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

Amkor Technology, Inc. (NASDAQ:AMKR)’s stock 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 traded.

The semiconductor company reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.01). The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.84 billion. Amkor Technology had a net margin of 5.87% and a return on equity of 9.41%. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.079 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.32 annualized dividend and a dividend yield of 1.13%. Amkor Technology’s payout ratio is 20.39%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on AMKR shares. The Goldman Sachs Group lowered their price objective on Amkor Technology from $36.00 to $32.00 and set a “neutral” rating on the stock in a research report on Tuesday. Needham & Company LLC cut their target price on shares of Amkor Technology from $45.00 to $34.00 and set a “buy” rating for the company in a research note on Tuesday. KeyCorp reduced their price target on shares of Amkor Technology from $38.00 to $34.00 and set an “overweight” rating on the stock in a research report on Tuesday. Morgan Stanley reduced their price objective on Amkor Technology from $35.00 to $26.00 and set an “equal weight” rating on the stock in a report on Tuesday. Finally, DA Davidson lowered their target price on Amkor Technology from $40.00 to $36.00 and set a “buy” rating for the company in a research note on Tuesday. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $35.63.

Insider Buying and Selling at Amkor Technology

In other news, Director Winston J. Churchill sold 20,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $32.97, for a total value of $659,400.00. Following the transaction, the director now directly owns 19,871 shares in the company, valued at $655,146.87. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Winston J. Churchill sold 20,000 shares of Amkor Technology stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $32.97, for a total transaction of $659,400.00. Following the transaction, the director now owns 19,871 shares of the company’s stock, valued at $655,146.87. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Guillaume Marie Jean Rutten sold 10,000 shares of the company’s stock in a transaction that occurred on 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 directly owns 204,971 shares of the company’s stock, valued at $6,458,636.21. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 31.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AMKR. Driehaus Capital Management LLC bought a new position in shares of Amkor Technology during the 2nd quarter valued at about $58,379,000. Ceredex Value Advisors LLC acquired a new stake in Amkor Technology during the 3rd quarter worth approximately $42,610,000. Millennium Management LLC lifted its stake in Amkor Technology by 359.7% in the second quarter. Millennium Management LLC now owns 1,360,292 shares of the semiconductor company’s stock valued at $54,439,000 after buying an additional 1,064,404 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Amkor Technology by 54.4% in the second quarter. American Century Companies Inc. now owns 1,673,314 shares of the semiconductor company’s stock valued at $66,966,000 after buying an additional 589,530 shares during the period. Finally, M&G Plc bought a new stake in shares of Amkor Technology during the first quarter worth $11,435,000. 42.76% of the stock is owned by institutional investors and hedge funds.

Amkor Technology Trading Down 5.2 %

The firm has a market capitalization of $6.88 billion, a price-to-earnings ratio of 18.41 and a beta of 1.84. 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 business’s fifty day moving average is $30.62 and its 200 day moving average is $33.26.

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.