Maryland State Retirement & Pension System Sells 11,453 Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD)

Key Points

• Maryland State Retirement & Pension System reduced its stake in Advanced Micro Devices (AMD) by 13.2%, selling 11,453 shares and retaining a total of 75,282 shares valued at approximately $7.73 million.
• Executive VP Mark D. Papermaster sold 17,998 shares of AMD for about $2.79 million, bringing his remaining ownership to 1.71 million shares.
• AMD reported a miss in earnings per share for the last quarter at $0.48, below analyst expectations of $0.54, despite revenue rising to $7.69 billion.

Maryland State Retirement & Pension System cut its holdings in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 13.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 75,282 shares of the semiconductor manufacturer's stock after selling 11,453 shares during the period. Maryland State Retirement & Pension System's holdings in Advanced Micro Devices were worth $7,734,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Greenline Partners LLC acquired a new position in Advanced Micro Devices during the 4th quarter worth $28,000. Farmers & Merchants Trust Co of Chambersburg PA increased its stake in shares of Advanced Micro Devices by 277.8% in the 1st quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 272 shares of the semiconductor manufacturer's stock valued at $28,000 after buying an additional 200 shares during the period. 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. Kozak & Associates Inc. lifted its stake in shares of Advanced Micro Devices by 67.6% during the first quarter. Kozak & Associates Inc. now owns 305 shares of the semiconductor manufacturer's stock valued at $29,000 after acquiring an additional 123 shares during the period. Finally, Mpwm Advisory Solutions LLC bought a new position in Advanced Micro Devices in the fourth quarter valued at about $30,000. 71.34% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on AMD. Seaport Res Ptn upgraded shares of Advanced Micro Devices to a "strong-buy" rating in a research report on Wednesday, April 30th. Evercore ISI boosted their price target on shares of Advanced Micro Devices from $144.00 to $188.00 and gave the stock an "outperform" rating in a research note on Wednesday. Piper Sandler raised their price objective on shares of Advanced Micro Devices from $140.00 to $190.00 and gave the company an "overweight" rating in a research note on Wednesday. Mizuho upped their target price on shares of Advanced Micro Devices from $152.00 to $175.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Finally, Erste Group Bank upgraded Advanced Micro Devices from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. Thirteen analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $178.56.

Advanced Micro Devices Stock Performance

Shares of NASDAQ AMD traded up $0.36 during midday trading on Friday, hitting $172.76. 68,723,246 shares of the company's stock were exchanged, compared to its average volume of 66,889,100. Advanced Micro Devices, Inc. has a 12 month low of $76.48 and a 12 month high of $182.50. The company's 50 day moving average price is $144.55 and its 200 day moving average price is $118.25. The company has a quick ratio of 1.97, a current ratio of 2.49 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $280.36 billion, a PE ratio of 99.29, a price-to-earnings-growth ratio of 2.06 and a beta of 1.94.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The semiconductor manufacturer reported $0.48 EPS for the quarter, missing analysts' consensus estimates of $0.54 by ($0.06). Advanced Micro Devices had a return on equity of 7.54% and a net margin of 9.57%. The company had revenue of $7.69 billion for the quarter, compared to the consensus estimate of $7.41 billion. During the same period last year, the firm earned $0.69 earnings per share. The company's revenue for the quarter was up 31.7% compared to the same quarter last year. As a group, analysts predict that Advanced Micro Devices, Inc. will post 3.87 earnings per share for the current fiscal year.

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

Insider Activity at Advanced Micro Devices

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

About Advanced Micro Devices

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.