United Microelectronics (NYSE:UMC) Shares Gap Up – What’s Next?

Shares of United Microelectronics Corporation (NYSE:UMC) gapped up prior to trading on Wednesday . The stock had previously closed at $21.08, but opened at $23.66. United Microelectronics shares last traded at $22.4590, with a volume of 8,070,757 shares.

Analysts Set New Price Targets

Several analysts have commented on UMC shares. Weiss Ratings reissued a “hold (c)” rating on shares of United Microelectronics in a research report on Tuesday. BNP Paribas Exane reaffirmed an “underperform” rating on shares of United Microelectronics in a report on Thursday. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of United Microelectronics in a report on Thursday, January 29th. Finally, Wall Street Zen raised shares of United Microelectronics from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. One research analyst has rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Strong Sell” and a consensus target price of $8.60.

United Microelectronics Trading Up 2.1%

The company has a current ratio of 2.72, a quick ratio of 2.23 and a debt-to-equity ratio of 0.12. The company’s fifty day moving average is $12.82 and its 200-day moving average is $10.31. The firm has a market capitalization of $57.10 billion, a P/E ratio of 34.89, a P/E/G ratio of 2.62 and a beta of 1.41.

United Microelectronics (NYSE:UMC) last posted its quarterly earnings data on Wednesday, April 29th. The semiconductor company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.08. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.92 billion. United Microelectronics had a net margin of 20.71% and a return on equity of 13.67%. As a group, sell-side analysts anticipate that United Microelectronics Corporation will post 0.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On United Microelectronics

Several large investors have recently bought and sold shares of UMC. Arrowstreet Capital Limited Partnership increased its position in United Microelectronics by 0.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 129,895 shares of the semiconductor company’s stock valued at $1,166,000 after acquiring an additional 1,074 shares in the last quarter. Cetera Investment Advisers increased its position in United Microelectronics by 7.7% in the 4th quarter. Cetera Investment Advisers now owns 15,472 shares of the semiconductor company’s stock valued at $122,000 after acquiring an additional 1,103 shares in the last quarter. Xponance LLC increased its position in United Microelectronics by 7.2% in the 4th quarter. Xponance LLC now owns 20,494 shares of the semiconductor company’s stock valued at $161,000 after acquiring an additional 1,384 shares in the last quarter. Xponance Inc. increased its position in United Microelectronics by 8.2% in the 3rd quarter. Xponance Inc. now owns 19,110 shares of the semiconductor company’s stock valued at $145,000 after acquiring an additional 1,445 shares in the last quarter. Finally, Bridgewater Advisors Inc. increased its position in United Microelectronics by 1.8% in the 1st quarter. Bridgewater Advisors Inc. now owns 79,803 shares of the semiconductor company’s stock valued at $717,000 after acquiring an additional 1,449 shares in the last quarter. 5.05% of the stock is currently owned by institutional investors and hedge funds.

About United Microelectronics

United Microelectronics Corporation (UMC) is a Taiwan-based semiconductor foundry that provides wafer fabrication and related manufacturing services to a global customer base. Founded in 1980, the company operates as a pure-play foundry, producing integrated circuits for a range of customers including fabless semiconductor companies and integrated device manufacturers. UMC is publicly listed (NYSE: UMC) and focuses on high-reliability manufacturing rather than branding consumer products.

UMC’s core services encompass wafer fabrication using a portfolio of process technologies, with particular emphasis on mature and specialty nodes that support analog, power-management, radio-frequency (RF), and mixed-signal applications.