United Microelectronics (NYSE:UMC) Hits New 12-Month Low – What’s Next?

United Microelectronics Co. (NYSE:UMC) hit a new 52-week low on Thursday . The company traded as low as $6.63 and last traded at $6.64, with a volume of 1512482 shares changing hands. The stock had previously closed at $6.73.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on UMC shares. StockNews.com downgraded United Microelectronics from a “buy” rating to a “hold” rating in a research report on Sunday, November 17th. JPMorgan Chase & Co. cut shares of United Microelectronics from an “overweight” rating to a “neutral” rating in a research report on Wednesday, October 30th. Morgan Stanley cut shares of United Microelectronics from an “overweight” rating to an “equal weight” rating in a research report on Monday, October 28th. Finally, The Goldman Sachs Group cut United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 target price on the stock. in a research note on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $7.40.

United Microelectronics Stock Performance

The company has a 50 day moving average of $7.45 and a two-hundred day moving average of $8.10. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.19 and a quick ratio of 1.76. The company has a market capitalization of $16.44 billion, a PE ratio of 10.11, a PEG ratio of 3.26 and a beta of 1.17.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Sequoia Financial Advisors LLC lifted its holdings in shares of United Microelectronics by 1.3% during the second quarter. Sequoia Financial Advisors LLC now owns 102,206 shares of the semiconductor company’s stock valued at $895,000 after purchasing an additional 1,333 shares during the last quarter. Ignite Planners LLC boosted its holdings in United Microelectronics by 1.5% in the third quarter. Ignite Planners LLC now owns 90,303 shares of the semiconductor company’s stock worth $760,000 after acquiring an additional 1,360 shares in the last quarter. Commonwealth Equity Services LLC raised its position in shares of United Microelectronics by 2.5% in the 2nd quarter. Commonwealth Equity Services LLC now owns 71,459 shares of the semiconductor company’s stock worth $626,000 after purchasing an additional 1,756 shares during the last quarter. Hennessy Advisors Inc. boosted its stake in United Microelectronics by 13.3% in the 2nd quarter. Hennessy Advisors Inc. now owns 15,627 shares of the semiconductor company’s stock worth $137,000 after purchasing an additional 1,836 shares in the last quarter. Finally, Johnson Investment Counsel Inc. increased its stake in United Microelectronics by 3.3% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 57,700 shares of the semiconductor company’s stock valued at $505,000 after purchasing an additional 1,865 shares in the last quarter. 5.05% of the stock is currently owned by 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.