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 dissappointing 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.

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

Amkor Technology Dividend Announcement

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

Analyst Upgrades and Downgrades

AMKR has been the subject of a number of research analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Amkor Technology from $48.00 to $42.00 and set an “overweight” rating for the company in a report on Tuesday. StockNews.com lowered Amkor Technology from a “buy” rating to a “hold” rating in a report on Tuesday. Needham & Company LLC decreased their target price on Amkor Technology from $45.00 to $34.00 and set a “buy” rating for the company in a research report on Tuesday. KeyCorp reduced their price target on shares of Amkor Technology from $38.00 to $34.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, The Goldman Sachs Group dropped 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. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Amkor Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.63.

Insider Buying and Selling

In related news, CEO Guillaume Marie Jean Rutten sold 10,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $31.51, for a total value of $315,100.00. Following the transaction, the chief executive officer now owns 204,971 shares in the company, valued at approximately $6,458,636.21. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Winston J. Churchill sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $32.97, for a total value 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Guillaume Marie Jean Rutten sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $31.51, for a total value of $315,100.00. Following the sale, the chief executive officer now directly owns 204,971 shares in the company, valued at approximately $6,458,636.21. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 31.40% of the company’s stock.

Institutional Investors Weigh In On Amkor Technology

Hedge funds have recently bought and sold shares of the stock. M&G Plc purchased a new stake in shares of Amkor Technology during the 1st quarter worth about $11,435,000. Duality Advisers LP acquired a new stake in Amkor Technology in the first quarter valued at approximately $849,000. Capital World Investors acquired a new stake in Amkor Technology in the first quarter valued at approximately $9,288,000. Vanguard Group Inc. increased its position in shares of Amkor Technology by 1.5% in the first quarter. Vanguard Group Inc. now owns 14,976,630 shares of the semiconductor company’s stock valued at $482,847,000 after buying an additional 219,638 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of Amkor Technology during the 1st quarter worth approximately $1,257,000. Hedge funds and other institutional investors own 42.76% of the company’s stock.

Amkor Technology Stock Down 4.5 %

The business has a 50-day moving average price of $30.49 and a 200-day moving average price of $33.22. The stock has a market cap of $6.57 billion, a PE ratio of 17.59 and a beta of 1.84. The company has a current ratio of 2.08, a quick ratio of 1.83 and a debt-to-equity ratio of 0.23.

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.