Principal Financial Group Inc. Acquires 925,644 Shares of Amkor Technology, Inc. (NASDAQ:AMKR)

Principal Financial Group Inc. boosted its holdings in Amkor Technology, Inc. (NASDAQ:AMKR) by 212.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,361,084 shares of the semiconductor company’s stock after acquiring an additional 925,644 shares during the quarter. Principal Financial Group Inc.’s holdings in Amkor Technology were worth $41,647,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Neo Ivy Capital Management purchased a new stake in shares of Amkor Technology in the third quarter worth approximately $930,000. Valley Wealth Managers Inc. raised its position in Amkor Technology by 115.1% in the 3rd quarter. Valley Wealth Managers Inc. now owns 730,701 shares of the semiconductor company’s stock valued at $22,359,000 after buying an additional 391,002 shares during the last quarter. Intech Investment Management LLC bought a new position in Amkor Technology during the 2nd quarter valued at $874,000. General American Investors Co. Inc. purchased a new position in Amkor Technology during the 3rd quarter worth $3,060,000. Finally, Chase Investment Counsel Corp bought a new stake in shares of Amkor Technology in the 2nd quarter worth $3,481,000. Institutional investors and hedge funds own 42.76% of the company’s stock.

Insider Buying and Selling

In related news, CEO Guillaume Marie Jean Rutten sold 10,000 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $31.51, for a total transaction of $315,100.00. Following the sale, the chief executive officer now owns 204,971 shares of the company’s stock, valued at approximately $6,458,636.21. This represents a 4.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 31.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on AMKR. JPMorgan Chase & Co. dropped their price target on shares of Amkor Technology from $48.00 to $42.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. Needham & Company LLC dropped their target price on shares of Amkor Technology from $45.00 to $34.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. The Goldman Sachs Group reduced their target price on Amkor Technology from $36.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday, October 29th. DA Davidson dropped their price target on Amkor Technology from $40.00 to $36.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Finally, Morgan Stanley reduced their price objective on Amkor Technology from $35.00 to $26.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 29th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $36.29.

Amkor Technology Price Performance

Shares of NASDAQ AMKR opened at $26.27 on Tuesday. The company has a current ratio of 2.06, a quick ratio of 1.84 and a debt-to-equity ratio of 0.21. The stock has a fifty day simple moving average of $27.09 and a two-hundred day simple moving average of $31.72. Amkor Technology, Inc. has a 1-year low of $24.10 and a 1-year high of $44.86. The firm has a market cap of $6.48 billion, a price-to-earnings ratio of 17.75 and a beta of 1.84.

Amkor Technology (NASDAQ:AMKR) last announced its quarterly earnings data on Monday, October 28th. The semiconductor company reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.01). The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.84 billion. Amkor Technology had a return on equity of 8.98% and a net margin of 5.68%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the business posted $0.54 EPS. Analysts anticipate that Amkor Technology, Inc. will post 1.42 earnings per share for the current year.

Amkor Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Investors of record on Wednesday, December 4th were paid a dividend of $0.0827 per share. This is a boost from Amkor Technology’s previous quarterly dividend of $0.08. This represents a $0.33 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date of this dividend was Wednesday, December 4th. Amkor Technology’s dividend payout ratio is presently 22.30%.

Amkor Technology Profile

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.