When Steve Kelley was named CEO of Amkor Technology (AMKR) in May of 2013, AMKR was around $4.50. As an incentive, the company granted him 750,000 shares in stock and options at the equivalent of $4.50. After the grant fully vested, SEC filings indicate the CEO sold most all of the granted stock and options between Nov. of 2016 and June of 2017 at an average price of $11.38 for total proceeds of $8.9 million.
AMKR closed Wednesday at $6.53.
So, since his employment began with Amkor, Kelley did not buy any AMKR on the open market. His only actions were disposing of shares granted to him as compensation. His timing was good.
But over the last few days Kelley reversed his selling and bought 150,000 of AMKR at an average price of $6.33. Not only is the buy large in dollar terms – 1.18x his annual salary – but it also increased his holdings in his company’s stock by 89%.
I’ll also note that a Feb. 2017 grant – this time of 200,000 shares and 450,000 options – converts at $9.86. With the stock now some 33% below that level, the CEO has lots of incentive to get the share price up.
Stephen Douglas Kelley Form 4 Filings – Amkor Technology Inc.
|
Filing Date |
Company |
Ticker |
Transaction |
Trade Date |
Shares |
Avg. Price |
$ Total |
|
12-Dec-2018 |
Amkor Technology Inc. |
AMKR |
Market Purchase |
11-Dec-2018 |
50,000 |
6.32 |
316,000 |
|
12-Dec-2018 |
Amkor Technology Inc. |
AMKR |
Market Purchase |
10-Dec-2018 |
100,000 |
6.33 |
633,000 |
|
27-Nov-2018 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
27-Nov-2018 |
5,425 |
6.61 |
35,859 |
|
27-Aug-2018 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
27-Aug-2018 |
5,425 |
8.78 |
47,632 |
|
29-May-2018 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
27-May-2018 |
5,425 |
9.18 |
49,802 |
|
27-Feb-2018 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
27-Feb-2018 |
5,425 |
10.2 |
55,335 |
|
28-Nov-2017 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
27-Nov-2017 |
5,750 |
11.39 |
65,493 |
|
28-Aug-2017 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
27-Aug-2017 |
5,750 |
8.54 |
49,105 |
|
12-Jun-2017 |
Amkor Technology Inc. |
AMKR |
Private Sale |
09-Jun-2017 |
32,924 |
12.06 |
397,063 |
|
12-Jun-2017 |
Amkor Technology Inc. |
AMKR |
Option Exercise |
08-Jun-2017 |
75,586 |
4.5 |
340,137 |
|
12-Jun-2017 |
Amkor Technology Inc. |
AMKR |
Private Option Sale |
08-Jun-2017 |
75,586 |
12.13 |
916,858 |
|
30-May-2017 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
27-May-2017 |
5,750 |
11.74 |
67,505 |
|
08-May-2017 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
08-May-2017 |
21,563 |
11.73 |
252,934 |
|
01-Mar-2017 |
Amkor Technology Inc. |
AMKR |
Grant |
27-Feb-2017 |
200,000 |
9.86 |
1,972,000 |
|
09-Feb-2017 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
08-Feb-2017 |
21,754 |
9.66 |
210,144 |
|
23-Nov-2016 |
Amkor Technology Inc. |
AMKR |
Market Sale |
22-Nov-2016 |
85,214 |
12.22 |
1,041,320 |
|
18-Nov-2016 |
Amkor Technology Inc. |
AMKR |
Market Sale |
17-Nov-2016 |
9,843 |
11.82 |
116,344 |
|
18-Nov-2016 |
Amkor Technology Inc. |
AMKR |
Option Exercise |
17-Nov-2016 |
9,843 |
4.5 |
44,294 |
|
16-Nov-2016 |
Amkor Technology Inc. |
AMKR |
Market Sale |
15-Nov-2016 |
100,000 |
11.3 |
1,130,000 |
|
15-Nov-2016 |
Amkor Technology Inc. |
AMKR |
Market Sale |
14-Nov-2016 |
43,000 |
11.53 |
495,790 |
|
15-Nov-2016 |
Amkor Technology Inc. |
AMKR |
Market Option Sale |
11-Nov-2016 |
103,828 |
11.41 |
1,184,680 |
|
15-Nov-2016 |
Amkor Technology Inc. |
AMKR |
Option Exercise |
11-Nov-2016 |
103,828 |
4.5 |
467,226 |
|
10-Nov-2016 |
Amkor Technology Inc. |
AMKR |
Option Exercise |
09-Nov-2016 |
100,000 |
4.5 |
450,000 |
|
10-Nov-2016 |
