ASE Technology (NYSE:ASX) Stock Rating Cut to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen downgraded ASE Technology from “Buy” to “Hold.” Weiss Ratings also cut its rating to Hold, while Zacks Research upgraded the stock to Strong Buy; MarketBeat lists the overall consensus as Buy.
• ASE Technology reported quarterly EPS of $0.37, beating the $0.34 estimate, and revenue of $7.66 billion, above the $7.30 billion forecast.
• Several institutional investors increased their holdings, including Healthcare of Ontario Pension Plan Trust Fund, which raised its stake by 200%; institutions and hedge funds own 6.8% of the stock.

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

ASX has been the subject of a number of other research reports. Weiss Ratings cut ASE Technology from a "buy (b)" rating to a "hold (c+)" rating in a research report on Monday. Zacks Research upgraded ASE Technology from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy".

ASE Technology Stock Performance

Shares of ASX opened at $35.59 on Friday. The firm has a market cap of $79.54 billion, a price-to-earnings ratio of 33.26 and a beta of 1.79. The company's fifty day moving average is $41.16 and its 200-day moving average is $34.03. The company has a quick ratio of 0.88, a current ratio of 1.16 and a debt-to-equity ratio of 0.70. ASE Technology has a 12 month low of $13.35 and a 12 month high of $47.93.

ASE Technology (NYSE:ASX - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The semiconductor company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.03. The business had revenue of $7.66 billion during the quarter, compared to analyst estimates of $7.30 billion. ASE Technology had a net margin of 9.77% and a return on equity of 18.97%. Equities analysts expect that ASE Technology will post 1.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Hsbc Holdings PLC grew its stake in shares of ASE Technology by 7.5% in the first quarter. Hsbc Holdings PLC now owns 2,014,412 shares of the semiconductor company's stock worth $43,654,000 after acquiring an additional 140,628 shares during the last quarter. Dimensional Fund Advisors LP increased its position in ASE Technology by 9.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,399,553 shares of the semiconductor company's stock worth $30,342,000 after acquiring an additional 125,324 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its stake in ASE Technology by 200.0% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,236,000 shares of the semiconductor company's stock valued at $54,953,000 after purchasing an additional 824,000 shares during the last quarter. Sei Investments Co. raised its stake in ASE Technology by 12.1% during the 1st quarter. Sei Investments Co. now owns 812,019 shares of the semiconductor company's stock valued at $17,604,000 after purchasing an additional 87,689 shares during the last quarter. Finally, Ninety One UK Ltd raised its stake in ASE Technology by 591.1% during the 3rd quarter. Ninety One UK Ltd now owns 688,777 shares of the semiconductor company's stock valued at $30,623,000 after purchasing an additional 589,119 shares during the last quarter. 6.80% of the stock is currently owned by institutional investors and hedge funds.

ASE Technology Company Profile

ASE Technology Holding Co. provides semiconductor packaging and testing services, as well as electronics manufacturing services. Its semiconductor offerings include advanced packaging, wafer bumping and testing, which help customers assemble and validate chips for use in electronic devices. The company also provides electronics design and manufacturing services through Universal Scientific Industrial, serving customers across industries such as communications, computing, automotive and consumer electronics.

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