Amkor Technology (NASDAQ:AMKR) Shares Gap Up After Strong Earnings

Shares of Amkor Technology, Inc. (NASDAQ:AMKR) gapped up prior to trading 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 changing hands.

The semiconductor company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.13. Amkor Technology had a net margin of 5.53% and a return on equity of 9.37%. The company had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter in the prior year, the firm earned $0.18 earnings per share. The company’s revenue for the quarter was down 7.2% compared to the same quarter last year.

Amkor Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Tuesday, March 12th were given a dividend of $0.079 per share. This represents a $0.32 annualized dividend and a yield of 0.98%. The ex-dividend date of this dividend was Monday, March 11th. Amkor Technology’s payout ratio is 21.23%.

Analysts Set New Price Targets

Several analysts have recently issued reports on AMKR shares. Fox Advisors initiated coverage on Amkor Technology in a research report on Thursday, March 14th. They issued an “equal weight” rating on the stock. DA Davidson upped their target price on shares of Amkor Technology from $35.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $40.00 price target on shares of Amkor Technology in a research note on Tuesday. B. Riley reissued a “buy” rating and issued a $45.00 price objective (up previously from $43.00) on shares of Amkor Technology in a research report on Tuesday. Finally, The Goldman Sachs Group initiated coverage on shares of Amkor Technology in a research report on Thursday, February 29th. They set a “neutral” rating and a $32.00 target price on the stock. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Insider Activity at Amkor Technology

In other Amkor Technology news, CEO Guillaume Marie Jean Rutten sold 25,000 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $31.17, for a total transaction of $779,250.00. Following the transaction, the chief executive officer now owns 114,476 shares of the company’s stock, valued at $3,568,216.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Guillaume Marie Jean Rutten sold 25,000 shares of Amkor Technology stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $31.17, for a total value of $779,250.00. Following the transaction, the chief executive officer now directly owns 114,476 shares of the company’s stock, valued at approximately $3,568,216.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Megan Faust sold 2,800 shares of Amkor Technology stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $31.09, for a total transaction of $87,052.00. Following the transaction, the chief financial officer now directly owns 53,023 shares in the company, valued at $1,648,485.07. The disclosure for this sale can be found here. Over the last three months, insiders sold 80,500 shares of company stock worth $2,494,720. 31.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Amkor Technology

Large investors have recently added to or reduced their stakes in the company. CWM LLC boosted its position in Amkor Technology by 81.1% in the 3rd quarter. CWM LLC now owns 3,661 shares of the semiconductor company’s stock valued at $83,000 after buying an additional 1,640 shares during the last quarter. SG Americas Securities LLC purchased a new position in Amkor Technology in the third quarter valued at about $703,000. Exchange Traded Concepts LLC grew its stake in Amkor Technology by 77.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 11,176 shares of the semiconductor company’s stock valued at $253,000 after purchasing an additional 4,891 shares in the last quarter. Foster & Motley Inc. increased its holdings in Amkor Technology by 14.5% during the 3rd quarter. Foster & Motley Inc. now owns 31,884 shares of the semiconductor company’s stock worth $721,000 after purchasing an additional 4,034 shares during the last quarter. Finally, Bailard Inc. raised its position in shares of Amkor Technology by 20.0% in the 3rd quarter. Bailard Inc. now owns 12,241 shares of the semiconductor company’s stock valued at $277,000 after purchasing an additional 2,041 shares in the last quarter. 42.76% of the stock is owned by institutional investors and hedge funds.

Amkor Technology Stock Performance

The company has a market capitalization of $7.95 billion, a price-to-earnings ratio of 22.16 and a beta of 1.96. The company has a current ratio of 2.31, a quick ratio of 2.02 and a debt-to-equity ratio of 0.27. The stock has a 50-day simple moving average of $31.60 and a 200-day simple moving average of $29.73.

About Amkor Technology

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.