Amkor Technology (NASDAQ:AMKR) CEO Sells $35,000.00 in Stock

Amkor Technology, Inc. (NASDAQ:AMKR) CEO Kevin Engel sold 1,000 shares of the firm’s stock in a transaction on Monday, November 9th. The shares were sold at an average price of $35.00, for a total transaction of $35,000.00. Following the transaction, the chief executive officer directly owned 8,666 shares of the company’s stock, valued at $303,310. The trade was a 10.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Amkor Technology Price Performance

Shares of NASDAQ:AMKR opened at $37.12 on Friday. The firm has a market cap of $9.20 billion, a PE ratio of 14.97, a price-to-earnings-growth ratio of 0.48 and a beta of 2.39. The firm’s fifty day moving average is $45.63 and its 200-day moving average is $56.39. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.89 and a current ratio of 2.17. Amkor Technology, Inc. has a 52 week low of $29.76 and a 52 week high of $96.68.

Amkor Technology (NASDAQ:AMKR) last announced its earnings results on Monday, October 26th. The semiconductor company reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.02). The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $2.04 billion. Amkor Technology had a return on equity of 13.32% and a net margin of 8.30%. The firm’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the prior year, the business earned $0.51 earnings per share. Sell-side analysts predict that Amkor Technology, Inc. will post 2.50 earnings per share for the current year.

Amkor Technology News Summary

Investors following AMKR have been watching these news items:

• Negative Sentiment: Communications revenue fell 28% year over year and 8% sequentially, as smartphone-production disruptions and material constraints weighed on the business. Article: Amkor’s Communications Business Weakens
• Negative Sentiment: Commentary cautions that Amkor’s AI-related expansion could take years to generate returns, tempering the near-term benefit investors may assign to its capacity commitments. Article: The AI Expansion Could Take Years to Pay Off
• Negative Sentiment: B. Riley lowered its price target to $38 and maintained a neutral rating. The CFO and CEO also reported small share sales, both made under pre-arranged trading plans; the transactions may still add to investor caution amid broader insider selling.

Hedge Funds Weigh In On Amkor Technology

A number of institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Amkor Technology in the 2nd quarter worth $1,060,005,000. Principal Financial Group Inc. increased its stake in Amkor Technology by 19.3% during the 1st quarter. Principal Financial Group Inc. now owns 2,622,744 shares of the semiconductor company’s stock valued at $118,107,000 after purchasing an additional 423,629 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd increased its stake in Amkor Technology by 17.5% during the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 2,072,000 shares of the semiconductor company’s stock valued at $108,651,000 after purchasing an additional 308,000 shares in the last quarter. Fisher Asset Management LLC raised its holdings in Amkor Technology by 9.9% during the third quarter. Fisher Asset Management LLC now owns 2,001,124 shares of the semiconductor company’s stock worth $104,819,000 after buying an additional 179,577 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Amkor Technology during the second quarter worth $90,656,000. 42.76% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on AMKR shares. Needham & Company LLC lowered their price objective on Amkor Technology from $90.00 to $55.00 and set a “buy” rating for the company in a research report on Tuesday, October 27th. B. Riley Financial reduced their target price on Amkor Technology from $41.00 to $38.00 and set a “neutral” rating on the stock in a report on Monday. The Goldman Sachs Group set a $56.00 target price on shares of Amkor Technology in a research report on Tuesday, October 27th. Bank of America started coverage on shares of Amkor Technology in a report on Thursday, August 27th. They set a “buy” rating and a $70.00 price target for the company. Finally, Morgan Stanley dropped their price target on shares of Amkor Technology from $70.00 to $63.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 27th. Five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $62.12.

About Amkor Technology

Amkor Technology is a provider of outsourced semiconductor packaging and test services. It works with semiconductor companies to assemble and test integrated circuits before they are incorporated into electronic products. Its services include advanced packaging, wafer bumping, flip-chip packaging, wafer-level packaging, system-in-package solutions, and semiconductor testing. These technologies support applications in markets such as communications, automotive, computing, and consumer electronics.