Hamamatsu Photonics Shares Fall as Toyota Looks to Sell Stake
TOKYO — Shares of Hamamatsu Photonics fell on plans by its shareholder Toyota Motor to sell its stake in the company.
From the Equity Insider archive. This article dates from Sep 2, 2024 and is preserved as first published.
TOKYO — Shares of Hamamatsu Photonics fell on plans by its shareholder Toyota Motor to sell its stake in the company.
The stock declined as much as 4.4% to 3,713 yen ($25.40) Monday morning, underperforming the benchmark Nikkei 225 Index’s 0.4% gain.
Hamamatsu Photonics said after market close on Friday that Toyota plans to sell its entire stake, which amounts to nearly 5% of Hamamatsu Photonics’ outstanding shares, or about Y27 billion based on the current price.
The optical sensor and electronic parts maker said it plans to make a secondary offering and set the selling price using a closing price between Sept. 9 and 11.
The optical sensor and electronic parts maker said it plans to make a secondary offering and set the selling price using a closing price between Sept.
Some analysts said the sale by Toyota isn’t a surprise given its effort to unwind its cross-shareholding.
However, given Hamamatsu Photonics’ recent share price weakness, the timing appears peculiar, said Sumeet Singh of Aequitas Research who publishes on Smartkarma.
Shares of Hamamatsu are 35% lower year-to-date.
