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

Shares of Amkor Technology, Inc. (NASDAQ:AMKR) gapped down before the market opened 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 trading hands.

The semiconductor company reported $0.49 EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $1.84 billion. Amkor Technology’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter last year, the company posted $0.54 EPS.

Amkor Technology Announces Dividend

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

Analyst Ratings Changes

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

Insider Transactions at Amkor Technology

In other Amkor Technology news, CEO Guillaume Marie Jean Rutten sold 10,000 shares of Amkor Technology 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 completion of the sale, the chief executive officer now directly owns 204,971 shares in the company, valued at $6,458,636.21. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Guillaume Marie Jean Rutten sold 10,000 shares of Amkor Technology stock in a transaction 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 $6,458,636.21. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. 31.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Amkor Technology

Several hedge funds have recently modified their holdings of AMKR. 1620 Investment Advisors Inc. bought a new stake in Amkor Technology in the second quarter valued at about $31,000. Ashton Thomas Private Wealth LLC acquired a new stake in Amkor Technology in the 2nd quarter valued at $40,000. Headlands Technologies LLC bought a new stake in Amkor Technology in the first quarter valued at $43,000. Larson Financial Group LLC raised its stake in Amkor Technology by 911.3% during the second quarter. Larson Financial Group LLC now owns 1,254 shares of the semiconductor company’s stock worth $50,000 after acquiring an additional 1,130 shares in the last quarter. Finally, Rothschild Investment LLC acquired a new position in Amkor Technology during the second quarter worth $52,000. 42.76% of the stock is owned by institutional investors.

Amkor Technology Stock Performance

The stock has a fifty day simple moving average of $30.71 and a 200-day simple moving average of $33.30. 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 company has a market capitalization of $6.56 billion, a P/E ratio of 17.26 and a beta of 1.84.

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.