ASE Technology Holding Co., Ltd. $ASX Stake Lessened by Bank of America Corp DE

Key Points

• Bank of America cut its ASE Technology stake by 22.1% in the first quarter, selling 1.94 million shares and retaining 6.83 million shares valued at approximately $148.1 million.
• Analyst sentiment remains positive: Zacks Research upgraded the stock to “strong buy,” while the overall consensus rating is “Buy.”
• ASE Technology shares were trading down 4.7% at $36.89, despite the company reporting quarterly EPS of $0.29, above the $0.23 consensus estimate, and raising its annual dividend to $0.4171 per share.

Bank of America Corp DE lessened its holdings in ASE Technology Holding Co., Ltd. (NYSE:ASX - Free Report) by 22.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,833,380 shares of the semiconductor company's stock after selling 1,936,538 shares during the period. Bank of America Corp DE owned about 0.31% of ASE Technology worth $148,148,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of ASX. Parallel Advisors LLC raised its position in ASE Technology by 1.9% during the fourth quarter. Parallel Advisors LLC now owns 25,975 shares of the semiconductor company's stock valued at $418,000 after buying an additional 482 shares during the period. Commonwealth Equity Services LLC boosted its position in ASE Technology by 5.5% during the 4th quarter. Commonwealth Equity Services LLC now owns 11,223 shares of the semiconductor company's stock worth $181,000 after acquiring an additional 589 shares during the period. Vest Financial LLC boosted its position in ASE Technology by 5.2% during the 4th quarter. Vest Financial LLC now owns 12,954 shares of the semiconductor company's stock worth $209,000 after acquiring an additional 637 shares during the period. PNC Financial Services Group Inc. grew its stake in ASE Technology by 0.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 120,598 shares of the semiconductor company's stock valued at $1,942,000 after acquiring an additional 643 shares in the last quarter. Finally, Transamerica Financial Advisors LLC grew its stake in ASE Technology by 24.8% during the 4th quarter. Transamerica Financial Advisors LLC now owns 3,435 shares of the semiconductor company's stock valued at $55,000 after acquiring an additional 683 shares in the last quarter. Hedge funds and other institutional investors own 6.80% of the company's stock.

Analyst Upgrades and Downgrades

ASX has been the subject of a number of research analyst reports. Zacks Research raised shares of ASE Technology from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 5th. Weiss Ratings reaffirmed 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 given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy".

ASE Technology Trading Down 4.7%

ASE Technology stock opened at $36.89 on Thursday. ASE Technology Holding Co., Ltd. has a 52 week low of $9.52 and a 52 week high of $45.51. 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 market capitalization of $82.03 billion, a PE ratio of 42.90 and a beta of 1.71. The business's 50-day simple moving average is $39.00 and its 200-day simple moving average is $30.11.

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

ASE Technology Increases Dividend

The firm also recently declared an annual dividend, which will be paid on Friday, August 7th. Shareholders of record on Monday, July 6th will be paid a dividend of $0.4171 per share. This is a positive change from ASE Technology's previous annual dividend of $0.36. This represents a yield of 96.0%. The ex-dividend date is Monday, July 6th. ASE Technology's dividend payout ratio is 36.05%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source