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

Key Points

• Amkor Technology shares gapped up from a prior close of $65.75 to an opening price of $72.00, and last traded around $73.06 in heavier volume.
• Recent earnings beat expectations, with quarterly EPS of $0.33 versus the $0.23 consensus and revenue of $1.68 billion, up 27.5% year over year.
• Analyst sentiment remains mixed: recent price-target boosts pushed some targets as high as $90, but the overall consensus rating is still Hold with a $67.38 average price target.

Shares of Amkor Technology, Inc. (NASDAQ:AMKR - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $65.75, but opened at $72.00. Amkor Technology shares last traded at $73.06, with a volume of 1,155,505 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group upped their target price on Amkor Technology from $43.00 to $65.00 and gave the company a "neutral" rating in a report on Tuesday, April 28th. Needham & Company LLC upped their target price on Amkor Technology from $65.00 to $90.00 and gave the company a "buy" rating in a report on Tuesday, April 28th. Wall Street Zen lowered Amkor Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 21st. Zacks Research downgraded Amkor Technology from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, February 25th. Finally, UBS Group restated a "neutral" rating and issued a $80.00 target price on shares of Amkor Technology in a research note on Tuesday. Four analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $67.38.

Amkor Technology Price Performance

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 firm has a market capitalization of $18.19 billion, a P/E ratio of 41.94 and a beta of 2.29. The business has a 50 day simple moving average of $60.53 and a two-hundred day simple moving average of $49.66.

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

Amkor Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Wednesday, June 3rd will be paid a $0.0835 dividend. This represents a $0.33 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, June 3rd. Amkor Technology's dividend payout ratio (DPR) is presently 18.86%.

Insider Buying and Selling

In related news, Director Roger Anthony Carolin sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $76.24, for a total transaction of $1,524,800.00. Following the completion of the transaction, the director owned 94,409 shares of the company's stock, valued at $7,197,742.16. This trade represents a 17.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Douglas A. Alexander sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $76.58, for a total value of $382,900.00. Following the transaction, the director directly owned 29,109 shares of the company's stock, valued at approximately $2,229,167.22. This trade represents a 14.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 113,000 shares of company stock worth $8,258,950 over the last quarter. Company insiders own 26.40% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Amkor Technology by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 15,779,847 shares of the semiconductor company's stock worth $448,148,000 after acquiring an additional 687,900 shares during the period. AQR Capital Management LLC boosted its position in shares of Amkor Technology by 18.4% in the third quarter. AQR Capital Management LLC now owns 4,211,529 shares of the semiconductor company's stock worth $119,607,000 after purchasing an additional 653,489 shares during the period. American Century Companies Inc. increased its stake in shares of Amkor Technology by 0.5% in the third quarter. American Century Companies Inc. now owns 3,835,987 shares of the semiconductor company's stock worth $108,942,000 after purchasing an additional 17,656 shares in the last quarter. State Street Corp raised its position in shares of Amkor Technology by 1.4% during the 4th quarter. State Street Corp now owns 3,473,925 shares of the semiconductor company's stock valued at $137,151,000 after purchasing an additional 47,514 shares during the period. Finally, First Trust Advisors LP raised its position in shares of Amkor Technology by 37.4% during the 4th quarter. First Trust Advisors LP now owns 2,722,310 shares of the semiconductor company's stock valued at $107,477,000 after purchasing an additional 740,701 shares during the period. Institutional investors own 42.76% of the company's stock.

Amkor Technology Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.