JPMorgan Chase & Co. Cuts Amkor Technology (NASDAQ:AMKR) Price Target to $42.00

Amkor Technology (NASDAQ:AMKR) had its price objective lowered by JPMorgan Chase & Co. from $48.00 to $42.00 in a report published on Tuesday, Benzinga reports. The firm currently has an overweight rating on the semiconductor company’s stock.

AMKR has been the topic of a number of other reports. StockNews.com upgraded shares of Amkor Technology from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. KeyCorp reduced their target price on Amkor Technology from $38.00 to $34.00 and set an “overweight” rating on the stock in a report on Tuesday. Needham & Company LLC dropped their price target on Amkor Technology from $45.00 to $34.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Morgan Stanley reduced their price objective on Amkor Technology from $35.00 to $26.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $35.63.

Amkor Technology Price Performance

Shares of Amkor Technology stock opened at $25.45 on Tuesday. The company has a market capitalization of $6.27 billion, a price-to-earnings ratio of 17.20 and a beta of 1.84. The company has a quick ratio of 1.83, a current ratio of 2.08 and a debt-to-equity ratio of 0.23. The stock’s 50-day simple moving average is $30.49 and its 200-day simple moving average is $33.22. Amkor Technology has a 52 week low of $17.58 and a 52 week high of $44.86.

Amkor Technology (NASDAQ:AMKR) last posted its quarterly earnings results 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 business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.84 billion. Amkor Technology had a return on equity of 9.41% and a net margin of 5.87%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.54 earnings per share. As a group, analysts expect that Amkor Technology will post 1.55 earnings per share for the current fiscal year.

Amkor Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Tuesday, September 3rd were paid a $0.079 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend was Tuesday, September 3rd. Amkor Technology’s payout ratio is 20.95%.

Insider Transactions at Amkor Technology

In related news, CEO Guillaume Marie Jean Rutten sold 10,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $31.51, for a total value of $315,100.00. Following the completion of the sale, the chief executive officer now directly owns 204,971 shares in the company, valued at $6,458,636.21. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Amkor Technology news, CEO Guillaume Marie Jean Rutten sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $31.51, for a total transaction of $315,100.00. Following the completion of the transaction, the chief executive officer now owns 204,971 shares in the company, valued at $6,458,636.21. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Winston J. Churchill sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $32.97, for a total value of $659,400.00. Following the transaction, the director now directly owns 19,871 shares in the company, valued at approximately $655,146.87. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 31.40% of the company’s stock.

Institutional Trading of Amkor Technology

Several institutional investors and hedge funds have recently made changes to their positions in AMKR. Driehaus Capital Management LLC bought a new position in shares of Amkor Technology in the second quarter worth about $58,379,000. Ceredex Value Advisors LLC purchased a new stake in Amkor Technology in the 3rd quarter valued at about $42,610,000. Millennium Management LLC grew its stake in Amkor Technology by 359.7% in the 2nd quarter. Millennium Management LLC now owns 1,360,292 shares of the semiconductor company’s stock worth $54,439,000 after acquiring an additional 1,064,404 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Amkor Technology by 212.6% during the third quarter. Principal Financial Group Inc. now owns 1,361,084 shares of the semiconductor company’s stock worth $41,647,000 after acquiring an additional 925,644 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of Amkor Technology by 54.4% during the second quarter. American Century Companies Inc. now owns 1,673,314 shares of the semiconductor company’s stock valued at $66,966,000 after acquiring an additional 589,530 shares in the last quarter. 42.76% of the stock is currently owned by institutional investors.

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.