ASE Technology (NYSE:ASX) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of ASE Technology (NYSE:ASX) from a hold rating to a strong-buy rating in a research note released on Tuesday,Zacks.com reports.

ASX has been the subject of a number of other reports. Wall Street Zen raised shares of ASE Technology from a “hold” rating to a “buy” rating in a research report on Sunday, April 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ASE Technology in a report on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy”.

ASE Technology Stock Up 2.3%

Shares of NYSE:ASX opened at $34.20 on Tuesday. ASE Technology has a 1 year low of $8.89 and a 1 year high of $34.22. The company has a market capitalization of $76.05 billion, a PE ratio of 50.30, a price-to-earnings-growth ratio of 0.67 and a beta of 1.68. The business has a fifty day moving average price of $24.81 and a two-hundred day moving average price of $19.76. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.15 and a quick ratio of 0.89.

ASE Technology (NYSE:ASX) last released its earnings results on Wednesday, April 29th. The semiconductor company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. ASE Technology had a return on equity of 13.48% and a net margin of 7.03%.The company had revenue of $5.43 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Analysts forecast that ASE Technology will post 1.05 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Rafferty Asset Management LLC lifted its holdings in shares of ASE Technology by 50.9% in the second quarter. Rafferty Asset Management LLC now owns 7,392,190 shares of the semiconductor company’s stock worth $76,361,000 after buying an additional 2,491,918 shares in the last quarter. Schroder Investment Management Group lifted its stake in ASE Technology by 38.4% in the 3rd quarter. Schroder Investment Management Group now owns 7,258,450 shares of the semiconductor company’s stock worth $80,787,000 after purchasing an additional 2,012,970 shares in the last quarter. Lazard Asset Management LLC lifted its stake in ASE Technology by 11.1% in the 4th quarter. Lazard Asset Management LLC now owns 20,010,829 shares of the semiconductor company’s stock worth $322,174,000 after purchasing an additional 1,997,888 shares in the last quarter. Millennium Management LLC lifted its stake in ASE Technology by 130.8% in the 3rd quarter. Millennium Management LLC now owns 3,169,267 shares of the semiconductor company’s stock worth $35,147,000 after purchasing an additional 1,796,357 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of ASE Technology by 18.8% in the second quarter. Bank of America Corp DE now owns 8,815,184 shares of the semiconductor company’s stock worth $91,061,000 after purchasing an additional 1,397,206 shares during the period. Hedge funds and other institutional investors own 6.80% of the company’s stock.

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.