United Microelectronics (NYSE:UMC) Shares Gap Down – Should You Sell?

United Microelectronics Co. (NYSE:UMC) gapped down prior to trading on Tuesday . The stock had previously closed at $7.15, but opened at $6.92. United Microelectronics shares last traded at $6.98, with a volume of 2,359,857 shares changing hands.

Wall Street Analyst Weigh In

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

United Microelectronics Stock Down 3.4 %

The company has a debt-to-equity ratio of 0.16, a current ratio of 2.19 and a quick ratio of 1.76. The stock has a market capitalization of $16.89 billion, a P/E ratio of 11.62, a P/E/G ratio of 4.44 and a beta of 1.20. The firm has a 50-day simple moving average of $6.41 and a 200 day simple moving average of $6.90.

United Microelectronics (NYSE:UMC) last issued its quarterly earnings results on Tuesday, January 21st. The semiconductor company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.03). The company had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.86 billion. United Microelectronics had a net margin of 20.35% and a return on equity of 12.78%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $5.30 EPS. On average, equities research analysts forecast that United Microelectronics Co. will post 0.51 EPS for the current year.

Institutional Trading of United Microelectronics

A number of large investors have recently bought and sold shares of the business. Millennium Management LLC grew its stake in shares of United Microelectronics by 3,091.8% in the 4th quarter. Millennium Management LLC now owns 14,329,393 shares of the semiconductor company’s stock valued at $92,998,000 after buying an additional 13,880,446 shares during the period. Northern Trust Corp increased its position in shares of United Microelectronics by 238.8% during the fourth quarter. Northern Trust Corp now owns 3,184,444 shares of the semiconductor company’s stock valued at $20,667,000 after acquiring an additional 2,244,574 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of United Microelectronics during the 4th quarter worth $12,768,000. JPMorgan Chase & Co. raised its position in United Microelectronics by 150.8% in the fourth quarter. JPMorgan Chase & Co. now owns 2,021,849 shares of the semiconductor company’s stock worth $13,122,000 after acquiring an additional 1,215,849 shares during the period. Finally, Two Sigma Advisers LP lifted its stake in 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 purchasing an additional 970,600 shares during the last quarter. 5.05% of the stock is currently owned by institutional investors and hedge funds.

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.