Amkor Technology (NASDAQ:AMKR) Shares Gap Up After Analyst Upgrade

Amkor Technology, Inc. (NASDAQ:AMKR) shares gapped up before the market opened on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock had previously closed at $62.56, but opened at $67.06. Amkor Technology shares last traded at $65.2640, with a volume of 299,117 shares traded.

A number of other research analysts have also recently issued reports on AMKR. B. Riley Financial lifted their target price on Amkor Technology from $70.00 to $90.00 and gave the company a “neutral” rating in a research report on Thursday, June 25th. Needham & Company LLC increased their price objective on Amkor Technology from $65.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. The Goldman Sachs Group raised their price target on shares of Amkor Technology from $43.00 to $65.00 and gave the stock a “neutral” rating in a report on Tuesday, April 28th. UBS Group reissued a “neutral” rating and issued a $80.00 price objective on shares of Amkor Technology in a research report on Tuesday, May 26th. Finally, Morgan Stanley boosted their target price on shares of Amkor Technology from $45.00 to $69.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Amkor Technology presently has a consensus rating of “Moderate Buy” and an average price target of $68.00.

Insider Activity

In other Amkor Technology news, Director Guillaume Marie Jean Rutten sold 50,000 shares of Amkor Technology stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $74.28, for a total transaction of $3,714,000.00. Following the transaction, the director owned 502,558 shares of the company’s stock, valued at $37,330,008.24. This trade represents a 9.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark N. Rogers sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $71.63, for a total value of $358,150.00. Following the completion of the transaction, the executive vice president owned 38,904 shares in the company, valued at $2,786,693.52. The trade was a 11.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 114,000 shares of company stock worth $8,631,450. Corporate insiders own 26.40% of the company’s stock.

Institutional Investors Weigh In On Amkor Technology

Several large investors have recently made changes to their positions in AMKR. AQR Capital Management LLC boosted its holdings in shares of Amkor Technology by 18.4% in the 3rd quarter. AQR Capital Management LLC now owns 4,211,529 shares of the semiconductor company’s stock worth $119,607,000 after buying an additional 653,489 shares during the last quarter. State Street Corp increased its holdings in Amkor Technology by 1.4% during the fourth quarter. State Street Corp now owns 3,473,925 shares of the semiconductor company’s stock worth $137,151,000 after buying an additional 47,514 shares during the last quarter. First Trust Advisors LP raised its position in Amkor Technology by 37.4% in the fourth quarter. First Trust Advisors LP now owns 2,722,310 shares of the semiconductor company’s stock worth $107,477,000 after acquiring an additional 740,701 shares during the period. Principal Financial Group Inc. raised its position in Amkor Technology by 19.3% in the first quarter. Principal Financial Group Inc. now owns 2,622,744 shares of the semiconductor company’s stock worth $118,107,000 after acquiring an additional 423,629 shares during the period. Finally, Fisher Asset Management LLC boosted its stake in Amkor Technology by 204.5% in the fourth quarter. Fisher Asset Management LLC now owns 2,095,027 shares of the semiconductor company’s stock valued at $82,712,000 after acquiring an additional 1,407,109 shares during the last quarter. 42.76% of the stock is owned by hedge funds and other institutional investors.

Amkor Technology Trading Up 0.4%

The stock’s 50 day simple moving average is $73.60 and its two-hundred day simple moving average is $60.48. The stock has a market capitalization of $16.60 billion, a PE ratio of 38.27 and a beta of 2.20. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.01 and a quick ratio of 1.74.

Amkor Technology (NASDAQ:AMKR) last issued its quarterly earnings results on Monday, April 27th. The semiconductor company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.10. The company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.63 billion. Amkor Technology had a net margin of 6.17% and a return on equity of 9.88%. Amkor Technology’s quarterly revenue was up 27.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.09 EPS. On average, sell-side analysts expect that Amkor Technology, Inc. will post 2.08 EPS for the current year.

Amkor Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Wednesday, June 3rd were given a $0.0835 dividend. This represents a $0.33 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, June 3rd. Amkor Technology’s dividend payout ratio (DPR) is currently 18.86%.

About Amkor Technology

Amkor Technology, Inc (NASDAQ:AMKR) is a leading provider of outsourced semiconductor packaging and test (OSAT) services, supporting integrated device manufacturers and semiconductor foundries worldwide. The company offers a broad range of advanced packaging solutions, including wafer bumping, flip chip, system-in-package and ball grid array technologies, designed to meet the performance, power and form-factor demands of applications across consumer electronics, automotive, communications and industrial markets.

In addition to packaging, Amkor delivers comprehensive test services such as wafer probing, final test, system-level test and digital, analog and mixed-signal testing, enabling customers to accelerate time-to-market and reduce total costs.