Amkor Technology (NASDAQ:AMKR) Shares Gap Up After Better-Than-Expected Earnings

Amkor Technology, Inc. (NASDAQ:AMKR) shares gapped up before the market opened 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 trading hands.

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

Amkor Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Tuesday, March 12th were issued a $0.079 dividend. This represents a $0.32 annualized dividend and a yield of 0.95%. The ex-dividend date of this dividend was Monday, March 11th. Amkor Technology’s dividend payout ratio (DPR) is currently 21.23%.

Analysts Set New Price Targets

A number of equities analysts recently commented on AMKR shares. The Goldman Sachs Group began coverage on Amkor Technology in a report on Thursday, February 29th. They set a “neutral” rating and a $32.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $40.00 target price on shares of Amkor Technology in a research report on Tuesday. Fox Advisors started coverage on shares of Amkor Technology in a report on Thursday, March 14th. They issued an “equal weight” rating for the company. Finally, B. Riley reiterated a “buy” rating and issued a $45.00 price objective (up previously from $43.00) on shares of Amkor Technology in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Amkor Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.17.

Insider Buying and Selling at Amkor Technology

In related news, CEO Guillaume Marie Jean Rutten sold 25,000 shares of the company’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 value of $765,750.00. Following the transaction, the chief executive officer now directly owns 123,728 shares of the company’s stock, valued at approximately $3,789,788.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Guillaume Marie Jean Rutten sold 25,000 shares of Amkor Technology stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $30.63, for a total value of $765,750.00. Following the completion of the sale, the chief executive officer now directly owns 123,728 shares in the company, valued at approximately $3,789,788.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Megan Faust sold 2,800 shares of the company’s stock in a transaction dated 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 owns 53,023 shares in the company, valued at approximately $1,648,485.07. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 80,500 shares of company stock worth $2,494,720. 31.40% of the stock is owned by insiders.

Institutional Trading of Amkor Technology

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Amkor Technology by 10.4% in the 3rd quarter. Vanguard Group Inc. now owns 13,797,154 shares of the semiconductor company’s stock worth $311,816,000 after purchasing an additional 1,300,745 shares in the last quarter. Norges Bank bought a new stake in Amkor Technology during the fourth quarter valued at about $39,224,000. TT International Asset Management LTD bought a new position in shares of Amkor Technology in the fourth quarter worth about $30,284,000. AQR Capital Management LLC lifted its position in shares of Amkor Technology by 39.3% during the 3rd quarter. AQR Capital Management LLC now owns 1,939,583 shares of the semiconductor company’s stock valued at $43,835,000 after buying an additional 547,604 shares in the last quarter. Finally, Hudson Bay Capital Management LP bought a new position in shares of Amkor Technology during the 3rd quarter valued at approximately $10,015,000. Hedge funds and other institutional investors own 42.76% of the company’s stock.

Amkor Technology Trading Up 6.1 %

The company has a market capitalization of $8.21 billion, a P/E ratio of 23.69 and a beta of 1.96. The stock has a 50 day moving average of $31.60 and a 200-day moving average of $29.73. The company has a current ratio of 2.31, a quick ratio of 2.02 and a debt-to-equity ratio of 0.27.

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.