United Microelectronics (NYSE:UMC) Trading Down 3.9% – What’s Next?

Shares of United Microelectronics Co. (NYSE:UMC) fell 3.9% during trading on Wednesday . The stock traded as low as $6.75 and last traded at $6.71. 1,281,907 shares changed hands during trading, a decline of 89% from the average session volume of 11,919,449 shares. The stock had previously closed at $6.98.

Analysts Set New Price Targets

Separately, Citigroup upgraded United Microelectronics from a “strong sell” rating to a “strong-buy” rating in a research report on Friday, March 21st. Four research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $7.40.

United Microelectronics Stock Down 3.8 %

The business has a 50-day moving average price of $6.39 and a 200 day moving average price of $6.90. The company has a current ratio of 2.19, a quick ratio of 1.76 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $16.83 billion, a P/E ratio of 11.58, a P/E/G ratio of 4.44 and a beta of 1.20.

United Microelectronics (NYSE:UMC) last issued its quarterly earnings data on Tuesday, January 21st. The semiconductor company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.03). The company had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.86 billion. United Microelectronics had a net margin of 20.35% and a return on equity of 12.78%. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the company earned $5.30 earnings per share. On average, equities analysts expect that United Microelectronics Co. will post 0.51 EPS for the current fiscal year.

Hedge Funds Weigh In On United Microelectronics

Large investors have recently made changes to their positions in the company. Millennium Management LLC boosted its stake in shares of United Microelectronics by 3,091.8% during the fourth quarter. Millennium Management LLC now owns 14,329,393 shares of the semiconductor company’s stock valued at $92,998,000 after purchasing an additional 13,880,446 shares during the period. Northern Trust Corp boosted its position in United Microelectronics by 238.8% during the fourth quarter. Northern Trust Corp now owns 3,184,444 shares of the semiconductor company’s stock valued at $20,667,000 after purchasing an additional 2,244,574 shares in the last quarter. Renaissance Technologies LLC purchased a new position in United Microelectronics in the fourth quarter valued at about $12,768,000. JPMorgan Chase & Co. raised its stake in shares of United Microelectronics by 150.8% during the 4th quarter. JPMorgan Chase & Co. now owns 2,021,849 shares of the semiconductor company’s stock worth $13,122,000 after acquiring an additional 1,215,849 shares in the last quarter. Finally, Two Sigma Advisers LP increased its position in shares of United Microelectronics by 314.1% during the third quarter. Two Sigma Advisers LP now owns 1,279,600 shares of the semiconductor company’s stock worth $10,774,000 after purchasing an additional 970,600 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.