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

ASE Technology Holding Co., Ltd. (NYSE:ASX)’s share price crossed 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 changing hands.

Separately, Zacks Research upgraded shares of ASE Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy”.

Hedge Funds Weigh In On ASE Technology

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

ASE Technology Stock Performance

The stock has a market capitalization of $86.97 billion, a P/E ratio of 45.24 and a beta of 1.71. The stock has a 50 day simple moving average of $39.08 and a two-hundred day simple moving average of $32.04. The company has a quick ratio of 0.81, a current ratio of 1.07 and a debt-to-equity ratio of 0.54.

ASE Technology (NYSE:ASX) last released its quarterly earnings data on Thursday, July 30th. The semiconductor company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.23 by $0.06. The company had revenue of $81.66 million during the quarter, compared to the consensus estimate of $5.96 billion. ASE Technology had a return on equity of 16.12% and a net margin of 8.52%. On average, equities analysts forecast that ASE Technology Holding Co., Ltd. will post 1.21 EPS for the current fiscal year.

ASE Technology Increases Dividend

The company also recently announced an annual dividend, which was paid on Friday, August 7th. Investors of record on Monday, July 6th were paid a $0.4171 dividend. This is an increase from ASE Technology’s previous annual dividend of $0.36. The ex-dividend date was Monday, July 6th. This represents a yield of 96.0%. ASE Technology’s dividend payout ratio (DPR) is 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.