ASE Technology (NYSE:ASX) Cut to “Strong Sell” at Zacks Research

Zacks Research cut shares of ASE Technology (NYSE:ASX) from a hold rating to a strong sell rating in a report published on Thursday,Zacks.com reports.

ASX has been the subject of a number of other reports. Nomura Securities upgraded shares of ASE Technology to a “strong-buy” rating in a research note on Thursday, October 30th. Wall Street Zen upgraded shares of ASE Technology from a “hold” rating to a “buy” rating in a report on Saturday, December 27th. Nomura upgraded shares of ASE Technology from a “neutral” rating to a “buy” rating in a research note on Thursday, October 30th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of ASE Technology in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy”.

ASE Technology Stock Performance

Shares of ASX opened at $16.85 on Thursday. The company has a market cap of $37.38 billion, a price-to-earnings ratio of 33.71, a P/E/G ratio of 0.69 and a beta of 1.45. The business’s fifty day simple moving average is $15.16 and its two-hundred day simple moving average is $12.29. ASE Technology has a 12 month low of $6.94 and a 12 month high of $16.97. The company has a current ratio of 1.13, a quick ratio of 0.88 and a debt-to-equity ratio of 0.64.

ASE Technology (NYSE:ASX) last posted its quarterly earnings results on Thursday, October 30th. The semiconductor company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.03. ASE Technology had a return on equity of 10.67% and a net margin of 5.61%. Research analysts anticipate that ASE Technology will post 0.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ASE Technology

A number of hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. raised its holdings in ASE Technology by 55.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,958,901 shares of the semiconductor company’s stock worth $32,814,000 after purchasing an additional 1,057,046 shares during the period. Tudor Investment Corp ET AL purchased a new stake in ASE Technology in the third quarter worth about $143,000. Allworth Financial LP raised its stake in shares of ASE Technology by 49.2% in the third quarter. Allworth Financial LP now owns 7,022 shares of the semiconductor company’s stock worth $78,000 after buying an additional 2,316 shares during the period. Ovata Capital Management Ltd raised its stake in shares of ASE Technology by 57.5% in the third quarter. Ovata Capital Management Ltd now owns 946,821 shares of the semiconductor company’s stock worth $10,372,000 after buying an additional 345,691 shares during the period. Finally, Wilmington Savings Fund Society FSB lifted its position in shares of ASE Technology by 12.2% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 8,454 shares of the semiconductor company’s stock valued at $94,000 after buying an additional 917 shares in the last quarter. Institutional investors own 6.80% of the company’s stock.

About ASE Technology

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.