Advanced Micro Devices, Inc. (NASDAQ:AMD) is Summa Corp.'s 2nd Largest Position

Summa Corp. trimmed its position in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 5.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 120,200 shares of the semiconductor manufacturer's stock after selling 7,000 shares during the quarter. Advanced Micro Devices makes up about 7.1% of Summa Corp.'s investment portfolio, making the stock its 2nd largest holding. Summa Corp.'s holdings in Advanced Micro Devices were worth $12,349,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in AMD. Bear Mountain Capital Inc. acquired a new stake in shares of Advanced Micro Devices in the fourth quarter worth about $25,000. Greenline Partners LLC bought a new position in shares of Advanced Micro Devices in the 4th quarter valued at approximately $28,000. Halbert Hargrove Global Advisors LLC acquired a new stake in Advanced Micro Devices in the 4th quarter worth approximately $29,000. Mpwm Advisory Solutions LLC bought a new stake in Advanced Micro Devices during the fourth quarter worth approximately $30,000. Finally, Summit Securities Group LLC bought a new stake in Advanced Micro Devices during the fourth quarter worth approximately $31,000. Institutional investors own 71.34% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on AMD. KeyCorp downgraded Advanced Micro Devices from an "overweight" rating to a "sector weight" rating in a research report on Tuesday, April 8th. TD Cowen increased their price objective on shares of Advanced Micro Devices from $110.00 to $115.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Mizuho lifted their target price on shares of Advanced Micro Devices from $117.00 to $135.00 and gave the company an "outperform" rating in a research report on Monday, May 19th. Bank of America upped their target price on shares of Advanced Micro Devices from $120.00 to $130.00 and gave the company a "buy" rating in a research note on Wednesday, May 14th. Finally, UBS Group decreased their price objective on Advanced Micro Devices from $155.00 to $150.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Fifteen analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $134.61.

Advanced Micro Devices Stock Performance

Shares of AMD opened at $127.10 on Wednesday. The stock has a market capitalization of $206.08 billion, a price-to-earnings ratio of 93.46, a PEG ratio of 1.61 and a beta of 1.99. Advanced Micro Devices, Inc. has a 12 month low of $76.48 and a 12 month high of $187.28. The firm has a fifty day simple moving average of $106.08 and a 200 day simple moving average of $111.19. The company has a current ratio of 2.80, a quick ratio of 1.97 and a debt-to-equity ratio of 0.06.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last released its earnings results on Tuesday, May 6th. The semiconductor manufacturer reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.03. The business had revenue of $7.44 billion for the quarter, compared to analyst estimates of $7.10 billion. Advanced Micro Devices had a return on equity of 8.30% and a net margin of 8.03%. Advanced Micro Devices's revenue was up 35.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.62 earnings per share. Research analysts forecast that Advanced Micro Devices, Inc. will post 3.87 EPS for the current fiscal year.

Advanced Micro Devices declared that its Board of Directors has initiated a share buyback program on Wednesday, May 14th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to buy up to 3.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Insider Activity at Advanced Micro Devices

In other news, EVP Mark D. Papermaster sold 17,500 shares of the firm's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $95.47, for a total transaction of $1,670,725.00. Following the completion of the sale, the executive vice president now owns 1,713,710 shares in the company, valued at approximately $163,607,893.70. This trade represents a 1.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.06% of the stock is currently owned by company insiders.

Advanced Micro Devices Profile

Advanced Micro Devices, Inc operates as a semiconductor company worldwide. It operates through Data Center, Client, Gaming, and Embedded segments. The company offers x86 microprocessors and graphics processing units (GPUs) as an accelerated processing unit, chipsets, data center, and professional GPUs; and embedded processors, and semi-custom system-on-chip (SoC) products, microprocessor and SoC development services and technology, data processing unites, field programmable gate arrays (FPGA), and adaptive SoC products.

Want to see what other hedge funds are holding AMD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.