Amkor Technology Inc. (AMKR) Raised to “Buy” at Zacks Investment Research
Amkor Technology Inc. (NASDAQ:AMKR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $11.00 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 16.65% from the stock’s previous close.
According to Zacks, “Amkor is the world’s largest independent provider of semiconductor packaging and test services. Also, the company is one of the leading developers of advanced semiconductor packaging and test technology. The company offers one of the industry’s broadest integrated sets of packaging and test services, which are the final procedures necessary to prepare semiconductor devices for further use. Its customers outsource the packaging and testing of semiconductor chips to the company in order to benefit from the our expertise in the development and implementation. “
AMKR has been the topic of several other reports. Deutsche Bank AG boosted their price target on Amkor Technology from $6.00 to $7.50 and gave the company a “hold” rating in a research note on Tuesday, August 2nd. Citigroup Inc. upped their price objective on Amkor Technology from $5.00 to $6.20 and gave the company a “sell” rating in a research note on Wednesday, August 3rd. Finally, Credit Suisse Group AG reiterated a “neutral” rating on shares of Amkor Technology in a research note on Tuesday, August 16th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. Amkor Technology presently has an average rating of “Hold” and a consensus price target of $7.93.
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Shares of Amkor Technology (NASDAQ:AMKR) traded down 3.78% during mid-day trading on Tuesday, reaching $9.43. The company’s stock had a trading volume of 949,139 shares. The company has a 50 day moving average of $9.28 and a 200-day moving average of $7.03. Amkor Technology has a 12 month low of $4.09 and a 12 month high of $10.13. The firm has a market capitalization of $2.24 billion, a P/E ratio of 83.45 and a beta of 2.29.
Amkor Technology (NASDAQ:AMKR) last issued its quarterly earnings results on Monday, August 1st. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.10. Amkor Technology had a return on equity of 3.00% and a net margin of 0.72%. The firm had revenue of $917 million for the quarter, compared to analyst estimates of $876.28 million. During the same period in the previous year, the company posted $0.08 earnings per share. The company’s quarterly revenue was up 24.4% compared to the same quarter last year. Equities research analysts forecast that Amkor Technology will post $0.42 EPS for the current year.
In other news, Director James W. Zug sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $7.56, for a total value of $75,600.00. Following the transaction, the director now directly owns 55,828 shares of the company’s stock, valued at approximately $422,059.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Charles Stone sold 3,400 shares of the business’s stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $9.25, for a total value of $31,450.00. Following the completion of the transaction, the insider now directly owns 3,400 shares in the company, valued at $31,450. The disclosure for this sale can be found here. 58.70% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. BNP Paribas Arbitrage SA increased its position in shares of Amkor Technology by 46.2% in the third quarter. BNP Paribas Arbitrage SA now owns 13,193 shares of the company’s stock valued at $128,000 after buying an additional 4,172 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Amkor Technology during the second quarter valued at approximately $137,000. Principal Financial Group Inc. increased its position in shares of Amkor Technology by 31.0% in the second quarter. Principal Financial Group Inc. now owns 25,064 shares of the company’s stock valued at $144,000 after buying an additional 5,925 shares during the last quarter. Engineers Gate Manager LP acquired a new position in shares of Amkor Technology during the second quarter valued at approximately $144,000. Finally, A.R.T. Advisors LLC acquired a new position in shares of Amkor Technology during the second quarter valued at approximately $239,000. 31.95% of the stock is currently owned by institutional investors and hedge funds.
About Amkor Technology
Amkor Technology, Inc is a provider of outsourced semiconductor packaging and test services. The Company’s packaging and test services are designed to meet application and chip specific requirements, including the type of interconnect technology employed, size, thickness and electrical, and mechanical and thermal performance.
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