Amkor Technology (NASDAQ:AMKR) Given New $75.00 Price Target at B. Riley Financial

Key Points

• B. Riley Financial cut its price target on Amkor Technology from $90 to $75 while keeping a neutral rating. The new target still implies about 10.8% upside from the stock’s current price.
• Amkor recently reported strong quarterly results, with earnings of $0.33 per share versus estimates of $0.23 and revenue of $1.68 billion versus expectations of $1.63 billion. Revenue rose 27.5% year over year.
• The stock traded up 1.5% to $67.71, and analyst sentiment remains mixed with a Moderate Buy consensus and an average price target of $68. Recent insider selling included shares sold by a director and EVP over the past month.

Amkor Technology (NASDAQ:AMKR - Get Free Report) had its price target dropped by B. Riley Financial from $90.00 to $75.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the semiconductor company's stock. B. Riley Financial's price target would suggest a potential upside of 10.76% from the company's current price.

A number of other equities analysts also recently issued reports on the stock. Melius Research upgraded shares of Amkor Technology from a "hold" rating to a "buy" rating and set a $60.00 price objective on the stock in a research note on Monday, April 6th. UBS Group reissued a "neutral" rating and issued a $80.00 price objective on shares of Amkor Technology in a research note on Tuesday, May 26th. Zacks Research upgraded Amkor Technology from a "hold" rating to a "strong-buy" rating in a report on Monday. Needham & Company LLC increased their target price on Amkor Technology from $65.00 to $90.00 and gave the company a "buy" rating in a research report on Tuesday, April 28th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Amkor Technology in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Amkor Technology currently has an average rating of "Moderate Buy" and a consensus price target of $68.00.

Amkor Technology Stock Up 1.5%

Shares of Amkor Technology stock traded up $0.98 during trading on Wednesday, hitting $67.71. 1,467,658 shares of the stock traded hands, compared to its average volume of 4,837,700. The company has a current ratio of 2.01, a quick ratio of 1.74 and a debt-to-equity ratio of 0.28. The stock's fifty day simple moving average is $73.76 and its 200 day simple moving average is $60.28. The firm has a market cap of $16.78 billion, a P/E ratio of 38.47 and a beta of 2.20. Amkor Technology has a 52-week low of $20.86 and a 52-week high of $96.68.

Amkor Technology (NASDAQ:AMKR - Get Free Report) last released its quarterly earnings data on Monday, April 27th. The semiconductor company reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.10. The company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.63 billion. Amkor Technology had a net margin of 6.17% and a return on equity of 9.88%. The firm's revenue for the quarter was up 27.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.09 earnings per share. On average, equities analysts predict that Amkor Technology will post 2.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Amkor Technology news, Director Gil C. Tily sold 15,000 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $77.30, for a total value of $1,159,500.00. Following the completion of the sale, the director directly owned 108,806 shares in the company, valued at approximately $8,410,703.80. This trade represents a 12.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Mark N. Rogers sold 5,000 shares of Amkor Technology stock in a transaction on Monday, May 18th. The stock was sold at an average price of $71.63, for a total transaction of $358,150.00. Following the sale, the executive vice president owned 38,904 shares of the company's stock, valued at $2,786,693.52. The trade was a 11.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 114,000 shares of company stock valued at $8,631,450. 26.40% of the stock is currently owned by company insiders.

Institutional Trading of Amkor Technology

Hedge funds have recently modified their holdings of the stock. Royal Bank of Canada boosted its position in Amkor Technology by 100.6% in the 1st quarter. Royal Bank of Canada now owns 19,345 shares of the semiconductor company's stock worth $349,000 after purchasing an additional 3,454,012 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of Amkor Technology by 204.5% in the 4th quarter. Fisher Asset Management LLC now owns 2,095,027 shares of the semiconductor company's stock valued at $82,712,000 after purchasing an additional 1,407,109 shares during the period. Norges Bank purchased a new stake in Amkor Technology during the fourth quarter worth $53,702,000. Arrowstreet Capital Limited Partnership boosted its holdings in Amkor Technology by 305.5% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,574,607 shares of the semiconductor company's stock worth $44,719,000 after buying an additional 1,186,313 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in Amkor Technology by 38.3% during the second quarter. AQR Capital Management LLC now owns 3,558,040 shares of the semiconductor company's stock valued at $74,541,000 after buying an additional 985,727 shares during the period. Hedge funds and other institutional investors own 42.76% of the company's stock.

About Amkor Technology

Amkor Technology, Inc NASDAQ: AMKR is a leading provider of outsourced semiconductor packaging and test (OSAT) services, supporting integrated device manufacturers and semiconductor foundries worldwide. The company offers a broad range of advanced packaging solutions, including wafer bumping, flip chip, system-in-package and ball grid array technologies, designed to meet the performance, power and form-factor demands of applications across consumer electronics, automotive, communications and industrial markets.

In addition to packaging, Amkor delivers comprehensive test services such as wafer probing, final test, system-level test and digital, analog and mixed-signal testing, enabling customers to accelerate time-to-market and reduce total costs.

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