United Microelectronics (NYSE:UMC) Reaches New 12-Month Low – Here’s Why

United Microelectronics Co. (NYSE:UMC)’s share price hit a new 52-week low on Wednesday . The company traded as low as $6.70 and last traded at $6.73, with a volume of 315310 shares traded. The stock had previously closed at $6.85.

Analyst Ratings Changes

UMC has been the topic of several recent analyst reports. StockNews.com lowered shares of United Microelectronics from a “buy” rating to a “hold” rating in a research note on Sunday, November 17th. JPMorgan Chase & Co. cut United Microelectronics from an “overweight” rating to a “neutral” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group lowered 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. Finally, Morgan Stanley lowered shares of United Microelectronics from an “overweight” rating to an “equal weight” rating in a report on Monday, October 28th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $7.40.

United Microelectronics Stock Down 2.3 %

The firm has a market cap of $16.76 billion, a price-to-earnings ratio of 10.29, a PEG ratio of 3.32 and a beta of 1.20. The business has a fifty day simple moving average of $7.59 and a 200 day simple moving average of $8.14. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.19 and a quick ratio of 1.76.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Synovus Financial Corp purchased a new position in shares of United Microelectronics in the third quarter worth about $89,000. Tidal Investments LLC lifted its stake in United Microelectronics by 110.6% in the 3rd quarter. Tidal Investments LLC now owns 115,287 shares of the semiconductor company’s stock worth $971,000 after purchasing an additional 60,533 shares in the last quarter. Chiron Investment Management LLC purchased a new position in United Microelectronics in the 3rd quarter worth approximately $755,000. Barclays PLC boosted its holdings in shares of United Microelectronics by 8.1% during the 3rd quarter. Barclays PLC now owns 3,205,930 shares of the semiconductor company’s stock worth $26,995,000 after purchasing an additional 240,380 shares during the last quarter. Finally, Groupama Asset Managment purchased a new stake in shares of United Microelectronics in the third quarter valued at approximately $238,000. Hedge funds and other institutional investors own 5.05% of the company’s stock.

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.