Allianz Asset Management GmbH Sells 138,976 Shares of Amkor Technology, Inc. (NASDAQ:AMKR)

Key Points

• Allianz Asset Management GmbH has reduced its stake in Amkor Technology by 46.2%, selling 138,976 shares, leaving it with 161,744 shares valued at approximately $2.9 million.
• Other institutional investors, including Vanguard Group and First Trust Advisors, have increased their stakes, indicating growing confidence in Amkor Technology's prospects.
• Analysts have raised price targets for Amkor Technology, with JPMorgan Chase upgrading its estimate to $27, reflecting an overall positive sentiment despite a current average rating of "Hold" for the stock.

Allianz Asset Management GmbH trimmed its position in Amkor Technology, Inc. (NASDAQ:AMKR - Free Report) by 46.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 161,744 shares of the semiconductor company's stock after selling 138,976 shares during the period. Allianz Asset Management GmbH owned approximately 0.07% of Amkor Technology worth $2,922,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Amkor Technology by 0.5% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 90,081 shares of the semiconductor company's stock valued at $2,313,000 after purchasing an additional 484 shares in the last quarter. Transce3nd LLC lifted its holdings in shares of Amkor Technology by 5.8% in the first quarter. Transce3nd LLC now owns 15,817 shares of the semiconductor company's stock valued at $283,000 after purchasing an additional 864 shares in the last quarter. Merit Financial Group LLC lifted its holdings in shares of Amkor Technology by 6.4% in the first quarter. Merit Financial Group LLC now owns 14,595 shares of the semiconductor company's stock valued at $264,000 after purchasing an additional 873 shares in the last quarter. Meeder Asset Management Inc. lifted its holdings in shares of Amkor Technology by 7.8% in the fourth quarter. Meeder Asset Management Inc. now owns 14,444 shares of the semiconductor company's stock valued at $371,000 after purchasing an additional 1,041 shares in the last quarter. Finally, Riverwater Partners LLC raised its holdings in shares of Amkor Technology by 2.7% during the fourth quarter. Riverwater Partners LLC now owns 44,088 shares of the semiconductor company's stock worth $1,133,000 after acquiring an additional 1,142 shares in the last quarter. 42.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Mark N. Rogers sold 15,000 shares of the company's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $23.58, for a total value of $353,700.00. Following the sale, the executive vice president directly owned 23,862 shares of the company's stock, valued at approximately $562,665.96. This represents a 38.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 26.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on AMKR. The Goldman Sachs Group began coverage on shares of Amkor Technology in a research report on Thursday, July 10th. They set a "neutral" rating and a $20.00 target price on the stock. KeyCorp reaffirmed a "sector weight" rating on shares of Amkor Technology in a research report on Thursday, April 17th. Morgan Stanley reaffirmed an "equal weight" rating on shares of Amkor Technology in a research report on Tuesday. JPMorgan Chase & Co. lifted their target price on Amkor Technology from $25.00 to $27.00 and gave the stock an "overweight" rating in a research report on Tuesday. Finally, B. Riley raised their price target on shares of Amkor Technology from $18.00 to $24.00 and gave the stock a "neutral" rating in a research note on Tuesday. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Amkor Technology has a consensus rating of "Hold" and a consensus target price of $26.44.

Amkor Technology Trading Down 3.6%

AMKR traded down $0.81 during trading on Friday, reaching $21.75. 2,119,541 shares of the company's stock were exchanged, compared to its average volume of 2,233,908. The company's fifty day moving average price is $20.82 and its 200-day moving average price is $20.37. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.83 and a current ratio of 1.89. Amkor Technology, Inc. has a fifty-two week low of $14.03 and a fifty-two week high of $33.85. The firm has a market capitalization of $5.38 billion, a PE ratio of 17.68 and a beta of 1.85.

Amkor Technology (NASDAQ:AMKR - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The semiconductor company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.06. Amkor Technology had a net margin of 4.80% and a return on equity of 7.23%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the previous year, the business earned $0.27 EPS. The firm's revenue was up 3.4% on a year-over-year basis. As a group, equities analysts forecast that Amkor Technology, Inc. will post 1.47 EPS for the current year.

Amkor Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Shareholders of record on Thursday, June 5th were given a dividend of $0.0827 per share. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $0.33 annualized dividend and a yield of 1.5%. Amkor Technology's payout ratio is 26.83%.

About Amkor Technology

Amkor Technology, Inc provides outsourced semiconductor packaging and test services in the United States, Japan, Europe, the Middle East, Africa, and the Asia Pacific. It offers turnkey packaging and test services, including semiconductor wafer bump, wafer probe, wafer back-grind, package design, packaging, system-level and final test, and drop shipment services; flip chip scale package products for smartphones, tablets, and other mobile consumer electronic devices; flip chip stacked chip scale packages that are used to stack memory digital baseband, and as applications processors in mobile devices; flip-chip ball grid array packages for various networking, storage, computing, automotive, and consumer applications; and memory products for system memory or platform data storage.