ASE Technology (NYSE:ASX) Shares Gap Up – Here’s Why

ASE Technology Holding Co., Ltd. (NYSE:ASX) gapped up prior to trading on Tuesday . The stock had previously closed at $36.90, but opened at $39.57. ASE Technology shares last traded at $39.4740, with a volume of 1,048,395 shares.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Wall Street Zen upgraded ASE Technology from a “hold” rating to a “buy” rating in a report on Sunday, April 5th. Zacks Research upgraded ASE Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of ASE Technology in a research report on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, ASE Technology presently has an average rating of “Buy”.

ASE Technology Stock Performance

The company has a current ratio of 1.15, a quick ratio of 0.89 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $89.14 billion, a PE ratio of 59.11 and a beta of 1.69. The firm’s 50-day simple moving average is $38.44 and its 200-day simple moving average is $28.49.

ASE Technology (NYSE:ASX) last issued 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 net margin of 7.03% and a return on equity of 13.48%. The business had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.32 billion. On average, research analysts predict that ASE Technology Holding Co., Ltd. will post 0.84 earnings per share for the current year.

ASE Technology Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Friday, August 7th. Investors of record on Monday, July 6th will be paid a $0.4171 dividend. This represents a yield of 96.0%. This is an increase from ASE Technology’s previous annual dividend of $0.36. The ex-dividend date of this dividend is Monday, July 6th. ASE Technology’s payout ratio is currently 45.59%.

Institutional Investors Weigh In On ASE Technology

Institutional investors and hedge funds have recently bought and sold shares of the company. Bessemer Group Inc. increased its stake in shares of ASE Technology by 135.4% during 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 during the period. Nisa Investment Advisors LLC purchased a new stake in ASE Technology in the fourth quarter worth about $27,000. Caitong International Asset Management Co. Ltd grew its holdings in ASE Technology by 180,900.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,810 shares of the semiconductor company’s stock worth $29,000 after acquiring an additional 1,809 shares in the last quarter. Eagle Bay Advisors LLC bought a new position in ASE Technology during the 4th quarter worth about $32,000. Finally, UMB Bank n.a. purchased a new position in ASE Technology during the 4th quarter valued at about $32,000. 6.80% of the stock is owned by institutional investors.

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.