ASE Technology (NYSE:ASX) Stock Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• ASE Technology shares moved above their 200-day moving average, reaching $37.42 and last trading near $37.06, compared with a 200-day average of $31.92.
• Analyst sentiment is positive: Zacks Research and Weiss Ratings upgraded the stock, while the broader analyst consensus is currently “Buy.”
• The company reported quarterly EPS of $0.29, exceeding the $0.23 consensus estimate, and increased its annual dividend to $0.4171 per share from $0.36.

ASE Technology Holding Co., Ltd. (NYSE:ASX - Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $31.92 and traded as high as $37.42. ASE Technology shares last traded at $37.0620, with a volume of 4,595,356 shares traded.

Wall Street Analyst Weigh In

Several analysts have commented on ASX shares. Zacks Research upgraded shares of ASE Technology from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 5th. Weiss Ratings upgraded shares of ASE Technology from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy".

ASE Technology Price Performance

The firm has a 50-day simple moving average of $39.08 and a 200-day simple moving average of $31.92. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.07 and a quick ratio of 0.81. The firm has a market capitalization of $82.84 billion, a PE ratio of 43.10 and a beta of 1.71.

ASE Technology (NYSE:ASX - Get Free Report) last announced its earnings results on Thursday, July 30th. The semiconductor company reported $0.29 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $5.96 billion. As a group, equities analysts forecast that ASE Technology Holding Co., Ltd. will post 1.21 earnings per share for the current year.

ASE Technology Increases Dividend

The business also recently disclosed an annual dividend, which was paid on Friday, August 7th. Investors of record on Monday, July 6th were paid a dividend of $0.4171 per share. This is a boost from ASE Technology's previous annual dividend of $0.36. The ex-dividend date was Monday, July 6th. This represents a dividend yield of 96.0%. ASE Technology's dividend payout ratio is presently 34.88%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Lazard Asset Management LLC boosted its stake in shares of ASE Technology by 11.1% in the fourth quarter. Lazard Asset Management LLC now owns 20,010,829 shares of the semiconductor company's stock worth $322,174,000 after acquiring an additional 1,997,888 shares during the period. Morgan Stanley grew its holdings in shares of ASE Technology by 14.3% in the fourth quarter. Morgan Stanley now owns 10,607,588 shares of the semiconductor company's stock valued at $170,782,000 after purchasing an additional 1,330,580 shares in the last quarter. Bank of America Corp DE raised its holdings in ASE Technology by 9.6% during the 3rd quarter. Bank of America Corp DE now owns 9,661,484 shares of the semiconductor company's stock valued at $107,146,000 after buying an additional 846,300 shares during the period. UBS Group AG boosted its position in shares of ASE Technology by 11.4% during the fourth quarter. UBS Group AG now owns 9,038,322 shares of the semiconductor company's stock valued at $145,517,000 after buying an additional 922,692 shares during the period. Finally, Rafferty Asset Management LLC boosted its position in shares of ASE Technology by 50.9% during the second quarter. Rafferty Asset Management LLC now owns 7,392,190 shares of the semiconductor company's stock valued at $76,361,000 after buying an additional 2,491,918 shares during the period. Institutional investors 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.

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