United Microelectronics (NYSE:UMC) Shares Down 3.9% – Here’s What Happened

United Microelectronics Co. (NYSE:UMC) fell 3.9% during trading on Wednesday . The stock traded as low as $6.75 and last traded at $6.71. 1,281,907 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 11,919,449 shares. The stock had previously closed at $6.98.

Analysts Set New Price Targets

Separately, Citigroup upgraded shares of United Microelectronics from a “strong sell” rating to a “strong-buy” rating in a research report on Friday, March 21st. Four research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.40.

United Microelectronics Stock Down 3.9 %

The company has a market cap of $16.80 billion, a P/E ratio of 11.58, a P/E/G ratio of 4.44 and a beta of 1.20. The company has a 50-day simple moving average of $6.39 and a 200 day simple moving average of $6.90. The company has a current ratio of 2.19, a quick ratio of 1.76 and a debt-to-equity ratio of 0.16.

United Microelectronics (NYSE:UMC) last posted its quarterly earnings results on Tuesday, January 21st. The semiconductor company reported $0.10 EPS 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 during the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter in the previous year, the company posted $5.30 earnings per share. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, equities analysts anticipate that United Microelectronics Co. will post 0.51 EPS for the current year.

Institutional Trading of United Microelectronics

Several institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in United Microelectronics by 7.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 806,000 shares of the semiconductor company’s stock valued at $6,787,000 after purchasing an additional 53,264 shares in the last quarter. Two Sigma Advisers LP raised its holdings 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. Verition Fund Management LLC purchased a new stake in United Microelectronics in the third quarter worth about $1,099,000. MML Investors Services LLC purchased a new position in United Microelectronics during the 3rd quarter valued at about $86,000. Finally, Barclays PLC raised its holdings in shares of United Microelectronics by 8.1% in the 3rd quarter. Barclays PLC now owns 3,205,930 shares of the semiconductor company’s stock valued at $26,995,000 after purchasing an additional 240,380 shares in the last quarter. Institutional investors own 5.05% of the company’s stock.

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.