Zacks Investment Research Upgrades Advanced Semiconductor Engnrng (ASX) to “Buy”

Zacks Investment Research upgraded shares of Advanced Semiconductor Engnrng (NYSE:ASX) from a hold rating to a buy rating in a research note released on Thursday morning. They currently have $7.50 target price on the semiconductor company’s stock.

According to Zacks, “Advanced Semiconductor Engineering, Inc. is an independent provider of semiconductor packaging services and semiconductor testing services, including front-end engineering testing, wafer probing and final testing services. The company offers packaging and testing services separately and on a turnkey basis. Turnkey services consist of integrated packaging, testing and direct shipment of semiconductors to end users designated by customers. The company is able to expand the traditional scope of turnkey services to offer total semiconductor manufacturing services to customers. “

Shares of Advanced Semiconductor Engnrng (NYSE:ASX) remained flat at $$6.55 during mid-day trading on Thursday. 435,487 shares of the stock traded hands, compared to its average volume of 1,009,292. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.05 and a current ratio of 1.37. The stock has a market cap of $11,136.19, a price-to-earnings ratio of 14.89, a PEG ratio of 1.82 and a beta of 0.72. Advanced Semiconductor Engnrng has a 12-month low of $5.86 and a 12-month high of $7.52.

Several hedge funds have recently made changes to their positions in ASX. Bank of New York Mellon Corp boosted its position in shares of Advanced Semiconductor Engnrng by 31.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 60,357 shares of the semiconductor company’s stock valued at $380,000 after acquiring an additional 14,309 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Advanced Semiconductor Engnrng by 106.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 22,281 shares of the semiconductor company’s stock valued at $141,000 after acquiring an additional 11,466 shares during the last quarter. New York State Common Retirement Fund raised its holdings in Advanced Semiconductor Engnrng by 38.8% in the 2nd quarter. New York State Common Retirement Fund now owns 269,386 shares of the semiconductor company’s stock valued at $1,700,000 after buying an additional 75,331 shares during the period. Vanguard Group Inc. raised its holdings in Advanced Semiconductor Engnrng by 294.4% in the 2nd quarter. Vanguard Group Inc. now owns 1,550,132 shares of the semiconductor company’s stock valued at $9,781,000 after buying an additional 1,157,068 shares during the period. Finally, Parametric Portfolio Associates LLC raised its holdings in Advanced Semiconductor Engnrng by 5.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,333,522 shares of the semiconductor company’s stock valued at $8,415,000 after buying an additional 68,461 shares during the period. 5.84% of the stock is currently owned by hedge funds and other institutional investors.

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About Advanced Semiconductor Engnrng

Advanced Semiconductor Engineering, Inc is a provider of semiconductor packaging and testing services. The Company offers a range of semiconductors packaging, testing and electronic manufacturing services (EMS). The Company’s segments include Packaging, Testing, EMS and Others. The Company provides services in packaging bare semiconductors into finished semiconductors with a range of electrical and thermal characteristics, as well as testing services, including front-end engineering testing, wafer probing and final testing services.

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