ASE Technology (NYSE:ASX) Shares Gap Down – Should You Sell?

ASE Technology Holding Co., Ltd. (NYSE:ASX)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $43.32, but opened at $40.02. ASE Technology shares last traded at $39.4050, with a volume of 2,232,576 shares changing hands.

Analyst Ratings Changes

ASX has been the subject of a number of research reports. Zacks Research upgraded ASE Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. Wall Street Zen upgraded ASE Technology from a “hold” rating to a “buy” rating in a report on Sunday, April 5th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of ASE Technology in a research report on Tuesday, June 9th. One 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 MarketBeat.com, the stock presently has a consensus rating of “Buy”.

ASE Technology Trading Down 9.1%

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 stock has a market cap of $87.58 billion, a price-to-earnings ratio of 57.92 and a beta of 1.69. The business has a 50-day simple moving average of $36.91 and a two-hundred day simple moving average of $26.75.

ASE Technology (NYSE:ASX) last posted its quarterly earnings results on Wednesday, April 29th. The semiconductor company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. The business had revenue of $5.43 billion for the quarter, compared to analysts’ expectations of $5.32 billion. ASE Technology had a return on equity of 13.48% and a net margin of 7.03%. Equities analysts forecast that ASE Technology Holding Co., Ltd. will post 0.84 EPS for the current fiscal year.

ASE Technology Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Friday, August 7th. Shareholders of record on Monday, July 6th will be issued a $0.4171 dividend. The ex-dividend date of this dividend is Monday, July 6th. This represents a yield of 96.0%. This is a positive change from ASE Technology’s previous annual dividend of $0.36. ASE Technology’s payout ratio is currently 38.24%.

Hedge Funds Weigh In On ASE Technology

A number of hedge funds have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp lifted its stake in ASE Technology by 16.9% in the 1st quarter. Jones Financial Companies Lllp now owns 13,425 shares of the semiconductor company’s stock valued at $118,000 after purchasing an additional 1,943 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in ASE Technology by 15.6% during the first quarter. Goldman Sachs Group Inc. now owns 5,775,272 shares of the semiconductor company’s stock worth $50,591,000 after buying an additional 780,651 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of ASE Technology by 16.3% during the 2nd quarter. Geode Capital Management LLC now owns 13,576 shares of the semiconductor company’s stock valued at $140,000 after purchasing an additional 1,901 shares in the last quarter. Legal & General Group Plc grew its position in shares of ASE Technology by 261.9% during the 2nd quarter. Legal & General Group Plc now owns 15,647 shares of the semiconductor company’s stock worth $162,000 after buying an additional 11,324 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its stake in ASE Technology by 537.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,928 shares of the semiconductor company’s stock valued at $51,000 after purchasing an additional 4,155 shares in the last quarter. 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.