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

Amkor Technology, Inc. (NASDAQ:AMKR) shares gapped up prior to trading on Tuesday following a stronger than expected earnings report. 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 for the quarter, topping analysts’ consensus estimates of $0.11 by $0.13. Amkor Technology had a net margin of 5.84% and a return on equity of 9.63%. The firm had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter in the previous year, the firm posted $0.18 earnings per share. The company’s revenue was down 7.2% on a year-over-year basis.

Amkor Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Tuesday, March 12th were paid a dividend of $0.079 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date was Monday, March 11th. Amkor Technology’s payout ratio is 20.39%.

Analyst Upgrades and Downgrades

AMKR has been the subject of a number of research reports. Morgan Stanley raised their price objective on shares of Amkor Technology from $32.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday. Fox Advisors initiated coverage on shares of Amkor Technology in a research note on Thursday, March 14th. They set an “equal weight” rating for the company. 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 note on Tuesday. The Goldman Sachs Group lifted their target price on Amkor Technology from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $40.00 price target on shares of Amkor Technology in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Amkor Technology has an average rating of “Moderate Buy” and a consensus target price of $37.67.

Insider Buying and Selling at Amkor Technology

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 approximately $1,177,525.74. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Guillaume Marie Jean Rutten sold 25,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 123,728 shares in the company, valued at $3,789,788.64. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Megan Faust sold 2,700 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $30.34, for a total value of $81,918.00. Following the completion of the transaction, the chief financial officer now owns 38,811 shares in the company, valued at $1,177,525.74. The disclosure for this sale can be found here. Over the last three months, insiders have sold 80,500 shares of company stock valued at $2,494,720. 31.40% of the stock is currently owned by company insiders.

Institutional Trading of Amkor Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Janney Montgomery Scott LLC increased its position in shares of Amkor Technology by 30.6% during the first quarter. Janney Montgomery Scott LLC now owns 24,869 shares of the semiconductor company’s stock worth $802,000 after acquiring an additional 5,824 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Amkor Technology by 108.6% during the 1st quarter. BNP Paribas Financial Markets now owns 75,470 shares of the semiconductor company’s stock worth $2,433,000 after purchasing an additional 39,284 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Amkor Technology by 15.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 289,443 shares of the semiconductor company’s stock worth $8,990,000 after purchasing an additional 39,509 shares during the last quarter. Retirement Systems of Alabama lifted its holdings in shares of Amkor Technology by 0.3% in the first quarter. Retirement Systems of Alabama now owns 129,621 shares of the semiconductor company’s stock valued at $4,179,000 after purchasing an additional 344 shares in the last quarter. Finally, Vest Financial LLC grew its holdings in Amkor Technology by 253.1% during the first quarter. Vest Financial LLC now owns 26,743 shares of the semiconductor company’s stock worth $862,000 after buying an additional 19,170 shares in the last quarter. Institutional investors own 42.76% of the company’s stock.

Amkor Technology Price Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 2.31 and a quick ratio of 2.02. The company has a fifty day moving average of $31.65 and a 200-day moving average of $29.80. The firm has a market cap of $7.46 billion, a P/E ratio of 19.89 and a beta of 1.96.

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.