Amkor Technology Inc. |
AMKR |
Market Option Sale |
09-Nov-2016 |
100,000 |
11.02 |
1,102,000 |
|
08-Nov-2016 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
08-Nov-2016 |
21,563 |
11.24 |
242,368 |
|
08-Nov-2016 |
Amkor Technology Inc. |
AMKR |
Option Exercise |
07-Nov-2016 |
100,000 |
4.5 |
450,000 |
|
08-Nov-2016 |
Amkor Technology Inc. |
AMKR |
Market Option Sale |
07-Nov-2016 |
100,000 |
10.89 |
1,089,000 |
|
08-Nov-2016 |
Amkor Technology Inc. |
AMKR |
Option Exercise |
04-Nov-2016 |
100,000 |
4.5 |
450,000 |
|
08-Nov-2016 |
Amkor Technology Inc. |
AMKR |
Market Option Sale |
04-Nov-2016 |
100,000 |
10.45 |
1,045,000 |
|
09-Aug-2016 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
08-Aug-2016 |
21,563 |
8.24 |
177,679 |
|
10-May-2016 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
08-May-2016 |
15,633 |
5.64 |
88,170 |
|
09-Feb-2016 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
08-Feb-2016 |
15,880 |
5.31 |
84,323 |
|
09-Nov-2015 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
08-Nov-2015 |
22,477 |
6.67 |
149,922 |
|
10-Aug-2015 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
08-Aug-2015 |
22,477 |
4.21 |
94,628 |
|
08-May-2015 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
08-May-2015 |
22,477 |
7.02 |
157,789 |
|
09-Feb-2015 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
08-Feb-2015 |
15,816 |
7.1 |
112,294 |
|
10-Nov-2014 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
08-Nov-2014 |
22,477 |
6.39 |
143,628 |
|
11-Aug-2014 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
08-Aug-2014 |
22,477 |
8.94 |
200,944 |
|
08-May-2014 |
Amkor Technology Inc. |
AMKR |
Payment of Exercise |
08-May-2014 |
84,266 |
8.84 |
744,911 |
|
25-Feb-2014 |
Amkor Technology Inc. |
AMKR |
Market Purchase |
26-Nov-2013 |
3,000 |
5.93 |
17,784 |
|
08-May-2013 |
Amkor Technology Inc. |
AMKR |
Grant |
08-May-2013 |
750,000 |
0 |
– |
Source: WhaleWisdom.com
As I’ve written about previously, semiconductor stocks have been brutalized in the selloff, and Amkor is no exception. AMKR hit a 52-week low of $5.72 on Oct. 24, down 44% from its March high.
Amkor Technology, Inc. is one of the world’s largest providers of outsourced semiconductor packaging and test services. The Company offers deep submicron wafer fabrication, wafer probe testing, integrated circuit packaging assembly and design, final testing, reliability testing, burn-in, and electrical characterization.
For Q3 of 2018, AMKR’s earned 24 cents per share, surpassing consensus estimates. Revenues of $1.14 billion increased 7.3% sequentially but decreased 0.4% year over year. After the Oct. 28 report the company received several analyst downgrades.
Commenting on Q3, CEO Kelley said: “Although we recognize that smartphone unit growth is moderating, we still see a lot of incremental opportunity for Amkor in this very large market. Three content related trends are driving increased opportunities. First, new features which require additional IC’; second, increasing package level integration throughout the phone; and third, the accelerating migration of features from the high end into mid-range phones.”
Should trade war fears ease, Amkor may see a significant bounce. Judging by his recent insider buying, Steve Kelly believes his stock’s recent weakness is overdone and the shares represent a good value. Sell high and buy low.
Disclaimer: Do not construe anything written in this post or this blog in its entirety as a recommendation, research, or an offer to buy or sell any securities. Everything in this post is meant for educational and entertainment purposes only. I or my affiliates may hold positions in securities mentioned in the article.
