United Microelectronics Corporation (NYSE:UMC) Receives $8.60 Average Price Target from Brokerages

Shares of United Microelectronics Corporation (NYSE:UMC) have been given a consensus rating of “Reduce” by the six analysts that are currently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell recommendation and three have given a hold 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 $8.60.

UMC has been the topic of a number of analyst reports. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of United Microelectronics in a report on Thursday, January 29th. Wall Street Zen downgraded shares of United Microelectronics from a “buy” rating to a “hold” rating in a report on Saturday, December 6th. Finally, BNP Paribas Exane raised shares of United Microelectronics from an “underperform” rating to a “neutral” rating and set a $8.60 price target on the stock in a research report on Tuesday.

Hedge Funds Weigh In On United Microelectronics

Several hedge funds have recently modified their holdings of UMC. Corient Private Wealth LLC boosted its stake in shares of United Microelectronics by 8.4% in the 4th quarter. Corient Private Wealth LLC now owns 146,966 shares of the semiconductor company’s stock worth $1,155,000 after buying an additional 11,440 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of United Microelectronics by 1,782.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 11,956 shares of the semiconductor company’s stock worth $94,000 after purchasing an additional 11,321 shares during the period. Compound Planning Inc. raised its stake in shares of United Microelectronics by 18.7% during the 4th quarter. Compound Planning Inc. now owns 53,144 shares of the semiconductor company’s stock worth $418,000 after purchasing an additional 8,371 shares during the period. Summit Global Investments boosted its holdings in shares of United Microelectronics by 80.5% in the 4th quarter. Summit Global Investments now owns 261,121 shares of the semiconductor company’s stock worth $2,052,000 after buying an additional 116,456 shares during the last quarter. Finally, EP Wealth Advisors LLC bought a new position in United Microelectronics during the fourth quarter valued at about $134,000. Institutional investors own 5.05% of the company’s stock.

United Microelectronics Stock Performance

Shares of United Microelectronics stock opened at $8.67 on Friday. United Microelectronics has a 52 week low of $5.71 and a 52 week high of $12.68. The company has a quick ratio of 1.91, a current ratio of 2.34 and a debt-to-equity ratio of 0.12. The business has a 50 day moving average price of $9.92 and a 200-day moving average price of $8.53. The company has a market cap of $21.77 billion, a PE ratio of 16.05, a price-to-earnings-growth ratio of 4.77 and a beta of 1.16.

United Microelectronics (NYSE:UMC) last announced its earnings results on Wednesday, January 28th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.01. United Microelectronics had a return on equity of 11.45% and a net margin of 17.60%.The company had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter in the previous year, the firm earned $0.10 earnings per share. United Microelectronics’s quarterly revenue was up 7.0% on a year-over-year basis. Equities analysts anticipate that United Microelectronics will post 0.51 earnings per share for the current fiscal year.

United Microelectronics Company Profile

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.