United Microelectronics (NYSE:UMC) Hits New 1-Year Low – What’s Next?

United Microelectronics Co. (NYSE:UMC)’s stock price reached a new 52-week low on Wednesday . The stock traded as low as $6.52 and last traded at $6.58, with a volume of 626591 shares. The stock had previously closed at $6.56.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on UMC. StockNews.com cut United Microelectronics from a “buy” rating to a “hold” rating in a research note on Sunday, November 17th. The Goldman Sachs Group lowered shares of United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 price target on the stock. in a research report on Thursday, October 17th. Morgan Stanley downgraded shares of United Microelectronics from an “overweight” rating to an “equal weight” rating in a research report on Monday, October 28th. Finally, JPMorgan Chase & Co. cut shares of United Microelectronics from an “overweight” rating to a “neutral” rating in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $7.40.

United Microelectronics Trading Up 0.3 %

The company has a market cap of $16.49 billion, a price-to-earnings ratio of 10.10, a PEG ratio of 3.25 and a beta of 1.17. The business’s 50 day moving average price is $7.33 and its 200-day moving average price is $8.06. The company has a current ratio of 2.19, a quick ratio of 1.76 and a debt-to-equity ratio of 0.16.

Institutional Investors Weigh In On United Microelectronics

Several hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. boosted its position in shares of United Microelectronics by 96.0% in the third quarter. Victory Capital Management Inc. now owns 149,457 shares of the semiconductor company’s stock valued at $1,258,000 after acquiring an additional 73,202 shares during the period. Two Sigma Advisers LP raised its stake in United Microelectronics by 314.1% in the 3rd quarter. Two Sigma Advisers LP now owns 1,279,600 shares of the semiconductor company’s stock worth $10,774,000 after purchasing an additional 970,600 shares in the last quarter. Verition Fund Management LLC acquired a new stake in United Microelectronics in the 3rd quarter worth about $1,099,000. Cerity Partners LLC boosted its holdings in United Microelectronics by 90.5% in the 3rd quarter. Cerity Partners LLC now owns 237,027 shares of the semiconductor company’s stock valued at $1,996,000 after purchasing an additional 112,624 shares during the period. Finally, Blue Trust Inc. grew its position in shares of United Microelectronics by 136.1% during the 3rd quarter. Blue Trust Inc. now owns 181,782 shares of the semiconductor company’s stock worth $1,592,000 after purchasing an additional 104,797 shares in the last quarter. 5.05% of the stock is currently owned by institutional investors and hedge funds.

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.