Truist Financial Corp Buys New Stake in Amkor Technology, Inc. $AMKR

Key Points

• Truist Financial Corp has acquired a new stake in Amkor Technology, Inc., purchasing 13,057 shares valued at approximately $274,000 in the second quarter of 2023.
• Insider transactions indicate significant activity, with EVP Mark N. Rogers selling 15,000 shares for over $353,000, while major shareholder Sujoda Management acquired 441,589 shares worth nearly $9.65 million.
• Analysts have raised their financial outlook for Amkor Technology, with price targets ranging from $24 to $27, as several firms have upgraded or maintained positive ratings ahead of upcoming earnings.

Truist Financial Corp purchased a new stake in Amkor Technology, Inc. (NASDAQ:AMKR - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 13,057 shares of the semiconductor company's stock, valued at approximately $274,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd purchased a new position in shares of Amkor Technology in the first quarter valued at approximately $27,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Amkor Technology by 416.8% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,602 shares of the semiconductor company's stock valued at $34,000 after buying an additional 1,292 shares during the period. Allworth Financial LP increased its stake in Amkor Technology by 166.3% during the first quarter. Allworth Financial LP now owns 2,173 shares of the semiconductor company's stock worth $38,000 after purchasing an additional 1,357 shares during the period. Advisors Asset Management Inc. increased its holdings in Amkor Technology by 61.8% during the 1st quarter. Advisors Asset Management Inc. now owns 2,236 shares of the semiconductor company's stock worth $40,000 after purchasing an additional 854 shares during the period. Finally, AlphaQuest LLC purchased a new stake in shares of Amkor Technology in the 1st quarter valued at approximately $53,000. Hedge funds and other institutional investors own 42.76% of the company's stock.

Insider Transactions at Amkor Technology

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 transaction of $353,700.00. Following the completion of the transaction, the executive vice president owned 23,862 shares of the company's stock, valued at approximately $562,665.96. This represents a 38.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Sujoda Management, Llc acquired 441,589 shares of the company's stock in a transaction dated Friday, August 1st. The stock was acquired at an average price of $21.85 per share, with a total value of $9,648,719.65. Following the purchase, the insider owned 3,789,479 shares in the company, valued at approximately $82,800,116.15. This represents a 13.19% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders sold 46,792 shares of company stock worth $1,255,900. 26.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently commented on AMKR. B. Riley increased their target price on shares of Amkor Technology from $18.00 to $24.00 and gave the company a "neutral" rating in a research report on Tuesday, July 29th. Morgan Stanley reiterated an "equal weight" rating on shares of Amkor Technology in a research report on Tuesday, July 29th. Wall Street Zen upgraded shares of Amkor Technology from a "hold" rating to a "buy" rating in a report on Friday, September 5th. JPMorgan Chase & Co. increased their price target on shares of Amkor Technology from $25.00 to $27.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Amkor Technology in a research note on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $27.11.

Amkor Technology Trading Down 0.7%

Shares of AMKR stock opened at $31.29 on Friday. The stock has a market capitalization of $7.73 billion, a P/E ratio of 25.44 and a beta of 1.98. The company has a quick ratio of 1.70, a current ratio of 1.89 and a debt-to-equity ratio of 0.28. The stock has a 50-day simple moving average of $26.80 and a 200 day simple moving average of $22.02. Amkor Technology, Inc. has a fifty-two week low of $14.03 and a fifty-two week high of $33.54.

Amkor Technology (NASDAQ:AMKR - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The semiconductor company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.06. Amkor Technology had a return on equity of 7.23% and a net margin of 4.80%.The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same period last year, the company posted $0.27 EPS. The company's revenue was up 3.4% compared to the same quarter last year. Amkor Technology has set its Q3 2025 guidance at 0.340-0.480 EPS. On average, sell-side analysts expect that Amkor Technology, Inc. will post 1.47 earnings per share for the current fiscal year.

Amkor Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Stockholders of record on Wednesday, September 3rd were issued a dividend of $0.0827 per share. This represents a $0.33 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Wednesday, September 3rd. Amkor Technology's payout ratio is currently 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.

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