ASE Technology (NYSE:ASX) Hits New 1-Year High - Still a Buy?

Key Points

• ASE Technology shares reached a new 52-week high of $45.57, up from a prior close of $43.79. The stock trades at a market capitalization of approximately $101.1 billion and a P/E ratio of 52.52.
• Analyst sentiment remains positive overall, with a consensus “Buy” rating, although Weiss Ratings and Wall Street Zen downgraded the stock to “Hold” while Zacks Research raised it to “Strong Buy.”
• ASE Technology exceeded quarterly EPS expectations, reporting $0.29 versus the $0.23 consensus estimate. Institutional ownership stands at 6.8%, with several investment firms recently increasing or initiating positions.

Shares of ASE Technology Holding Co., Ltd. (NYSE:ASX - Get Free Report) hit a new 52-week high during trading on Tuesday. The company traded as high as $45.57 and last traded at $45.5390, with a volume of 3464741 shares. The stock had previously closed at $43.79.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ASX shares. Weiss Ratings lowered shares of ASE Technology from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday. Wall Street Zen cut shares of ASE Technology from a "buy" rating to a "hold" rating in a research report on Saturday, September 19th. Finally, Zacks Research raised shares of ASE Technology from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy".

ASE Technology Stock Performance

The company has a market capitalization of $101.11 billion, a P/E ratio of 52.52 and a beta of 1.71. The company's 50 day moving average is $38.51 and its 200-day moving average is $34.77. The company has a current ratio of 1.07, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54.

ASE Technology (NYSE:ASX - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The semiconductor company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.23 by $0.06. ASE Technology had a net margin of 8.52% and a return on equity of 16.12%. The business had revenue of $81.66 million for the quarter, compared to analyst estimates of $5.96 billion. Equities analysts anticipate that ASE Technology Holding Co., Ltd. will post 1.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. raised its position in shares of ASE Technology by 10.7% in the 2nd quarter. QRG Capital Management Inc. now owns 64,003 shares of the semiconductor company's stock worth $2,888,000 after purchasing an additional 6,170 shares during the last quarter. WINTON GROUP Ltd purchased a new stake in ASE Technology during the 2nd quarter valued at about $289,000. NorthRock Partners LLC purchased a new stake in ASE Technology during the 2nd quarter valued at about $249,000. Integrated Wealth Concepts LLC purchased a new stake in ASE Technology during the 2nd quarter valued at about $317,000. Finally, IFP Advisors Inc increased its stake in ASE Technology by 107.7% during the 2nd quarter. IFP Advisors Inc now owns 947 shares of the semiconductor company's stock valued at $43,000 after purchasing an additional 491 shares in the last quarter. Institutional investors own 6.80% of the company's stock.

About ASE Technology

ASE Technology Holding Co, Ltd. is a Taiwan-based provider of semiconductor manufacturing services. Through its subsidiaries, the company offers outsourced semiconductor assembly and testing (OSAT) services, helping chip manufacturers package and test integrated circuits before they are incorporated into electronic products.

Its services include wafer probing, wafer bumping, flip-chip and wire-bond packaging, system-in-package and other advanced packaging technologies, as well as final testing and related engineering services.

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