ASE Technology (NYSE:ASX) Share Price Crosses Above 200-Day Moving Average Following Analyst Downgrade

ASE Technology Holding Co., Ltd. (NYSE:ASX)’s share price passed above its 200-day moving average during trading on Tuesday after Weiss Ratings upgraded the stock from a hold (c+) rating to a buy (b-) rating. The stock has a 200-day moving average of $31.92 and traded as high as $37.42. ASE Technology shares last traded at $37.0620, with a volume of 4,595,356 shares traded.

Separately, Zacks Research upgraded ASE Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, ASE Technology has an average rating of “Moderate Buy”.

Hedge Funds Weigh In On ASE Technology

A number of hedge funds have recently modified their holdings of the company. Parallel Advisors LLC raised its stake in shares of ASE Technology by 1.9% in the fourth quarter. Parallel Advisors LLC now owns 25,975 shares of the semiconductor company’s stock worth $418,000 after buying an additional 482 shares during the period. Commonwealth Equity Services LLC grew its stake in shares of ASE Technology by 5.5% during the 4th quarter. Commonwealth Equity Services LLC now owns 11,223 shares of the semiconductor company’s stock valued at $181,000 after acquiring an additional 589 shares during the period. Vest Financial LLC increased its holdings in ASE Technology by 5.2% in the 4th quarter. Vest Financial LLC now owns 12,954 shares of the semiconductor company’s stock worth $209,000 after acquiring an additional 637 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in ASE Technology by 0.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 120,598 shares of the semiconductor company’s stock worth $1,942,000 after acquiring an additional 643 shares in the last quarter. Finally, Transamerica Financial Advisors LLC raised its stake in ASE Technology by 24.8% during the 4th quarter. Transamerica Financial Advisors LLC now owns 3,435 shares of the semiconductor company’s stock worth $55,000 after acquiring an additional 683 shares during the period. Hedge funds and other institutional investors own 6.80% of the company’s stock.

ASE Technology Stock Performance

The company has a current ratio of 1.07, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. The company has a market cap of $86.97 billion, a P/E ratio of 45.24 and a beta of 1.71. The business’s 50 day simple moving average is $39.08 and its 200 day simple moving average is $32.04.

ASE Technology (NYSE:ASX) last posted its quarterly earnings results on Thursday, July 30th. The semiconductor company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.06. The business had revenue of $81.66 million during the quarter, compared to analyst estimates of $5.96 billion. ASE Technology had a net margin of 8.52% and a return on equity of 16.12%. Sell-side analysts predict that ASE Technology Holding Co., Ltd. will post 1.21 earnings per share for the current fiscal year.

ASE Technology Increases Dividend

The firm also recently disclosed an annual dividend, which was paid on Friday, August 7th. Stockholders of record on Monday, July 6th were given a $0.4171 dividend. The ex-dividend date was Monday, July 6th. This is a positive change from ASE Technology’s previous annual dividend of $0.36. This represents a dividend yield of 96.0%. ASE Technology’s dividend payout ratio (DPR) is presently 34.88%.

ASE Technology Company Profile

ASE Technology Holding Co, Ltd. (NYSE: ASX), commonly referred to as ASE, is a Taiwan-based provider of semiconductor assembly and testing services. The company focuses on back-end semiconductor manufacturing and related services that prepare integrated circuits and other semiconductor devices for final use. Its core activities include advanced IC packaging, final testing, wafer probing, and related engineering and supply-chain support for semiconductor customers.

ASE offers a range of products and technical capabilities designed to meet increasingly complex packaging and system-in-package requirements.