United Microelectronics (NYSE:UMC) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of United Microelectronics (NYSE:UMC) from a buy rating to a hold rating in a research note published on Saturday morning,Wall Street Zen reports.

A number of other equities research analysts have also recently commented on UMC. Weiss Ratings cut United Microelectronics from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 23rd. Arete Research upgraded United Microelectronics from a “neutral” rating to a “buy” rating in a research note on Monday, August 10th. Zacks Research downgraded shares of United Microelectronics from a “strong-buy” rating to a “hold” rating in a report on Friday, September 25th. Finally, HSBC upgraded shares of United Microelectronics from a “hold” rating to a “buy” rating and cut their price objective for the company from $37.42 to $33.76 in a report on Thursday, July 30th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $36.79.

United Microelectronics Stock Down 1.7%

United Microelectronics stock opened at $16.39 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.17 and a quick ratio of 1.81. The stock has a market capitalization of $41.26 billion, a price-to-earnings ratio of 15.18, a PEG ratio of 0.44 and a beta of 1.60. United Microelectronics has a 1-year low of $6.97 and a 1-year high of $28.96. The business has a fifty day moving average price of $21.60 and a 200-day moving average price of $17.05.

United Microelectronics (NYSE:UMC) last announced its earnings results on Wednesday, October 28th. The semiconductor company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.02). United Microelectronics had a return on equity of 20.86% and a net margin of 31.96%. The business had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.33 billion. Equities research analysts forecast that United Microelectronics will post 1.23 EPS for the current fiscal year.

Institutional Investors Weigh In On United Microelectronics

A number of large investors have recently made changes to their positions in the stock. International Assets Investment Management LLC purchased a new stake in United Microelectronics in the third quarter valued at approximately $228,000. Commonwealth Equity Services LLC increased its holdings in United Microelectronics by 52.4% in the 3rd quarter. Commonwealth Equity Services LLC now owns 12,206 shares of the semiconductor company’s stock worth $299,000 after buying an additional 4,196 shares during the period. Ascent Group LLC raised its position in United Microelectronics by 91.4% during the 3rd quarter. Ascent Group LLC now owns 31,583 shares of the semiconductor company’s stock worth $773,000 after buying an additional 15,082 shares during the last quarter. BOCHK Asset Management Ltd purchased a new position in United Microelectronics during the 3rd quarter worth approximately $225,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in United Microelectronics during the 3rd quarter worth approximately $3,757,000. 5.05% of the stock is owned by hedge funds and other institutional investors.

United Microelectronics Company Profile

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.