United Microelectronics (NYSE:UMC) Cut to Neutral at The Goldman Sachs Group

The Goldman Sachs Group cut shares of United Microelectronics (NYSE:UMC) from a buy rating to a neutral rating in a report published on Thursday, Marketbeat reports. The brokerage currently has $7.40 price target on the semiconductor company’s stock.

United Microelectronics Stock Performance

UMC stock opened at $7.73 on Thursday. The business’s fifty day moving average is $8.46 and its 200-day moving average is $8.30. 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 has a market cap of $19.37 billion, a P/E ratio of 11.04, a price-to-earnings-growth ratio of 4.35 and a beta of 1.18. United Microelectronics has a twelve month low of $6.96 and a twelve month high of $9.00.

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. The company had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.71 billion. United Microelectronics had a return on equity of 14.80% and a net margin of 23.90%. During the same quarter in the prior year, the business posted $0.20 EPS. Equities research analysts forecast that United Microelectronics will post 0.66 EPS for the current year.

Institutional Trading of United Microelectronics

A number of large investors have recently made changes to their positions in UMC. Marshall Wace LLP increased its position in shares of United Microelectronics by 682.1% in the 2nd quarter. Marshall Wace LLP now owns 5,248,227 shares of the semiconductor company’s stock valued at $45,974,000 after buying an additional 4,577,177 shares in the last quarter. Genesis Investment Management LLP increased its position in shares of United Microelectronics by 81.7% in the 2nd quarter. Genesis Investment Management LLP now owns 3,879,321 shares of the semiconductor company’s stock valued at $33,983,000 after buying an additional 1,744,721 shares in the last quarter. Vanguard Group Inc. increased its position in shares of United Microelectronics by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 15,868,813 shares of the semiconductor company’s stock valued at $134,250,000 after buying an additional 434,018 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of United Microelectronics by 114.4% in the 2nd quarter. Acadian Asset Management LLC now owns 439,765 shares of the semiconductor company’s stock valued at $3,849,000 after buying an additional 234,606 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of United Microelectronics by 6,339.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 137,808 shares of the semiconductor company’s stock valued at $1,160,000 after buying an additional 135,668 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.