United Microelectronics Corporation (NYSE:UMC) Stock Rated “Reduce” by Sell-Side Analysts

Shares of United Microelectronics Corporation (NYSE:UMC) have been assigned a consensus recommendation of “Reduce” from the eight analysts that are covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $36.79.

A number of equities research analysts have recently issued reports on the stock. Zacks Research lowered shares of United Microelectronics from a “strong-buy” rating to a “hold” rating in a report on Friday, September 25th. Arete Research raised shares of United Microelectronics from a “neutral” rating to a “buy” rating in a research note on Monday, August 10th. HSBC upgraded shares of United Microelectronics from a “hold” rating to a “buy” rating and lowered their price target for the stock from $37.42 to $33.76 in a research report on Thursday, July 30th. Wall Street Zen raised shares of United Microelectronics from a “hold” rating to a “buy” rating in a research note on Saturday, July 25th. Finally, Weiss Ratings downgraded shares of United Microelectronics from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday.

Hedge Funds Weigh In On United Microelectronics

Hedge funds have recently modified their holdings of the business. Matthews International Capital Management LLC acquired a new stake in shares of United Microelectronics during the 1st quarter worth about $8,779,000. Nykredit A S acquired a new position in United Microelectronics in the second quarter valued at about $9,525,000. Dimensional Fund Advisors LP lifted its position in United Microelectronics by 13.2% in the first quarter. Dimensional Fund Advisors LP now owns 2,849,737 shares of the semiconductor company’s stock valued at $25,591,000 after buying an additional 333,011 shares during the last quarter. Delta Global Management LP purchased a new position in United Microelectronics during the first quarter worth about $1,435,000. Finally, Sei Investments Co. boosted its stake in United Microelectronics by 508.6% during the first quarter. Sei Investments Co. now owns 169,183 shares of the semiconductor company’s stock worth $1,519,000 after buying an additional 141,385 shares during the period. 5.05% of the stock is currently owned by hedge funds and other institutional investors.

United Microelectronics Trading Up 1.6%

Shares of UMC opened at $19.48 on Friday. United Microelectronics has a one year low of $6.97 and a one year high of $28.96. The stock has a 50 day moving average price of $21.66 and a 200 day moving average price of $16.88.

United Microelectronics (NYSE:UMC) last posted its quarterly earnings data on Tuesday, June 30th. The semiconductor company reported $0.53 EPS for the quarter. The firm had revenue of $2.16 billion during the quarter. Equities analysts anticipate that United Microelectronics will post 1.23 earnings per share for the current fiscal year.

About United Microelectronics

United Microelectronics Corp. (NYSE:UMC) is a Taiwan-based semiconductor foundry that manufactures integrated circuits for other companies. As a pure-play foundry, UMC focuses on producing chips designed by customers rather than marketing its own branded semiconductor products.

The company provides wafer fabrication services across a range of process technologies, with particular expertise in specialty applications such as display driver ICs, automotive semiconductors, connectivity products, image sensors, power management components and embedded memory.