United Microelectronics (NYSE:UMC) Hits New 1-Year Low – Here’s What Happened

United Microelectronics Co. (NYSE:UMC)’s share price reached a new 52-week low during trading on Wednesday . The stock traded as low as $7.02 and last traded at $7.03, with a volume of 15140957 shares. The stock had previously closed at $7.41.

Analysts Set New Price Targets

UMC has been the subject of several recent research reports. Morgan Stanley lowered shares of United Microelectronics from an “overweight” rating to an “equal weight” rating in a research report on Monday. JPMorgan Chase & Co. lowered shares of United Microelectronics from an “overweight” rating to a “neutral” rating in a research report on Wednesday. Finally, The Goldman Sachs Group lowered shares of United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 target price for the company. in a research report on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $7.40.

United Microelectronics Stock Up 3.2 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.37 and a current ratio of 1.66. The company has a market capitalization of $17.69 billion, a price-to-earnings ratio of 10.52, a P/E/G ratio of 3.72 and a beta of 1.18. The stock’s fifty day simple moving average is $8.24 and its two-hundred day simple moving average is $8.26.

United Microelectronics (NYSE:UMC) last issued its quarterly earnings results on Wednesday, October 30th. The semiconductor company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.03. United Microelectronics had a net margin of 22.89% and a return on equity of 14.35%. The company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.84 billion. On average, sell-side analysts anticipate that United Microelectronics Co. will post 0.66 EPS for the current year.

Institutional Trading of United Microelectronics

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in United Microelectronics by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 15,868,813 shares of the semiconductor company’s stock valued at $134,250,000 after buying an additional 434,018 shares in the last quarter. Marshall Wace LLP lifted its position in shares of United Microelectronics by 682.1% in the second quarter. Marshall Wace LLP now owns 5,248,227 shares of the semiconductor company’s stock worth $45,974,000 after purchasing an additional 4,577,177 shares in the last quarter. Genesis Investment Management LLP lifted its position in shares of United Microelectronics by 12.2% in the third quarter. Genesis Investment Management LLP now owns 4,353,325 shares of the semiconductor company’s stock worth $36,655,000 after purchasing an additional 474,004 shares in the last quarter. Creative Planning lifted its position in shares of United Microelectronics by 22.6% in the third quarter. Creative Planning now owns 661,802 shares of the semiconductor company’s stock worth $5,572,000 after purchasing an additional 121,919 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its position in shares of United Microelectronics by 114.4% in the second quarter. Acadian Asset Management LLC now owns 439,765 shares of the semiconductor company’s stock worth $3,849,000 after purchasing an additional 234,606 shares in the last quarter. 5.05% of the stock is owned by hedge funds and other institutional investors.

United Microelectronics Company Profile

United Microelectronics Corporation operates as a semiconductor wafer foundry in Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and internationally. The company provides circuit design, mask tooling, wafer fabrication, and assembly and testing services. It serves fabless design companies and integrated device manufacturers.