United Microelectronics (NYSE:UMC) Stock Moved Down to Hold by Wall Street Zen

Wall Street Zen lowered shares of United Microelectronics (NYSE:UMC) from a buy rating to a hold rating in a report released on Saturday,Wall Street Zen reports.

Other analysts also recently issued research reports about the company. HSBC raised United Microelectronics from a “hold” rating to a “buy” rating and lowered their target price for the company from $37.42 to $33.76 in a report on Thursday, July 30th. Zacks Research lowered United Microelectronics from a “strong-buy” rating to a “hold” rating in a report on Friday, September 25th. Arete Research upgraded shares of United Microelectronics from a “neutral” rating to a “buy” rating in a research note on Monday, August 10th. Finally, Weiss Ratings downgraded shares of United Microelectronics from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 23rd. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $36.79.

United Microelectronics Stock Performance

NYSE:UMC opened at $16.66 on Friday. The firm has a market capitalization of $41.94 billion, a PE ratio of 15.43, a PEG ratio of 0.44 and a beta of 1.60. United Microelectronics has a 1 year low of $6.97 and a 1 year high of $28.96. The company has a current ratio of 3.27, a quick ratio of 1.81 and a debt-to-equity ratio of 0.13. The firm’s fifty day simple moving average is $21.63 and its 200 day simple moving average is $17.01.

United Microelectronics (NYSE:UMC) last released its earnings results on Wednesday, October 28th. The semiconductor company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.02). The firm had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.33 billion. United Microelectronics had a return on equity of 20.12% and a net margin of 31.96%. On average, sell-side analysts anticipate that United Microelectronics will post 1.23 EPS for the current year.

Hedge Funds Weigh In On United Microelectronics

A number of hedge funds have recently made changes to their positions in UMC. Continuum Advisory LLC bought a new stake in shares of United Microelectronics in the 2nd quarter valued at about $28,000. CoreCap Advisors LLC raised its position in shares of United Microelectronics by 271.0% in the 2nd quarter. CoreCap Advisors LLC now owns 1,369 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 1,000 shares during the period. Trust Co. of Vermont bought a new position in United Microelectronics during the 2nd quarter worth approximately $41,000. Strategic Investment Solutions Inc. IL bought a new position in United Microelectronics during the 2nd quarter worth approximately $76,000. Finally, Nisa Investment Advisors LLC boosted its stake in United Microelectronics by 27.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,313 shares of the semiconductor company’s stock worth $81,000 after acquiring an additional 720 shares during the last quarter. Institutional investors and hedge funds own 5.05% of the company’s stock.

About United Microelectronics

United Microelectronics Corp. (NYSE:UMC) is a Taiwan-based semiconductor foundry that manufactures integrated circuits for other companies. As a pure-play foundry, UMC focuses on producing chips designed by customers rather than marketing its own branded semiconductor products.

The company provides wafer fabrication services across a range of process technologies, with particular expertise in specialty applications such as display driver ICs, automotive semiconductors, connectivity products, image sensors, power management components and embedded memory.