Ichor (ICHR) Cut to “Sector Perform” at Royal Bank of Canada

Royal Bank of Canada lowered shares of Ichor (NASDAQ:ICHR) from an outperform rating to a sector perform rating in a research report sent to investors on Wednesday, Marketbeat.com reports. The brokerage currently has $20.00 price target on the technology company’s stock, down from their previous price target of $28.00.

Several other analysts have also recently issued reports on the stock. ValuEngine cut shares of Ichor from a hold rating to a sell rating in a research report on Wednesday, September 12th. Zacks Investment Research raised shares of Ichor from a hold rating to a strong-buy rating and set a $23.00 price target on the stock in a research report on Tuesday, October 9th. Cowen set a $32.00 price target on shares of Ichor and gave the stock an outperform rating in a research report on Wednesday, August 8th. BidaskClub cut shares of Ichor from a sell rating to a strong sell rating in a research report on Wednesday, September 26th. Finally, Stifel Nicolaus set a $41.00 price target on shares of Ichor and gave the stock a buy rating in a research report on Tuesday, October 23rd. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $32.00.

Shares of ICHR traded down $0.70 during mid-day trading on Wednesday, hitting $16.00. 636,561 shares of the company’s stock were exchanged, compared to its average volume of 706,761. The stock has a market capitalization of $390.47 million, a PE ratio of 6.64 and a beta of 3.82. Ichor has a fifty-two week low of $15.21 and a fifty-two week high of $34.78. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.00 and a current ratio of 2.36.

Ichor (NASDAQ:ICHR) last issued its quarterly earnings results on Tuesday, November 6th. The technology company reported $0.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.01. The business had revenue of $175.20 million for the quarter, compared to analysts’ expectations of $179.84 million. Ichor had a net margin of 7.95% and a return on equity of 35.38%. The business’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.62 earnings per share. On average, sell-side analysts predict that Ichor will post 2.99 earnings per share for the current year.

In other news, CFO Jeff Andreson bought 5,200 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The shares were purchased at an average cost 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 of the company’s stock, valued at $242,200. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 2.20% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. Sapphire Star Partners LP increased its stake in shares of Ichor by 11.7% during the second quarter. Sapphire Star Partners LP now owns 24,002 shares of the technology company’s stock worth $510,000 after buying an additional 2,520 shares during the period. Yorktown Management & Research Co Inc increased its stake in shares of Ichor by 21.5% during the second quarter. Yorktown Management & Research Co Inc now owns 15,921 shares of the technology company’s stock worth $338,000 after buying an additional 2,821 shares during the period. First Trust Advisors LP increased its stake in shares of Ichor by 16.9% during the second quarter. First Trust Advisors LP now owns 20,650 shares of the technology company’s stock worth $438,000 after buying an additional 2,992 shares during the period. LPL Financial LLC increased its stake in shares of Ichor by 13.6% during the first quarter. LPL Financial LLC now owns 25,632 shares of the technology company’s stock worth $621,000 after buying an additional 3,075 shares during the period. Finally, Essex Investment Management Co. LLC increased its stake in shares of Ichor by 4.6% during the third quarter. Essex Investment Management Co. LLC now owns 70,789 shares of the technology company’s stock worth $1,446,000 after buying an additional 3,097 shares during the period. Hedge funds and other institutional investors own 84.96% 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, 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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