ASE Technology (NYSE:ASX) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of ASE Technology (NYSE:ASX) from a buy rating to a hold rating in a report issued on Saturday,Wall Street Zen reports.

Several other brokerages also recently weighed in on ASX. Zacks Research downgraded ASE Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, August 24th. Weiss Ratings raised shares of ASE Technology from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy”.

ASE Technology Price Performance

Shares of NYSE:ASX opened at $43.85 on Friday. ASE Technology has a one year low of $10.93 and a one year high of $45.51. The stock has a market capitalization of $98.02 billion, a price-to-earnings ratio of 50.99 and a beta of 1.71. The company has a 50-day simple moving average of $38.02 and a 200-day simple moving average of $33.98. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 1.07.

ASE Technology (NYSE:ASX) last issued its quarterly earnings results on Thursday, July 30th. The semiconductor company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.06. The firm had revenue of $81.66 million for the quarter, compared to analysts’ expectations of $5.96 billion. ASE Technology had a return on equity of 16.12% and a net margin of 8.52%. On average, analysts predict that ASE Technology will post 1.23 EPS for the current year.

Hedge Funds Weigh In On ASE Technology

A number of large investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd boosted its holdings in ASE Technology by 180,900.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,810 shares of the semiconductor company’s stock worth $29,000 after buying an additional 1,809 shares in the last quarter. Bessemer Group Inc. increased its holdings in ASE Technology by 135.4% in the first quarter. Bessemer Group Inc. now owns 1,438 shares of the semiconductor company’s stock valued at $31,000 after buying an additional 827 shares in the last quarter. Ancora Advisors LLC acquired a new stake in shares of ASE Technology during the 2nd quarter valued at approximately $33,000. IFP Advisors Inc boosted its stake in shares of ASE Technology by 107.7% during the 2nd quarter. IFP Advisors Inc now owns 947 shares of the semiconductor company’s stock worth $43,000 after acquiring an additional 491 shares in the last quarter. Finally, Eastern Bank purchased a new stake in shares of ASE Technology during the 2nd quarter worth approximately $95,000. Hedge funds and other institutional investors own 6.80% of the company’s stock.

About ASE Technology

ASE Technology Holding Co, Ltd. is a Taiwan-based semiconductor manufacturing services company. Through its subsidiaries, including Advanced Semiconductor Engineering, Inc and Siliconware Precision Industries Co, Ltd., the company provides outsourced semiconductor assembly and testing (OSAT) services for chipmakers and electronics companies.

Its services include semiconductor packaging, wafer probing, final testing, electronic manufacturing services, and related materials and engineering solutions.