Amkor Technology (NASDAQ:AMKR) Announces Quarterly Earnings Results

Key Points

• Amkor Technology missed quarterly expectations: The company reported adjusted EPS of $0.76 versus the $0.78 consensus estimate and revenue of $1.99 billion versus $2.04 billion expected.
• Shares fell 6.3% to $36.81 following the results, with trading volume substantially above average. The stock remains below its 50-day and 200-day moving averages.
• Amkor declared a quarterly dividend of $0.0835 per share, representing a 0.9% yield, while analysts maintained a “Moderate Buy” consensus rating with an average price target of $66.22.

Amkor Technology (NASDAQ:AMKR - Get Free Report) issued its earnings results on Monday. The semiconductor company reported $0.76 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.02), FiscalAI reports. The business had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.04 billion. Amkor Technology had a return on equity of 12.27% and a net margin of 7.45%.

Amkor Technology Trading Down 6.3%

NASDAQ:AMKR traded down $2.49 during trading hours on Monday, hitting $36.81. 19,709,744 shares of the company were exchanged, compared to its average volume of 4,838,604. The stock has a market capitalization of $9.15 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 0.48 and a beta of 2.21. Amkor Technology has a one year low of $29.50 and a one year high of $96.68. The company has a fifty day simple moving average of $49.29 and a 200 day simple moving average of $61.79. The company has a current ratio of 2.17, a quick ratio of 1.91 and a debt-to-equity ratio of 0.50.

Amkor Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 22nd. Investors of record on Wednesday, September 2nd were given a dividend of $0.0835 per share. This represents a $0.33 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, September 2nd. Amkor Technology's dividend payout ratio (DPR) is currently 14.80%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AMKR. Bank of America initiated coverage on shares of Amkor Technology in a research report on Thursday, August 27th. They issued a "buy" rating and a $70.00 target price on the stock. B. Riley Financial cut their price objective on Amkor Technology from $65.00 to $46.00 and set a "neutral" rating on the stock in a report on Tuesday, October 20th. UBS Group upgraded Amkor Technology from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $80.00 to $90.00 in a research report on Friday, July 24th. Morgan Stanley boosted their price objective on Amkor Technology from $69.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 28th. Finally, Weiss Ratings raised Amkor Technology from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, July 31st. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $66.22.

Insider Transactions at Amkor Technology

In other news, EVP Mark Rogers sold 5,000 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $59.78, for a total value of $298,900.00. Following the completion of 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 filing with the SEC, which is accessible through the SEC website. 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 value of $46,920.00. Following the transaction, the chief financial officer owned 133,105 shares of the company's stock, valued at $6,245,286.60. This trade represents a 0.75% 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. In the last three months, insiders have sold 46,221 shares of company stock worth $2,538,507. 26.40% of the stock is currently owned by insiders.

About Amkor Technology

Amkor Technology, Inc is a provider of outsourced semiconductor packaging and test services. The company helps semiconductor manufacturers and electronics companies assemble, package and test integrated circuits before they are incorporated into finished electronic products.

Amkor's services include wafer bumping, wafer-level packaging, flip-chip packaging, system-in-package solutions, fan-out packaging, leadframe and laminate-based packaging, and semiconductor testing. Its products and services support applications including mobile and consumer electronics, communications, automotive, computing, industrial equipment, and memory devices.

Founded in 1968, Amkor has grown into a global semiconductor supply-chain partner with manufacturing and testing operations across regions including Asia, Europe and the United States.

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