Analysts Set United Microelectronics Co. (NYSE:UMC) Target Price at $7.40

Shares of United Microelectronics Co. (NYSE:UMC) have been given a consensus recommendation of “Hold” by the five analysts that are presently covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $7.40.

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group lowered United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 target price for the company. in a research note on Thursday, October 17th. Morgan Stanley lowered United Microelectronics from an “overweight” rating to an “equal weight” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. downgraded shares of United Microelectronics from an “overweight” rating to a “neutral” rating in a research note on Wednesday, October 30th. Finally, StockNews.com cut shares of United Microelectronics from a “buy” rating to a “hold” rating in a research report on Sunday, November 17th.

United Microelectronics Price Performance

Shares of NYSE:UMC opened at $6.27 on Monday. The company has a quick ratio of 1.76, a current ratio of 2.19 and a debt-to-equity ratio of 0.16. The stock has a market cap of $15.72 billion, a PE ratio of 9.65, a PEG ratio of 3.00 and a beta of 1.17. The company’s fifty day moving average is $6.62 and its 200 day moving average is $7.62. United Microelectronics has a 52 week low of $6.09 and a 52 week high of $9.00.

Hedge Funds Weigh In On United Microelectronics

Several hedge funds have recently made changes to their positions in UMC. Assetmark Inc. purchased a new position in shares of United Microelectronics during the third quarter valued at about $37,000. GAMMA Investing LLC grew its holdings in shares of United Microelectronics by 90.7% during the 3rd quarter. GAMMA Investing LLC now owns 6,817 shares of the semiconductor company’s stock worth $57,000 after acquiring an additional 3,242 shares during the period. Viking Fund Management LLC purchased a new position in shares of United Microelectronics during the 3rd quarter worth approximately $84,000. MML Investors Services LLC bought a new position in shares of United Microelectronics in the 3rd quarter worth approximately $86,000. Finally, Synovus Financial Corp bought a new stake in shares of United Microelectronics during the third quarter valued at approximately $89,000. 5.05% of the stock is owned by hedge funds and other institutional investors.

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.