ASE Technology (NYSE:ASX) Sets New 52-Week High – Here’s Why

ASE Technology Holding Co., Ltd. (NYSE:ASX)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $44.64 and last traded at $44.8380, with a volume of 2290612 shares trading hands. The stock had previously closed at $42.13.

Analysts Set New Price Targets

Several equities analysts have issued reports on ASX shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of ASE Technology in a report on Tuesday, June 9th. Zacks Research upgraded ASE Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. Finally, Wall Street Zen raised ASE Technology from a “hold” rating to a “buy” rating in a research report on Sunday, April 5th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy”.

ASE Technology Trading Down 4.8%

The stock has a market cap of $95.55 billion, a price-to-earnings ratio of 63.20 and a beta of 1.69. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.15 and a quick ratio of 0.89. The company’s fifty day moving average price is $36.15 and its 200-day moving average price is $26.18.

ASE Technology (NYSE:ASX) last released its earnings results on Wednesday, April 29th. The semiconductor company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.03. ASE Technology had a net margin of 7.03% and a return on equity of 13.48%. The company had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.32 billion. On average, research analysts expect that ASE Technology Holding Co., Ltd. will post 0.84 EPS for the current fiscal year.

ASE Technology Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Friday, August 7th. Stockholders of record on Monday, July 6th will be issued a dividend of $0.4171 per share. This represents a dividend yield of 111.0%. This is a boost from ASE Technology’s previous annual dividend of $0.36. The ex-dividend date of this dividend is Monday, July 6th. ASE Technology’s dividend payout ratio is presently 38.24%.

Hedge Funds Weigh In On ASE Technology

Several hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC purchased a new stake in ASE Technology during the 4th quarter valued at about $27,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of ASE Technology by 180,900.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,810 shares of the semiconductor company’s stock worth $29,000 after purchasing an additional 1,809 shares during the period. Bessemer Group Inc. lifted its holdings in shares of ASE Technology by 135.4% during the first quarter. Bessemer Group Inc. now owns 1,438 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 827 shares during the period. Eagle Bay Advisors LLC purchased a new stake in ASE Technology in the fourth quarter valued at approximately $32,000. Finally, UMB Bank n.a. purchased a new stake in ASE Technology in the fourth quarter valued at approximately $32,000. 6.80% of the stock is owned by institutional investors and hedge funds.

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.