 0.73, a current ratio of 2.10 and a quick ratio of 1.00. The company has a market cap of $469.64 million, a price-to-earnings ratio of 6.65 and a beta of 3.82.

Ichor (NASDAQ:ICHR) last issued its quarterly earnings data on Tuesday, November 6th. The technology company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.01. Ichor had a return on equity of 35.06% and a net margin of 7.95%. The firm had revenue of $175.20 million during the quarter, compared to analyst estimates of $179.84 million. During the same quarter last year, the firm earned $0.62 EPS. Ichor’s quarterly revenue was up 6.5% on a year-over-year basis. As a group, research analysts forecast that Ichor Holdings Ltd will post 2.99 earnings per share for the current year.

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About Ichor (NASDAQ:ICHR)

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

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