Amkor Technology (NASDAQ:AMKR) Stock Price Target Cut by B. Riley Financial

Key Points

• B. Riley Financial lowered its price target on Amkor Technology from $41 to $38 and maintained a neutral rating, implying about 9.7% upside from the stock’s then-current price.
• Analyst views are mixed, but MarketBeat’s consensus rating is Hold, with an average price target of $62.12 (five Buy, five Hold, and one Sell rating).
• Amkor’s latest quarterly results came in below expectations: EPS was $0.76 versus $0.78 forecast, and revenue was $1.99 billion versus $2.04 billion expected, though revenue grew 0.2% year over year.

Amkor Technology (NASDAQ:AMKR - Get Free Report) had its target price reduced by investment analysts at B. Riley Financial from $41.00 to $38.00 in a report released on Monday, Benzinga reports. The brokerage currently has a "neutral" rating on the semiconductor company's stock. B. Riley Financial's price target would indicate a potential upside of 9.66% from the stock's current price.

Other equities research analysts have also recently issued research reports about the stock. Wall Street Zen cut shares of Amkor Technology from a "buy" rating to a "hold" rating in a research note on Saturday, October 31st. UBS Group upgraded shares of Amkor Technology from a "neutral" rating to a "buy" rating and upped their price target for the stock from $80.00 to $90.00 in a research report on Friday, July 24th. Weiss Ratings cut shares of Amkor Technology from a "hold (c+)" rating to a "sell (d+)" rating in a research note on Wednesday, October 28th. Morgan Stanley decreased their price objective on shares of Amkor Technology from $70.00 to $63.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 27th. Finally, Bank of America started coverage on shares of Amkor Technology in a research note on Thursday, August 27th. They set a "buy" rating and a $70.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Amkor Technology currently has a consensus rating of "Hold" and an average price target of $62.12.

Amkor Technology Stock Performance

Shares of AMKR opened at $34.65 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.17 and a quick ratio of 1.89. Amkor Technology has a one year low of $29.76 and a one year high of $96.68. The company has a 50-day simple moving average of $46.50 and a two-hundred day simple moving average of $56.70. The firm has a market capitalization of $8.59 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 0.41 and a beta of 2.39.

Amkor Technology (NASDAQ:AMKR - Get Free Report) last posted its quarterly earnings data on Monday, October 26th. The semiconductor company reported $0.76 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.02). Amkor Technology had a return on equity of 13.32% and a net margin of 8.30%. The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $2.04 billion. During the same period in the previous year, the firm earned $0.51 EPS. The company's revenue was up .2% on a year-over-year basis. On average, analysts anticipate that Amkor Technology will post 2.50 EPS for the current fiscal year.

Insider Activity at Amkor Technology

In other news, EVP Mark Rogers sold 5,000 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $59.78, for a total value of $298,900.00. Following the sale, the executive vice president owned 38,904 shares of the company's stock, valued at approximately $2,325,681.12. This represents a 11.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Megan Faust sold 1,000 shares of the firm's stock in a transaction dated Tuesday, October 13th. The stock was sold at an average price of $46.92, for a total transaction of $46,920.00. Following the completion of the sale, the chief financial officer directly owned 133,105 shares of the company's stock, valued at approximately $6,245,286.60. The trade was a 0.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 13,000 shares of company stock worth $724,320. Company insiders own 26.40% of the company's stock.

Hedge Funds Weigh In On Amkor Technology

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Amkor Technology during the second quarter worth $1,060,005,000. Clal Insurance Enterprises Holdings Ltd acquired a new stake in shares of Amkor Technology in the 2nd quarter worth $152,110,000. Bank of New York Mellon Corp purchased a new position in Amkor Technology during the 2nd quarter worth $90,656,000. Bank of Nova Scotia purchased a new position in Amkor Technology during the 2nd quarter worth $58,273,000. Finally, Principal Financial Group Inc. increased its position in Amkor Technology by 19.3% during the 1st quarter. Principal Financial Group Inc. now owns 2,622,744 shares of the semiconductor company's stock valued at $118,107,000 after buying an additional 423,629 shares in the last quarter. Hedge funds and other institutional investors own 42.76% of the company's stock.

Amkor Technology Company Profile

Amkor Technology is a provider of outsourced semiconductor packaging and test services. It works with semiconductor companies to assemble and test integrated circuits before they are incorporated into electronic products.

Its services include advanced packaging, wafer bumping, flip-chip packaging, wafer-level packaging, system-in-package solutions, and semiconductor testing. These technologies support applications in markets such as communications, automotive, computing, and consumer electronics.

Founded in 1968, Amkor has grown from its roots in South Korea into a global provider with operations across Asia, Europe, and the United States.

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