Amkor Technology, Inc. (NASDAQ:AMKR) Sees Large Decrease in Short Interest

Amkor Technology, Inc. (NASDAQ:AMKR) saw a large decrease in short interest in the month of November. As of November 30th, there was short interest totalling 4,690,000 shares, a decrease of 7.9% from the November 15th total of 5,090,000 shares. Based on an average daily volume of 1,420,000 shares, the days-to-cover ratio is currently 3.3 days. Approximately 4.8% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on AMKR. KeyCorp dropped their target price on shares of Amkor Technology from $38.00 to $34.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. JPMorgan Chase & Co. reduced their target price on shares of Amkor Technology from $48.00 to $42.00 and set an “overweight” rating on the stock in a report on Tuesday, October 29th. The Goldman Sachs Group cut their price objective on Amkor Technology from $36.00 to $32.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 29th. Morgan Stanley cut their target price on Amkor Technology from $35.00 to $26.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 29th. Finally, Needham & Company LLC decreased their price target on shares of Amkor Technology from $45.00 to $34.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Amkor Technology presently has a consensus rating of “Moderate Buy” and an average price target of $36.29.

Insider Activity

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 shares were sold at an average price of $31.51, for a total value of $315,100.00. Following the completion of the transaction, the chief executive officer now owns 204,971 shares of the company’s stock, valued at approximately $6,458,636.21. This trade represents a 4.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 31.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Amkor Technology

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Neo Ivy Capital Management acquired a new stake in shares of Amkor Technology in the third quarter worth approximately $930,000. Valley Wealth Managers Inc. boosted its position in shares of Amkor Technology by 115.1% during the 3rd quarter. Valley Wealth Managers Inc. now owns 730,701 shares of the semiconductor company’s stock worth $22,359,000 after purchasing an additional 391,002 shares during the period. Intech Investment Management LLC purchased a new stake in shares of Amkor Technology in the 2nd quarter valued at $874,000. General American Investors Co. Inc. acquired a new stake in shares of Amkor Technology during the third quarter worth about $3,060,000. Finally, Chase Investment Counsel Corp purchased a new position in Amkor Technology in the 2nd quarter valued at approximately $3,481,000. 42.76% of the stock is owned by hedge funds and other institutional investors.

Amkor Technology Price Performance

AMKR opened at $26.54 on Monday. The stock has a market capitalization of $6.55 billion, a P/E ratio of 17.93 and a beta of 1.84. Amkor Technology has a 52-week low of $24.10 and a 52-week high of $44.86. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.84 and a current ratio of 2.06. The company’s 50-day simple moving average is $27.64 and its two-hundred day simple moving average is $32.00.

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

Amkor Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, December 4th will be given a dividend of $0.0827 per share. This represents a $0.33 annualized dividend and a dividend yield of 1.25%. This is a positive change from Amkor Technology’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, December 4th. Amkor Technology’s dividend payout ratio is presently 22.30%.

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.