ASE Technology (NYSE:ASX) Shares Gap Down – Here’s What Happened

ASE Technology Holding Co., Ltd. (NYSE:ASX) shares gapped down before the market opened on Tuesday . The stock had previously closed at $39.91, but opened at $37.04. ASE Technology shares last traded at $36.5820, with a volume of 2,213,235 shares trading hands.

Analyst Ratings Changes

Several research firms recently issued reports on ASX. Zacks Research raised shares of ASE Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. Weiss Ratings raised shares of ASE Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. Based on data from MarketBeat, ASE Technology has a consensus rating of “Buy”.

ASE Technology Stock Down 9.5%

The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 1.07. The firm has a fifty day simple moving average of $39.11 and a 200-day simple moving average of $31.20. The company has a market capitalization of $80.29 billion, a PE ratio of 42.13 and a beta of 1.71.

ASE Technology (NYSE:ASX) last announced its earnings results on Thursday, July 30th. The semiconductor company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.06. The company had revenue of $81.66 million for the quarter, compared to analyst estimates of $5.96 billion. ASE Technology had a return on equity of 16.12% and a net margin of 8.52%. Equities research analysts anticipate that ASE Technology Holding Co., Ltd. will post 1.21 EPS for the current fiscal year.

ASE Technology Increases Dividend

The business also recently declared an annual dividend, which was paid on Friday, August 7th. Investors of record on Monday, July 6th were paid a $0.4171 dividend. This represents a dividend yield of 96.0%. This is a boost from ASE Technology’s previous annual dividend of $0.36. The ex-dividend date was Monday, July 6th. ASE Technology’s payout ratio is presently 34.88%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio bought a new stake in shares of ASE Technology in the 2nd quarter worth about $627,000. Ancora Advisors LLC bought a new position in shares of ASE Technology during the second quarter worth about $33,000. Heck Capital Advisors LLC acquired a new position in ASE Technology in the second quarter worth about $370,000. Nolet Wealth Management LLC acquired a new position in ASE Technology in the second quarter worth about $332,000. Finally, Valeo Financial Advisors LLC increased its holdings in ASE Technology by 24.3% in the second quarter. Valeo Financial Advisors LLC now owns 11,647 shares of the semiconductor company’s stock valued at $526,000 after buying an additional 2,279 shares during the last quarter. 6.80% of the stock is currently 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.