Assenagon Asset Management S.A. Invests $3.44 Million in Amkor Technology, Inc. $AMKR

Key Points

• Assenagon Asset Management opened a new position in Amkor Technology in the first quarter, buying 76,398 shares valued at about $3.44 million.
• Amkor’s latest quarterly results beat expectations, with EPS of $0.33 versus $0.23 expected and revenue of $1.68 billion, up 27.5% year over year.
• Analysts remain cautious overall despite higher price targets: the stock has a consensus rating of Hold with an average target of $69.88, while insiders have sold shares over the past 90 days, including a CFO sale and a larger director sale.

Assenagon Asset Management S.A. bought a new position in shares of Amkor Technology, Inc. (NASDAQ:AMKR - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 76,398 shares of the semiconductor company's stock, valued at approximately $3,440,000.

Other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC lifted its position in shares of Amkor Technology by 18.4% during the 3rd quarter. AQR Capital Management LLC now owns 4,211,529 shares of the semiconductor company's stock valued at $119,607,000 after acquiring an additional 653,489 shares during the period. American Century Companies Inc. increased its position in Amkor Technology by 0.5% during the 3rd quarter. American Century Companies Inc. now owns 3,835,987 shares of the semiconductor company's stock worth $108,942,000 after purchasing an additional 17,656 shares in the last quarter. State Street Corp lifted its stake in shares of Amkor Technology by 1.4% in the 4th quarter. State Street Corp now owns 3,473,925 shares of the semiconductor company's stock valued at $137,151,000 after acquiring an additional 47,514 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of Amkor Technology by 37.4% during the 4th quarter. First Trust Advisors LP now owns 2,722,310 shares of the semiconductor company's stock valued at $107,477,000 after acquiring an additional 740,701 shares in the last quarter. Finally, Fisher Asset Management LLC grew its holdings in shares of Amkor Technology by 204.5% during the fourth quarter. Fisher Asset Management LLC now owns 2,095,027 shares of the semiconductor company's stock worth $82,712,000 after purchasing an additional 1,407,109 shares during the last quarter. 42.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on AMKR shares. Needham & Company LLC increased their price target on Amkor Technology from $65.00 to $90.00 and gave the company a "buy" rating in a research note on Tuesday, April 28th. Wall Street Zen lowered shares of Amkor Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 21st. B. Riley Financial boosted their price target on shares of Amkor Technology from $70.00 to $90.00 and gave the company a "neutral" rating in a research note on Thursday. The Goldman Sachs Group boosted their price objective on Amkor Technology from $43.00 to $65.00 and gave the stock a "neutral" rating in a report on Tuesday, April 28th. Finally, Morgan Stanley lifted their price objective on shares of Amkor Technology from $45.00 to $69.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 28th. Four investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $69.88.

Insider Buying and Selling at Amkor Technology

In other news, CFO Megan Faust sold 1,000 shares of Amkor Technology stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $70.30, for a total transaction of $70,300.00. Following the completion of the sale, the chief financial officer owned 132,138 shares in the company, valued at approximately $9,289,301.40. This trade represents a 0.75% decrease in their position. 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, Director Guillaume Marie Jean Rutten sold 50,000 shares of the business's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $74.28, for a total value of $3,714,000.00. Following the transaction, the director directly owned 502,558 shares of the company's stock, valued at $37,330,008.24. The trade was a 9.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 119,000 shares of company stock worth $8,928,600 in the last ninety days. Insiders own 26.40% of the company's stock.

Amkor Technology Trading Up 4.6%

NASDAQ:AMKR opened at $82.34 on Tuesday. Amkor Technology, Inc. has a 1 year low of $20.59 and a 1 year high of $96.68. The stock's fifty day moving average price is $74.98 and its two-hundred day moving average price is $57.15. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.01 and a quick ratio of 1.74. The company has a market cap of $20.41 billion, a P/E ratio of 47.05 and a beta of 2.25.

Amkor Technology (NASDAQ:AMKR - Get Free Report) last announced its quarterly earnings results on Monday, April 27th. The semiconductor company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.10. Amkor Technology had a return on equity of 9.88% and a net margin of 6.17%.The company had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.63 billion. During the same period in the previous year, the business earned $0.09 earnings per share. The firm's quarterly revenue was up 27.5% compared to the same quarter last year. As a group, analysts expect that Amkor Technology, Inc. will post 2.08 EPS for the current year.

Amkor Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Wednesday, June 3rd were paid a dividend of $0.0835 per share. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $0.33 annualized dividend and a yield of 0.4%. Amkor Technology's payout ratio is currently 18.86%.

About Amkor Technology

Amkor Technology, Inc NASDAQ: AMKR is a leading provider of outsourced semiconductor packaging and test (OSAT) services, supporting integrated device manufacturers and semiconductor foundries worldwide. The company offers a broad range of advanced packaging solutions, including wafer bumping, flip chip, system-in-package and ball grid array technologies, designed to meet the performance, power and form-factor demands of applications across consumer electronics, automotive, communications and industrial markets.

In addition to packaging, Amkor delivers comprehensive test services such as wafer probing, final test, system-level test and digital, analog and mixed-signal testing, enabling customers to accelerate time-to-market and reduce total costs.

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