Amkor Technology (NASDAQ:AMKR) Upgraded by Zacks Research to Strong-Buy Rating

Key Points

• Zacks Research upgraded Amkor Technology from hold to strong-buy, adding to a generally positive analyst backdrop that now shows an average rating of Moderate Buy and an average price target of $69.88.
• Amkor shares were up 6.7% in Monday trading, opening at $66.73 after the company’s recent strong operating results and analyst optimism.
• The company’s last quarterly report beat expectations, with EPS of $0.33 versus $0.23 expected and revenue of $1.68 billion, up 27.5% year over year; however, insiders have also been selling shares in recent months.

Amkor Technology (NASDAQ:AMKR - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Monday,Zacks.com reports.

Several other research firms have also issued reports on AMKR. Weiss Ratings restated a "hold (c)" rating on shares of Amkor Technology in a research report on Friday. The Goldman Sachs Group upped their price objective on Amkor Technology from $43.00 to $65.00 and gave the company a "neutral" rating in a report on Tuesday, April 28th. UBS Group reissued a "neutral" rating and issued a $80.00 target price on shares of Amkor Technology in a research note on Tuesday, May 26th. Morgan Stanley raised their target price on Amkor Technology from $45.00 to $69.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 28th. Finally, Melius Research upgraded Amkor Technology from a "hold" rating to a "buy" rating and set a $60.00 target price for the company in a research report on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $69.88.

Amkor Technology Trading Up 6.7%

AMKR opened at $66.73 on Monday. The firm has a 50 day simple moving average of $73.76 and a 200 day simple moving average of $60.28. Amkor Technology has a fifty-two week low of $20.86 and a fifty-two week high of $96.68. The company has a market cap of $16.54 billion, a price-to-earnings ratio of 38.13 and a beta of 2.20. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.01 and a quick ratio of 1.74.

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. Amkor Technology had a net margin of 6.17% and a return on equity of 9.88%. The firm had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.63 billion. During the same period last year, the firm earned $0.09 earnings per share. The business's revenue for the quarter was up 27.5% on a year-over-year basis. On average, sell-side analysts anticipate that Amkor Technology will post 2.08 earnings per share for the current year.

Insider Activity at Amkor Technology

In other news, Director Roger Anthony Carolin sold 20,000 shares of the company's stock in a transaction dated 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 directly owned 94,409 shares of the company's stock, valued at $7,197,742.16. This represents a 17.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark N. Rogers sold 5,000 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $71.63, for a total value of $358,150.00. Following the transaction, the executive vice president owned 38,904 shares of the company's stock, valued at approximately $2,786,693.52. The trade was a 11.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 114,000 shares of company stock valued at $8,631,450 over the last ninety days. Company insiders own 26.40% of the company's stock.

Hedge Funds Weigh In On Amkor Technology

Several hedge funds have recently made changes to their positions in the business. Bessemer Group Inc. lifted its holdings in shares of Amkor Technology by 12.5% during the first quarter. Bessemer Group Inc. now owns 1,216 shares of the semiconductor company's stock worth $55,000 after buying an additional 135 shares in the last quarter. Arista Wealth Management LLC grew its stake in shares of Amkor Technology by 1.2% in the second quarter. Arista Wealth Management LLC now owns 13,642 shares of the semiconductor company's stock valued at $1,176,000 after acquiring an additional 157 shares in the last quarter. CoreCap Advisors LLC grew its stake 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 acquiring an additional 158 shares in the last quarter. O Shaughnessy Asset Management LLC increased its position in Amkor Technology by 2.1% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 9,799 shares of the semiconductor company's stock worth $387,000 after acquiring an additional 202 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its position in Amkor Technology by 0.6% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 36,221 shares of the semiconductor company's stock worth $1,430,000 after acquiring an additional 218 shares during the period. 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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