Amkor Technology, Inc. (NASDAQ:AMKR) Sees Significant Drop in Short Interest

Amkor Technology, Inc. (NASDAQ:AMKR) was the target of a large drop in short interest during the month of July. As of July 15th, there was short interest totalling 2,890,000 shares, a drop of 38.2% from the June 30th total of 4,680,000 shares. Based on an average daily volume of 1,470,000 shares, the short-interest ratio is presently 2.0 days. Currently, 3.0% of the shares of the company are short sold.

Analyst Ratings Changes

A number of equities research analysts have issued reports on AMKR shares. Needham & Company LLC reiterated a “buy” rating and set a $40.00 price objective on shares of Amkor Technology in a research note on Tuesday, April 30th. DA Davidson raised their price target on shares of Amkor Technology from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, April 30th. B. Riley upped their price objective on shares of Amkor Technology from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. JPMorgan Chase & Co. assumed coverage on shares of Amkor Technology in a research note on Monday, July 1st. They set an “overweight” rating and a $48.00 target price on the stock. Finally, Morgan Stanley increased their price target on Amkor Technology from $34.00 to $38.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 2nd. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Amkor Technology presently has an average rating of “Moderate Buy” and a consensus price target of $40.43.

Insider Buying and Selling

In related news, EVP Mark N. Rogers sold 5,000 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $31.30, for a total value of $156,500.00. Following the transaction, the executive vice president now directly owns 25,280 shares in the company, valued at $791,264. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Amkor Technology news, CEO Guillaume Marie Jean Rutten sold 25,000 shares of Amkor Technology stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $33.37, for a total value of $834,250.00. Following the completion of the transaction, the chief executive officer now directly owns 104,476 shares of the company’s stock, valued at approximately $3,486,364.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark N. Rogers sold 5,000 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $31.30, for a total value of $156,500.00. Following the sale, the executive vice president now directly owns 25,280 shares in the company, valued at $791,264. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,000 shares of company stock valued at $2,708,250. Insiders own 31.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Miller Howard Investments Inc. NY increased its position in shares of Amkor Technology by 2.2% during the second quarter. Miller Howard Investments Inc. NY now owns 22,852 shares of the semiconductor company’s stock worth $915,000 after buying an additional 481 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Amkor Technology by 13.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 19,110 shares of the semiconductor company’s stock worth $765,000 after acquiring an additional 2,206 shares during the period. Highland Capital Management LLC bought a new position in shares of Amkor Technology in the 2nd quarter worth about $265,000. Alta Wealth Advisors LLC acquired a new position in shares of Amkor Technology in the 2nd quarter valued at about $377,000. Finally, SummerHaven Investment Management LLC boosted its position in shares of Amkor Technology by 1.9% during the 2nd quarter. SummerHaven Investment Management LLC now owns 25,314 shares of the semiconductor company’s stock valued at $1,013,000 after purchasing an additional 461 shares in the last quarter. Institutional investors own 42.76% of the company’s stock.

Amkor Technology Price Performance

Shares of NASDAQ:AMKR opened at $38.15 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.08 and a current ratio of 2.34. Amkor Technology has a 52 week low of $17.58 and a 52 week high of $44.86. The firm has a market cap of $9.38 billion, a PE ratio of 25.10 and a beta of 1.86. The firm’s fifty day moving average is $37.48 and its 200-day moving average is $33.69.

Amkor Technology (NASDAQ:AMKR) last announced its earnings results on Monday, April 29th. The semiconductor company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.13. Amkor Technology had a return on equity of 9.53% and a net margin of 5.84%. The business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same period last year, the company earned $0.18 EPS. Amkor Technology’s revenue for the quarter was down 7.2% compared to the same quarter last year. Sell-side analysts predict that Amkor Technology will post 1.76 earnings per share for the current year.

Amkor Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 24th. Shareholders of record on Tuesday, June 4th were given a dividend of $0.079 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date was Tuesday, June 4th. Amkor Technology’s dividend payout ratio is presently 20.39%.

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.