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

Shares of United Microelectronics Co. (NYSE:UMC) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $5.63 and last traded at $5.69, with a volume of 23572098 shares trading hands. The stock had previously closed at $5.69.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on UMC. Morgan Stanley downgraded United Microelectronics from an “overweight” rating to an “equal weight” rating in a research note on Monday, October 28th. Citigroup cut shares of United Microelectronics from a “buy” rating to a “sell” rating in a research note on Tuesday, January 21st. JPMorgan Chase & Co. lowered shares of United Microelectronics from an “overweight” rating to a “neutral” rating in a report on Wednesday, October 30th. The Goldman Sachs Group downgraded shares of United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 price target on the stock. in a report on Thursday, October 17th. Finally, StockNews.com downgraded shares of United Microelectronics from a “buy” rating to a “hold” rating in a research report on Sunday, November 17th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat.com, United Microelectronics has a consensus rating of “Hold” and a consensus price target of $7.40.

United Microelectronics Price Performance

The stock has a 50-day moving average price of $6.47 and a 200 day moving average price of $7.49. The firm has a market capitalization of $14.35 billion, a PE ratio of 9.88, a PEG ratio of 3.88 and a beta of 1.17. The company has a quick ratio of 1.76, a current ratio of 2.19 and a debt-to-equity ratio of 0.16.

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

Institutional Investors Weigh In On United Microelectronics

Several institutional investors have recently bought and sold shares of UMC. Two Sigma Advisers LP lifted its position in shares of United Microelectronics by 314.1% in the third quarter. Two Sigma Advisers LP now owns 1,279,600 shares of the semiconductor company’s stock valued at $10,774,000 after acquiring an additional 970,600 shares in the last quarter. Genesis Investment Management LLP grew its holdings in shares of United Microelectronics by 12.2% during the third quarter. Genesis Investment Management LLP now owns 4,353,325 shares of the semiconductor company’s stock worth $36,655,000 after buying an additional 474,004 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of United Microelectronics by 178.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 383,842 shares of the semiconductor company’s stock valued at $2,506,000 after buying an additional 246,034 shares during the last quarter. Barclays PLC raised its position in shares of United Microelectronics by 8.1% in the third quarter. Barclays PLC now owns 3,205,930 shares of the semiconductor company’s stock valued at $26,995,000 after buying an additional 240,380 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in United Microelectronics during the third quarter worth about $1,915,000. 5.05% of the stock is currently owned by institutional investors and hedge funds.

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.