KeyCorp Initiates Coverage on Amkor Technology (NASDAQ:AMKR)

KeyCorp assumed coverage on shares of Amkor Technology (NASDAQ:AMKR) in a research report released on Friday, MarketBeat.com reports. The brokerage issued an overweight rating and a $38.00 price target on the semiconductor company’s stock.

A number of other brokerages have also weighed in on AMKR. Morgan Stanley lifted their price objective on Amkor Technology from $34.00 to $38.00 and gave the company an equal weight rating in a report on Tuesday, July 2nd. B. Riley lifted their price target on Amkor Technology from $45.00 to $50.00 and gave the company a buy rating in a research note on Thursday, June 20th. Needham & Company LLC upped their price objective on Amkor Technology from $40.00 to $45.00 and gave the stock a buy rating in a report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. began coverage on Amkor Technology in a report on Monday, July 1st. They issued an overweight rating and a $48.00 target price for the company. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Amkor Technology currently has an average rating of Moderate Buy and a consensus price target of $40.75.

Amkor Technology Price Performance

Amkor Technology stock opened at $30.96 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.08 and a quick ratio of 1.83. The business has a 50 day simple moving average of $33.12 and a 200-day simple moving average of $33.65. Amkor Technology has a 12 month low of $17.58 and a 12 month high of $44.86. The stock has a market capitalization of $7.61 billion, a PE ratio of 20.37 and a beta of 1.85.

Amkor Technology (NASDAQ:AMKR) last announced its quarterly earnings data on Monday, July 29th. The semiconductor company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. The company had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.45 billion. Amkor Technology had a net margin of 5.87% and a return on equity of 9.41%. Amkor Technology’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.26 EPS. Equities analysts predict that Amkor Technology will post 1.53 earnings per share for the current year.

Amkor Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Tuesday, September 3rd will be issued a $0.079 dividend. This represents a $0.32 annualized dividend and a yield of 1.02%. The ex-dividend date of this dividend is Tuesday, September 3rd. Amkor Technology’s dividend payout ratio (DPR) is 20.39%.

Insider Transactions at Amkor Technology

In related news, Director Winston J. Churchill sold 20,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $32.97, for a total value of $659,400.00. Following the sale, the director now directly owns 19,871 shares of the company’s stock, valued at approximately $655,146.87. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Amkor Technology news, Director Winston J. Churchill sold 20,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $32.97, for a total transaction of $659,400.00. Following the sale, the director now owns 19,871 shares in the company, valued at approximately $655,146.87. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Guillaume Marie Jean Rutten sold 25,000 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $42.94, for a total value of $1,073,500.00. Following the transaction, the chief executive officer now directly owns 128,333 shares of the company’s stock, valued at approximately $5,510,619.02. The disclosure for this sale can be found here. Corporate insiders own 31.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets lifted its stake in shares of Amkor Technology by 17.6% during the fourth quarter. BNP Paribas Financial Markets now owns 36,186 shares of the semiconductor company’s stock valued at $1,204,000 after buying an additional 5,408 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Amkor Technology by 3.0% during the 4th quarter. Principal Financial Group Inc. now owns 438,698 shares of the semiconductor company’s stock worth $14,595,000 after purchasing an additional 12,846 shares during the period. Norges Bank acquired a new stake in shares of Amkor Technology during the fourth quarter worth $39,224,000. Corient Private Wealth LLC grew its position in shares of Amkor Technology by 12.5% in the fourth quarter. Corient Private Wealth LLC now owns 64,341 shares of the semiconductor company’s stock valued at $2,141,000 after purchasing an additional 7,150 shares during the period. Finally, Assetmark Inc. grew its position in shares of Amkor Technology by 3.5% in the fourth quarter. Assetmark Inc. now owns 12,874 shares of the semiconductor company’s stock valued at $428,000 after purchasing an additional 438 shares during the period. 42.76% of the stock is currently owned by hedge funds and other 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.