ASE Technology (NYSE:ASX) Shares Gap Up - What's Next?

Key Points

• ASE Technology shares gapped higher, opening at $39.05 versus a prior close of $37.39 and later trading around $38.75.
• Analyst sentiment is generally positive, with a consensus “Buy” rating; Zacks Research upgraded the stock to “strong buy,” while Weiss Ratings maintained a “hold” rating.
• The company reported quarterly EPS of $0.29, beating estimates by $0.06, and increased its annual dividend to $0.4171 from $0.36.

ASE Technology Holding Co., Ltd. (NYSE:ASX - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $37.39, but opened at $39.05. ASE Technology shares last traded at $38.7460, with a volume of 1,997,127 shares traded.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ASX. Weiss Ratings restated a "hold (c+)" rating on shares of ASE Technology in a report on Tuesday, June 9th. Zacks Research upgraded shares of ASE Technology from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, ASE Technology currently has a consensus rating of "Buy".

ASE Technology Trading Up 1.4%

The company has a current ratio of 1.07, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. The company has a market cap of $84.33 billion, a PE ratio of 44.11 and a beta of 1.71. The company has a fifty day simple moving average of $38.92 and a two-hundred day simple moving average of $30.36.

ASE Technology (NYSE:ASX - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The semiconductor company reported $0.29 earnings per share (EPS) for the quarter, beating 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 business had revenue of $81.66 million during the quarter, compared to analysts' expectations of $5.96 billion. Analysts anticipate that ASE Technology Holding Co., Ltd. will post 1.21 EPS for the current year.

ASE Technology Increases Dividend

The company 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 is an increase from ASE Technology's previous annual dividend of $0.36. This represents a yield of 96.0%. The ex-dividend date was Monday, July 6th. ASE Technology's payout ratio is presently 34.88%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd raised its holdings in shares of ASE Technology by 180,900.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,810 shares of the semiconductor company's stock valued at $29,000 after purchasing an additional 1,809 shares in the last quarter. Bessemer Group Inc. increased its holdings in ASE Technology by 135.4% in 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 last quarter. Eagle Bay Advisors LLC purchased a new position in ASE Technology in the fourth quarter valued at $32,000. UMB Bank n.a. acquired a new stake in ASE Technology in the fourth quarter valued at $32,000. Finally, SBI Securities Co. Ltd. raised its stake in ASE Technology by 256.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 2,495 shares of the semiconductor company's stock valued at $40,000 after buying an additional 1,795 shares in the last quarter. Institutional investors and hedge funds 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.

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