United Microelectronics (NYSE:UMC) Shares Down 3.7% – Here’s What Happened

Shares of United Microelectronics Co. (NYSE:UMC) fell 3.7% on Monday . The stock traded as low as $7.46 and last traded at $7.46. 1,642,231 shares changed hands during trading, a decline of 83% from the average session volume of 9,937,265 shares. The stock had previously closed at $7.75.

Analyst Upgrades and Downgrades

UMC has been the subject of a number of research reports. Morgan Stanley lowered United Microelectronics from an “overweight” rating to an “equal weight” rating in a research report on Monday. The Goldman Sachs Group cut shares of United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 price target for the company. in a research note on Thursday, October 17th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $7.40.

United Microelectronics Price Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.37 and a current ratio of 1.66. The company has a fifty day moving average price of $8.31 and a two-hundred day moving average price of $8.28. The company has a market cap of $18.56 billion, a P/E ratio of 11.05, a PEG ratio of 4.12 and a beta of 1.18.

United Microelectronics (NYSE:UMC) last posted its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.03. United Microelectronics had a return on equity of 14.80% and a net margin of 23.90%. The firm had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period last year, the company earned $0.20 earnings per share. On average, sell-side analysts anticipate that United Microelectronics Co. will post 0.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On United Microelectronics

A number of institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in United Microelectronics by 90.7% in the third quarter. GAMMA Investing LLC now owns 6,817 shares of the semiconductor company’s stock valued at $57,000 after acquiring an additional 3,242 shares during the last quarter. Viking Fund Management LLC bought a new position in United Microelectronics during the third quarter worth about $84,000. SpiderRock Advisors LLC acquired a new position in United Microelectronics during the first quarter worth approximately $86,000. Aprio Wealth Management LLC bought a new stake in United Microelectronics in the second quarter valued at approximately $95,000. Finally, Simon Quick Advisors LLC acquired a new stake in shares of United Microelectronics in the second quarter valued at approximately $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.