United Microelectronics (NYSE:UMC) Hits New 52-Week Low Following Weak Earnings

United Microelectronics Co. (NYSE:UMC) hit a new 52-week low during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $5.88 and last traded at $5.96, with a volume of 3635508 shares trading hands. The stock had previously closed at $6.28.

The semiconductor company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.03). United Microelectronics had a return on equity of 14.35% and a net margin of 22.89%. The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the previous year, the company posted $5.30 EPS. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. boosted its stake in United Microelectronics by 96.0% during the 3rd quarter. Victory Capital Management Inc. now owns 149,457 shares of the semiconductor company’s stock valued at $1,258,000 after purchasing an additional 73,202 shares during the last quarter. Two Sigma Advisers LP boosted its holdings in 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 during the last quarter. JPMorgan Chase & Co. grew its position in United Microelectronics by 7.1% during the third quarter. JPMorgan Chase & Co. now owns 806,000 shares of the semiconductor company’s stock valued at $6,787,000 after buying an additional 53,264 shares during the period. Verition Fund Management LLC bought a new stake in United Microelectronics during the 3rd quarter valued at $1,099,000. Finally, MML Investors Services LLC purchased a new position in shares of United Microelectronics in the third quarter valued at $86,000. Institutional investors and hedge funds own 5.05% of the company’s stock.

United Microelectronics Stock Down 5.5 %

The stock has a 50-day moving average of $6.61 and a 200-day moving average of $7.60. The company has a quick ratio of 1.76, a current ratio of 2.19 and a debt-to-equity ratio of 0.16. The company has a market cap of $14.87 billion, a PE ratio of 9.15, a P/E/G ratio of 3.06 and a beta of 1.17.

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.