PNC Financial Services Group Inc. Cuts Position in Amkor Technology, Inc. (NASDAQ:AMKR)

PNC Financial Services Group Inc. decreased its holdings in shares of Amkor Technology, Inc. (NASDAQ:AMKR) by 22.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,177 shares of the semiconductor company’s stock after selling 1,192 shares during the period. PNC Financial Services Group Inc.’s holdings in Amkor Technology were worth $107,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in AMKR. State Street Corp grew its position in Amkor Technology by 5.6% during the 3rd quarter. State Street Corp now owns 3,355,817 shares of the semiconductor company’s stock valued at $102,688,000 after purchasing an additional 176,528 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Amkor Technology by 6.7% during the third quarter. Geode Capital Management LLC now owns 2,094,296 shares of the semiconductor company’s stock valued at $64,101,000 after buying an additional 131,106 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Amkor Technology by 6.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,006,273 shares of the semiconductor company’s stock valued at $51,541,000 after buying an additional 127,361 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Amkor Technology by 44.9% during the fourth quarter. Principal Financial Group Inc. now owns 1,972,293 shares of the semiconductor company’s stock valued at $50,665,000 after acquiring an additional 611,209 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Amkor Technology by 20.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,605,889 shares of the semiconductor company’s stock worth $41,255,000 after acquiring an additional 274,300 shares during the last quarter. 42.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Amkor Technology

In other Amkor Technology news, major shareholder Agnes C. Kim sold 869,565 shares of Amkor Technology stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $21.85, for a total transaction of $18,999,995.25. Following the transaction, the insider now owns 10,020,870 shares of the company’s stock, valued at $218,956,009.50. The trade was a 7.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kevin Engel sold 5,489 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $21.69, for a total transaction of $119,056.41. Following the completion of the sale, the executive vice president now directly owns 1,388 shares of the company’s stock, valued at approximately $30,105.72. This trade represents a 79.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 31.40% of the stock is currently owned by corporate insiders.

Amkor Technology Trading Down 1.0 %

Amkor Technology stock opened at $19.69 on Wednesday. Amkor Technology, Inc. has a 52-week low of $18.87 and a 52-week high of $44.86. The company has a market cap of $4.86 billion, a P/E ratio of 13.77 and a beta of 1.88. The company has a quick ratio of 1.90, a current ratio of 2.11 and a debt-to-equity ratio of 0.22. The business has a 50-day simple moving average of $22.43 and a two-hundred day simple moving average of $25.93.

Amkor Technology (NASDAQ:AMKR) last announced its earnings results on Monday, February 10th. The semiconductor company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.06. Amkor Technology had a net margin of 5.60% and a return on equity of 8.59%. Analysts predict that Amkor Technology, Inc. will post 1.47 EPS for the current year.

Amkor Technology Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Thursday, March 13th will be given a dividend of $0.0827 per share. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $0.33 annualized dividend and a yield of 1.68%. Amkor Technology’s dividend payout ratio (DPR) is presently 23.08%.

Wall Street Analyst Weigh In

Several analysts have commented on AMKR shares. Morgan Stanley cut their target price on Amkor Technology from $26.00 to $24.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $34.00 price objective on shares of Amkor Technology in a research report on Tuesday, February 11th. Melius lowered Amkor Technology from a “buy” rating to a “hold” rating and decreased their target price for the stock from $34.00 to $30.00 in a research report on Monday, January 6th. JPMorgan Chase & Co. lowered their target price on shares of Amkor Technology from $42.00 to $30.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 11th. Finally, B. Riley reduced their price target on shares of Amkor Technology from $38.00 to $32.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $31.50.

Amkor Technology 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.