Morgan Stanley Downgrades United Microelectronics (NYSE:UMC) to Equal Weight

Morgan Stanley lowered shares of United Microelectronics (NYSE:UMC) from an overweight rating to an equal weight rating in a research note published on Monday, MarketBeat Ratings reports.

Separately, The Goldman Sachs Group cut United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 price target for the company. in a research report on Thursday, October 17th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $7.40.

United Microelectronics Stock Down 2.1 %

Shares of NYSE UMC opened at $6.84 on Monday. United Microelectronics has a 52-week low of $6.78 and a 52-week high of $9.00. 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 company’s 50-day simple moving average is $8.24 and its 200-day simple moving average is $8.26. The firm has a market cap of $17.14 billion, a price-to-earnings ratio of 10.21, a price-to-earnings-growth ratio of 4.12 and a beta of 1.18.

United Microelectronics (NYSE:UMC) last posted its quarterly earnings data on Wednesday, October 30th. The semiconductor company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.03. United Microelectronics had a return on equity of 14.80% and a net margin of 23.90%. The company had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.84 billion. Equities analysts predict that United Microelectronics will post 0.66 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in UMC. GAMMA Investing LLC lifted its position in United Microelectronics by 90.7% during the third quarter. GAMMA Investing LLC now owns 6,817 shares of the semiconductor company’s stock worth $57,000 after buying an additional 3,242 shares in the last quarter. Viking Fund Management LLC acquired a new position in shares of United Microelectronics during the 3rd quarter valued at about $84,000. SpiderRock Advisors LLC purchased a new stake in shares of United Microelectronics in the first quarter valued at about $86,000. Aprio Wealth Management LLC acquired a new stake in United Microelectronics during the second quarter worth about $95,000. Finally, Simon Quick Advisors LLC purchased a new position in United Microelectronics during the second quarter worth about $103,000. 5.05% of the stock is currently owned by institutional investors and hedge funds.

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.