ASE Technology (NYSE:ASX) Downgraded by Wall Street Zen to Hold

Key Points

• Wall Street Zen downgraded ASE Technology from “Buy” to “Hold,” while analyst opinions remain mixed; MarketBeat data shows a “Moderate Buy” consensus rating.
• ASE Technology shares were up 4.0%, opening at $41.59, near their 52-week high of $45.51. The company has a $92.97 billion market capitalization and a price-to-earnings ratio of 48.36.
• The semiconductor services provider reported quarterly earnings of $0.29 per share, exceeding analyst expectations of $0.23. Institutional investors own 6.80% of the stock, with several firms recently initiating or increasing positions.

ASE Technology (NYSE:ASX - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday, Wall Street Zen reports.

Other equities analysts also recently issued research reports about the company. Weiss Ratings raised ASE Technology from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. Zacks Research downgraded ASE Technology from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 24th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy".

ASE Technology Stock Up 4.0%

Shares of NYSE:ASX opened at $41.59 on Friday. ASE Technology has a 1 year low of $10.93 and a 1 year high of $45.51. The business has a 50 day simple moving average of $37.95 and a two-hundred day simple moving average of $33.76. The firm has a market capitalization of $92.97 billion, a PE ratio of 48.36 and a beta of 1.71. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.07 and a quick ratio of 0.81.

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

Hedge Funds Weigh In On ASE Technology

Institutional investors have recently modified their holdings of the stock. WINTON GROUP Ltd bought a new position in ASE Technology in the second quarter worth approximately $289,000. NorthRock Partners LLC bought a new stake in ASE Technology during the 2nd quarter valued at $249,000. Integrated Wealth Concepts LLC purchased a new stake in shares of ASE Technology in the 2nd quarter worth $317,000. IFP Advisors Inc lifted its holdings in shares of ASE Technology by 107.7% in the 2nd quarter. IFP Advisors Inc now owns 947 shares of the semiconductor company's stock worth $43,000 after buying an additional 491 shares during the period. Finally, Nykredit A S bought a new position in shares of ASE Technology during the 2nd quarter worth $14,247,000. 6.80% of the stock is owned by hedge funds and other institutional investors.

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.

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