Oak Grove Capital LLC Sells 428,160 Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD)

Key Points

• Oak Grove Capital LLC significantly reduced its stake in Advanced Micro Devices, Inc. by 97.9%, selling 428,160 shares, and now holds only 9,104 shares valued at approximately $935,000.
• Goldman Sachs increased its holdings in AMD by 169.7% while other institutional investors showed substantial interest, raising their stakes significantly, contributing to a total institutional ownership of 71.34%.
• AMD recently reported earnings with $0.48 EPS, missing estimates, despite a significant revenue growth of 31.7% from last year, and announced a $6.00 billion stock buyback program.

Oak Grove Capital LLC decreased its position in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 97.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,104 shares of the semiconductor manufacturer's stock after selling 428,160 shares during the quarter. Oak Grove Capital LLC's holdings in Advanced Micro Devices were worth $935,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Goldman Sachs Group Inc. raised its holdings in Advanced Micro Devices by 169.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,855,341 shares of the semiconductor manufacturer's stock worth $1,012,538,000 after buying an additional 6,200,850 shares during the period. Toronto Dominion Bank raised its holdings in Advanced Micro Devices by 443.3% during the 4th quarter. Toronto Dominion Bank now owns 5,467,956 shares of the semiconductor manufacturer's stock worth $660,475,000 after buying an additional 4,461,609 shares during the period. Nuveen LLC acquired a new stake in Advanced Micro Devices during the 1st quarter worth approximately $436,746,000. Kovitz Investment Group Partners LLC raised its holdings in Advanced Micro Devices by 2,265.5% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 3,017,294 shares of the semiconductor manufacturer's stock worth $364,459,000 after buying an additional 2,889,739 shares during the period. Finally, Northern Trust Corp raised its holdings in Advanced Micro Devices by 20.1% during the 4th quarter. Northern Trust Corp now owns 17,155,522 shares of the semiconductor manufacturer's stock worth $2,072,215,000 after buying an additional 2,874,012 shares during the period. Institutional investors own 71.34% of the company's stock.

Advanced Micro Devices Trading Down 1.9%

Shares of Advanced Micro Devices stock opened at $180.95 on Friday. The firm has a 50-day moving average of $149.48 and a 200-day moving average of $119.82. The stock has a market cap of $293.65 billion, a PE ratio of 103.99, a PEG ratio of 2.18 and a beta of 1.94. Advanced Micro Devices, Inc. has a 52-week low of $76.48 and a 52-week high of $186.65. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.81 and a current ratio of 2.49.

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

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

Analyst Ratings Changes

Several brokerages have commented on AMD. Mizuho raised their target price on shares of Advanced Micro Devices from $183.00 to $205.00 and gave the stock an "outperform" rating in a report on Thursday. Deutsche Bank Aktiengesellschaft set a $200.00 price objective on shares of Advanced Micro Devices in a report on Wednesday, August 6th. Wall Street Zen upgraded shares of Advanced Micro Devices from a "sell" rating to a "hold" rating in a report on Monday, May 12th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $200.00 price objective on shares of Advanced Micro Devices in a report on Wednesday, August 6th. Finally, Melius upgraded shares of Advanced Micro Devices from a "hold" rating to a "buy" rating and set a $175.00 price objective on the stock in a report on Monday, June 23rd. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-two have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $180.12.

Insider Transactions at Advanced Micro Devices

In related news, EVP Mark D. Papermaster sold 17,998 shares of the company's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $155.03, for a total transaction of $2,790,229.94. Following the completion of the sale, the executive vice president owned 1,713,710 shares of the company's stock, valued at $265,676,461.30. This represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Paul Darren Grasby sold 10,000 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $173.21, for a total transaction of $1,732,100.00. Following the sale, the executive vice president directly owned 125,505 shares of the company's stock, valued at $21,738,721.05. This represents a 7.38% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.06% of the company's stock.

Advanced Micro Devices Company 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.

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