United Microelectronics Co. (NYSE:UMC) Receives $7.40 Consensus Target Price from Analysts

Shares of United Microelectronics Co. (NYSE:UMC) have earned a consensus recommendation of “Hold” from the five brokerages that are covering the company, Marketbeat reports. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $7.40.

Several analysts have recently weighed in on UMC shares. The Goldman Sachs Group lowered shares of United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 target price on the stock. in a research report on Thursday, October 17th. StockNews.com downgraded United Microelectronics from a “buy” rating to a “hold” rating in a research report on Friday. Morgan Stanley cut United Microelectronics from an “overweight” rating to an “equal weight” rating in a research report on Monday, October 28th. Finally, JPMorgan Chase & Co. cut United Microelectronics from an “overweight” rating to a “neutral” rating in a report on Wednesday.

Institutional Investors Weigh In On United Microelectronics

Several hedge funds have recently bought and sold shares of UMC. Marshall Wace LLP increased its position in shares of United Microelectronics by 682.1% during the second quarter. Marshall Wace LLP now owns 5,248,227 shares of the semiconductor company’s stock worth $45,974,000 after acquiring an additional 4,577,177 shares in the last quarter. Genesis Investment Management LLP raised its holdings in shares of United Microelectronics by 81.7% in the second quarter. Genesis Investment Management LLP now owns 3,879,321 shares of the semiconductor company’s stock valued at $33,983,000 after purchasing an additional 1,744,721 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of United Microelectronics by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 15,868,813 shares of the semiconductor company’s stock valued at $134,250,000 after purchasing an additional 434,018 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of United Microelectronics by 114.4% in the second quarter. Acadian Asset Management LLC now owns 439,765 shares of the semiconductor company’s stock worth $3,849,000 after purchasing an additional 234,606 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in United Microelectronics by 6,339.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 137,808 shares of the semiconductor company’s stock worth $1,160,000 after purchasing an additional 135,668 shares during the last quarter. 5.05% of the stock is currently owned by institutional investors and hedge funds.

United Microelectronics Stock Performance

Shares of UMC opened at $7.07 on Wednesday. The company has a market capitalization of $17.72 billion, a PE ratio of 10.88, a price-to-earnings-growth ratio of 3.72 and a beta of 1.18. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.66 and a quick ratio of 1.37. United Microelectronics has a one year low of $6.78 and a one year high of $9.00. The company’s fifty day moving average price is $8.20 and its 200 day moving average price is $8.26.

United Microelectronics (NYSE:UMC) last issued its quarterly earnings results on Wednesday, October 30th. The semiconductor company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.03. United Microelectronics had a net margin of 22.89% and a return on equity of 14.35%. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.84 billion. As a group, analysts expect that United Microelectronics will post 0.66 earnings per share for the current year.

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.