Amkor Technology (NASDAQ:AMKR) Shares Gap Up on Earnings Beat

Amkor Technology, Inc. (NASDAQ:AMKR) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $31.47, but opened at $35.03. Amkor Technology shares last traded at $33.81, with a volume of 663,951 shares.

The semiconductor company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.13. The company had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.36 billion. Amkor Technology had a return on equity of 9.37% and a net margin of 5.53%. The firm’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.18 earnings per share.

Amkor Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Tuesday, March 12th were issued a $0.079 dividend. The ex-dividend date of this dividend was Monday, March 11th. This represents a $0.32 annualized dividend and a dividend yield of 0.95%. Amkor Technology’s dividend payout ratio is currently 21.23%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $40.00 price objective on shares of Amkor Technology in a report on Tuesday. Fox Advisors began coverage on shares of Amkor Technology in a research report on Thursday, March 14th. They issued an “equal weight” rating on the stock. The Goldman Sachs Group assumed coverage on Amkor Technology in a research report on Thursday, February 29th. They set a “neutral” rating and a $32.00 price objective for the company. Finally, B. Riley reiterated a “buy” rating and set a $45.00 target price (up previously from $43.00) on shares of Amkor Technology in a report on Tuesday. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.17.

Insider Buying and Selling

In other news, CFO Megan Faust sold 2,700 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $30.34, for a total transaction of $81,918.00. Following the completion of the sale, the chief financial officer now owns 38,811 shares of the company’s stock, valued at $1,177,525.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Megan Faust sold 2,700 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $30.34, for a total transaction of $81,918.00. Following the transaction, the chief financial officer now directly owns 38,811 shares in the company, valued at $1,177,525.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Guillaume Marie Jean Rutten sold 25,000 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $30.63, for a total transaction of $765,750.00. Following the sale, the chief executive officer now directly owns 123,728 shares in the company, valued at $3,789,788.64. The disclosure for this sale can be found here. Insiders have sold 80,500 shares of company stock valued at $2,494,720 in the last quarter. Company insiders own 31.40% of the company’s stock.

Hedge Funds Weigh In On Amkor Technology

Institutional investors have recently modified their holdings of the company. SummerHaven Investment Management LLC grew its stake in shares of Amkor Technology by 1.4% in the fourth quarter. SummerHaven Investment Management LLC now owns 24,548 shares of the semiconductor company’s stock worth $817,000 after purchasing an additional 327 shares in the last quarter. Fifth Third Bancorp grew its position in Amkor Technology by 65.8% in the 4th quarter. Fifth Third Bancorp now owns 874 shares of the semiconductor company’s stock valued at $29,000 after buying an additional 347 shares in the last quarter. Retirement Systems of Alabama increased its stake in Amkor Technology by 0.3% during the 4th quarter. Retirement Systems of Alabama now owns 129,277 shares of the semiconductor company’s stock valued at $4,301,000 after buying an additional 413 shares during the period. Arizona State Retirement System lifted its stake in shares of Amkor Technology by 1.4% in the 3rd quarter. Arizona State Retirement System now owns 31,473 shares of the semiconductor company’s stock worth $711,000 after acquiring an additional 428 shares during the period. Finally, Assetmark Inc. boosted its holdings in shares of Amkor Technology by 3.5% in the fourth quarter. Assetmark Inc. now owns 12,874 shares of the semiconductor company’s stock valued at $428,000 after acquiring an additional 438 shares in the last quarter. Institutional investors own 42.76% of the company’s stock.

Amkor Technology Stock Up 6.1 %

The firm has a market cap of $8.21 billion, a price-to-earnings ratio of 23.69 and a beta of 1.96. The company has a quick ratio of 2.02, a current ratio of 2.31 and a debt-to-equity ratio of 0.27. The stock’s 50 day moving average is $31.60 and its 200 day moving average is $29.73.

Amkor Technology Company Profile

Amkor Technology, Inc provides outsourced semiconductor packaging and test services in the United States, Japan, Europe, the Middle East, Africa, and the Asia Pacific. It offers turnkey packaging and test services, including semiconductor wafer bump, wafer probe, wafer back-grind, package design, packaging, system-level and final test, and drop shipment services; flip chip scale package products for smartphones, tablets, and other mobile consumer electronic devices; flip chip stacked chip scale packages that are used to stack memory digital baseband, and as applications processors in mobile devices; flip-chip ball grid array packages for various networking, storage, computing, automotive, and consumer applications; and memory products for system memory or platform data storage.