United Microelectronics (NYSE:UMC) Reaches New 12-Month Low – Here’s What Happened

United Microelectronics Co. (NYSE:UMC) shares hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $7.02 and last traded at $7.03, with a volume of 15140957 shares trading hands. The stock had previously closed at $7.41.

Analyst Ratings Changes

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

United Microelectronics Trading Down 5.7 %

The company has a quick ratio of 1.37, a current ratio of 1.66 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average is $8.31 and its 200-day moving average is $8.28. The firm has a market cap of $17.52 billion, a P/E ratio of 10.61, a price-to-earnings-growth ratio of 4.12 and a beta of 1.18.

United Microelectronics (NYSE:UMC) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.03. United Microelectronics had a net margin of 23.90% and a return on equity of 14.80%. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the previous year, the company posted $0.20 earnings per share. As a group, analysts forecast that United Microelectronics Co. will post 0.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On United Microelectronics

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Marshall Wace LLP raised its holdings in United Microelectronics by 682.1% during the 2nd quarter. Marshall Wace LLP now owns 5,248,227 shares of the semiconductor company’s stock worth $45,974,000 after buying an additional 4,577,177 shares during the period. Genesis Investment Management LLP grew its stake in United Microelectronics by 81.7% during the 2nd quarter. Genesis Investment Management LLP now owns 3,879,321 shares of the semiconductor company’s stock valued at $33,983,000 after acquiring an additional 1,744,721 shares in the last quarter. Vanguard Group Inc. grew its stake in United Microelectronics by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 15,868,813 shares of the semiconductor company’s stock valued at $134,250,000 after acquiring an additional 434,018 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of United Microelectronics by 114.4% in the 2nd quarter. Acadian Asset Management LLC now owns 439,765 shares of the semiconductor company’s stock valued at $3,849,000 after buying an additional 234,606 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in United Microelectronics by 6,339.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 137,808 shares of the semiconductor company’s stock worth $1,160,000 after buying an additional 135,668 shares during the last quarter. 5.05% of the stock is currently owned by institutional investors.

About United Microelectronics

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.