Eastern Bank Cuts Stock Position in Advanced Micro Devices, Inc. (NASDAQ:AMD)

Key Points

• Eastern Bank has reduced its stake in Advanced Micro Devices, Inc. by 31.7%, selling 66,308 shares, leaving them with a total of 142,614 shares worth approximately $14.65 million.
• Recent reports indicate a mix of ratings for AMD, with analysts showing an overall consensus rating of "Moderate Buy" and a target price averaging $158.45.
• AMD has authorized a $6 billion stock repurchase program, indicating confidence from company leadership that its shares are undervalued.

Eastern Bank reduced its holdings in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 31.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 142,614 shares of the semiconductor manufacturer's stock after selling 66,308 shares during the quarter. Eastern Bank's holdings in Advanced Micro Devices were worth $14,652,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of AMD. Greenline Partners LLC bought a new position in Advanced Micro Devices in the fourth quarter valued at about $28,000. Mpwm Advisory Solutions LLC bought a new position in Advanced Micro Devices in the fourth quarter valued at about $30,000. Farmers & Merchants Trust Co of Chambersburg PA raised its position in Advanced Micro Devices by 277.8% in the first quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 272 shares of the semiconductor manufacturer's stock valued at $28,000 after purchasing an additional 200 shares during the last quarter. American Capital Advisory LLC raised its position in shares of Advanced Micro Devices by 90.3% during the first quarter. American Capital Advisory LLC now owns 274 shares of the semiconductor manufacturer's stock worth $28,000 after acquiring an additional 130 shares during the last quarter. Finally, Hurley Capital LLC bought a new position in shares of Advanced Micro Devices during the fourth quarter worth about $37,000. 71.34% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Mark D. Papermaster sold 17,998 shares of the company's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $155.03, for a total value of $2,790,229.94. Following the completion of the transaction, the executive vice president directly owned 1,713,710 shares in the company, valued at approximately $265,676,461.30. This represents a 1.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.06% of the company's stock.

Advanced Micro Devices Price Performance

Advanced Micro Devices stock traded up $2.07 during midday trading on Wednesday, hitting $179.51. 63,549,276 shares of the company's stock were exchanged, compared to its average volume of 49,722,936. Advanced Micro Devices, Inc. has a 52-week low of $76.48 and a 52-week high of $182.31. The stock has a 50-day moving average price of $136.04 and a two-hundred day moving average price of $115.69. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.97 and a current ratio of 2.80. The company has a market cap of $291.06 billion, a P/E ratio of 131.99, a PEG ratio of 2.35 and a beta of 2.05.

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

Advanced Micro Devices declared that its board has initiated a share repurchase program on Wednesday, May 14th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AMD. Hsbc Global Res upgraded Advanced Micro Devices from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 10th. Robert W. Baird lowered their price objective on Advanced Micro Devices from $175.00 to $140.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Citigroup raised their price objective on Advanced Micro Devices from $145.00 to $165.00 and gave the stock a "neutral" rating in a research report on Friday, July 18th. Cantor Fitzgerald restated an "overweight" rating on shares of Advanced Micro Devices in a research report on Monday, June 9th. Finally, Barclays raised their price objective on Advanced Micro Devices from $110.00 to $130.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-three have assigned a buy rating and five have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $162.94.

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.