Amkor Technology (NASDAQ:AMKR) Shares Gap Down - Here's What Happened

Key Points

• Amkor Technology shares gapped down at the open, falling from a prior close of $70.47 to $67.34 and trading about 4.4% lower. The move came with moderate volume and left the stock below its recent closing price.
• Despite the pullback, Amkor’s latest quarterly results were solid: EPS of $0.33 beat estimates of $0.23 and revenue of $1.68 billion topped expectations. Revenue also rose 27.5% year over year.
• Analyst sentiment remains mixed, with several firms raising price targets but the overall consensus still at “Hold” and an average target price of $69.88. The company also recently paid a quarterly dividend of $0.0835 per share, implying a 0.5% annual yield.

Amkor Technology, Inc. (NASDAQ:AMKR - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $70.47, but opened at $67.34. Amkor Technology shares last traded at $67.1620, with a volume of 356,981 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts have commented on AMKR shares. The Goldman Sachs Group raised their target price on shares of Amkor Technology from $43.00 to $65.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 28th. Melius Research upgraded shares of Amkor Technology from a "hold" rating to a "buy" rating and set a $60.00 price target for the company in a research report on Monday, April 6th. B. Riley Financial increased their price objective on shares of Amkor Technology from $70.00 to $90.00 and gave the stock a "neutral" rating in a research note on Thursday, June 25th. Needham & Company LLC raised their price objective on shares of Amkor Technology from $65.00 to $90.00 and gave the company a "buy" rating in a research report on Tuesday, April 28th. Finally, Wall Street Zen lowered Amkor Technology from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 21st. Four investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $69.88.

Amkor Technology Trading Down 4.4%

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.74 and a current ratio of 2.01. The company has a market capitalization of $16.70 billion, a PE ratio of 38.43 and a beta of 2.20. The stock has a fifty day moving average of $75.03 and a 200 day moving average of $59.04.

Amkor Technology (NASDAQ:AMKR - Get Free Report) last announced its quarterly earnings data on Monday, April 27th. The semiconductor company reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.10. The business 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 company's revenue was up 27.5% on a year-over-year basis. During the same period last year, the firm posted $0.09 EPS. As a group, sell-side analysts predict that Amkor Technology, Inc. will post 2.08 earnings per share for the current fiscal year.

Amkor Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Wednesday, June 3rd were paid a dividend of $0.0835 per share. This represents a $0.33 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, June 3rd. Amkor Technology's dividend payout ratio (DPR) is presently 18.86%.

Insider Buying and Selling

In other Amkor Technology news, Director Gil C. Tily sold 15,000 shares of Amkor Technology stock in a transaction on Monday, May 11th. The shares were sold at an average price of $77.30, for a total value of $1,159,500.00. Following the sale, the director directly owned 108,806 shares in the company, valued at approximately $8,410,703.80. The trade was a 12.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Guillaume Marie Jean Rutten sold 50,000 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $74.28, for a total transaction of $3,714,000.00. Following the transaction, the director directly owned 502,558 shares of the company's stock, valued at $37,330,008.24. This trade represents a 9.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 119,000 shares of company stock worth $8,928,600 in the last 90 days. 26.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Amkor Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. IFP Advisors Inc increased its stake in Amkor Technology by 91.2% in the 3rd quarter. IFP Advisors Inc now owns 937 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 447 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Amkor Technology by 180.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 684 shares of the semiconductor company's stock valued at $28,000 after acquiring an additional 440 shares during the last quarter. Root Financial Partners LLC boosted its position in shares of Amkor Technology by 38.8% during the 4th quarter. Root Financial Partners LLC now owns 937 shares of the semiconductor company's stock valued at $37,000 after acquiring an additional 262 shares during the last quarter. CoreCap Advisors LLC grew its holdings in shares of Amkor Technology by 56.4% in the second quarter. CoreCap Advisors LLC now owns 438 shares of the semiconductor company's stock valued at $38,000 after purchasing an additional 158 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in shares of Amkor Technology by 61.8% in the first quarter. Advisors Asset Management Inc. now owns 2,236 shares of the semiconductor company's stock valued at $40,000 after purchasing an additional 854 shares in the last quarter. 42.76% of the stock is owned by institutional investors.

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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