Amkor Technology (NASDAQ:AMKR) Shares Gap Down Following Weak Earnings

Amkor Technology, Inc. (NASDAQ:AMKR)’s share price gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $29.53, but opened at $24.99. Amkor Technology shares last traded at $26.00, with a volume of 947,446 shares changing hands.

The semiconductor company reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.01). The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.84 billion. Amkor Technology had a return on equity of 9.41% and a net margin of 5.87%. The firm’s revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the company earned $0.54 earnings per share.

Amkor Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Tuesday, September 3rd were issued a $0.079 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 1.18%. Amkor Technology’s dividend payout ratio is presently 20.39%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. KeyCorp decreased their target price on Amkor Technology from $38.00 to $34.00 and set an “overweight” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. initiated coverage on shares of Amkor Technology in a report on Monday, July 1st. They issued an “overweight” rating and a $48.00 target price on the stock. Morgan Stanley decreased their price target on shares of Amkor Technology from $35.00 to $26.00 and set an “equal weight” rating for the company in a report on Tuesday. StockNews.com raised Amkor Technology from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. Finally, Needham & Company LLC lowered their price target on Amkor Technology from $45.00 to $34.00 and set a “buy” rating for the company in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Amkor Technology presently has an average rating of “Moderate Buy” and a consensus target price of $37.38.

Insider Activity at Amkor Technology

In other news, Director Winston J. Churchill sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $32.97, for a total transaction of $659,400.00. Following the sale, the director now owns 19,871 shares in the company, valued at $655,146.87. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Guillaume Marie Jean Rutten sold 10,000 shares of Amkor Technology stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $31.51, for a total transaction of $315,100.00. Following the completion of the sale, the chief executive officer now owns 204,971 shares of the company’s stock, valued at approximately $6,458,636.21. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Winston J. Churchill sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $32.97, for a total transaction of $659,400.00. Following the completion of the transaction, the director now owns 19,871 shares in the company, valued at approximately $655,146.87. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 31.40% of the company’s stock.

Institutional Investors Weigh In On Amkor Technology

A number of institutional investors have recently made changes to their positions in AMKR. Allspring Global Investments Holdings LLC boosted its position in shares of Amkor Technology by 104.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 16,904 shares of the semiconductor company’s stock worth $545,000 after acquiring an additional 8,617 shares in the last quarter. State of Michigan Retirement System increased its stake in shares of Amkor Technology by 2.4% in the 1st quarter. State of Michigan Retirement System now owns 25,349 shares of the semiconductor company’s stock valued at $817,000 after purchasing an additional 600 shares during the last quarter. Retirement Systems of Alabama raised its holdings in shares of Amkor Technology by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 129,621 shares of the semiconductor company’s stock worth $4,179,000 after buying an additional 344 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Amkor Technology by 15.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 289,443 shares of the semiconductor company’s stock worth $8,990,000 after buying an additional 39,509 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in Amkor Technology by 108.6% in the first quarter. BNP Paribas Financial Markets now owns 75,470 shares of the semiconductor company’s stock valued at $2,433,000 after buying an additional 39,284 shares in the last quarter. Institutional investors own 42.76% of the company’s stock.

Amkor Technology Stock Down 9.7 %

The company has a quick ratio of 1.83, a current ratio of 2.08 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $6.56 billion, a price-to-earnings ratio of 17.26 and a beta of 1.84. The firm has a 50 day moving average of $30.71 and a two-hundred day moving average of $33.30.

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.