United Microelectronics (NYSE:UMC) Upgraded to “Buy” at Citigroup

Citigroup upgraded shares of United Microelectronics (NYSE:UMC) from a neutral rating to a buy rating in a research note released on Wednesday, MarketBeat.com reports.

A number of other analysts have also recently commented on UMC. The Goldman Sachs Group cut United Microelectronics from a buy rating to a neutral rating and set a $8.90 target price on the stock. in a research report on Tuesday, January 16th. HSBC upgraded United Microelectronics from a reduce rating to a hold rating in a research report on Thursday, January 25th.

United Microelectronics Stock Up 0.4 %

Shares of NYSE UMC opened at $7.79 on Wednesday. The company has a market capitalization of $19.48 billion, a price-to-earnings ratio of 11.13, a price-to-earnings-growth ratio of 2.17 and a beta of 1.21. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.19 and a quick ratio of 1.83. The business has a 50-day moving average of $7.93 and a two-hundred day moving average of $7.85. United Microelectronics has a 1 year low of $6.71 and a 1 year high of $8.97.

United Microelectronics (NYSE:UMC) last announced its quarterly earnings results on Wednesday, April 24th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). United Microelectronics had a return on equity of 15.82% and a net margin of 24.79%. The business had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.72 billion. On average, analysts forecast that United Microelectronics will post 0.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On United Microelectronics

Several institutional investors have recently added to or reduced their stakes in UMC. HB Wealth Management LLC acquired a new position in United Microelectronics in the 3rd quarter valued at about $82,000. Ballentine Partners LLC boosted its holdings in United Microelectronics by 9.2% in the 3rd quarter. Ballentine Partners LLC now owns 76,473 shares of the semiconductor company’s stock valued at $540,000 after purchasing an additional 6,473 shares in the last quarter. PDS Planning Inc boosted its holdings in United Microelectronics by 5.2% in the 3rd quarter. PDS Planning Inc now owns 52,768 shares of the semiconductor company’s stock valued at $373,000 after purchasing an additional 2,593 shares in the last quarter. Commonwealth Equity Services LLC boosted its holdings in United Microelectronics by 26.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 76,151 shares of the semiconductor company’s stock valued at $538,000 after purchasing an additional 15,949 shares in the last quarter. Finally, SVB Wealth LLC boosted its holdings in United Microelectronics by 9.6% in the 3rd quarter. SVB Wealth LLC now owns 63,048 shares of the semiconductor company’s stock valued at $445,000 after purchasing an additional 5,530 shares in the last quarter. Institutional investors and hedge funds own 5.05% of the company’s stock.

United Microelectronics Company Profile

United Microelectronics Corporation operates as a semiconductor wafer foundry in Taiwan, Singapore, China, Hong Kong, Japan, 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.