United Microelectronics (NYSE:UMC) Hits New 52-Week High After Earnings Beat

Shares of United Microelectronics Corporation (NYSE:UMC) reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $12.68 and last traded at $12.5110, with a volume of 26892402 shares changing hands. The stock had previously closed at $11.33.

The semiconductor company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.01. United Microelectronics had a net margin of 17.08% and a return on equity of 11.18%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of United Microelectronics in a research note on Wednesday, October 8th. Bank of America cut United Microelectronics from a “buy” rating to an “underperform” rating in a research report on Wednesday, November 12th. Finally, Wall Street Zen cut shares of United Microelectronics from a “buy” rating to a “hold” rating in a research report on Saturday, December 6th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, United Microelectronics currently has a consensus rating of “Hold”.

Hedge Funds Weigh In On United Microelectronics

Institutional investors and hedge funds have recently modified their holdings of the company. Evergreen Capital Management LLC boosted its stake in shares of United Microelectronics by 29.9% during the 4th quarter. Evergreen Capital Management LLC now owns 37,217 shares of the semiconductor company’s stock worth $293,000 after acquiring an additional 8,567 shares during the last quarter. Hennessy Advisors Inc. raised its stake in United Microelectronics by 8.8% during the 4th quarter. Hennessy Advisors Inc. now owns 18,212 shares of the semiconductor company’s stock valued at $143,000 after purchasing an additional 1,471 shares during the period. Bayforest Capital Ltd lifted its holdings in shares of United Microelectronics by 17.7% in the fourth quarter. Bayforest Capital Ltd now owns 70,237 shares of the semiconductor company’s stock worth $552,000 after buying an additional 10,571 shares in the last quarter. Moran Wealth Management LLC grew its position in shares of United Microelectronics by 13.8% during the fourth quarter. Moran Wealth Management LLC now owns 792,367 shares of the semiconductor company’s stock valued at $6,228,000 after purchasing an additional 95,871 shares in the last quarter. Finally, Merit Financial Group LLC bought a new stake in United Microelectronics in the 4th quarter worth approximately $82,000. 5.05% of the stock is currently owned by hedge funds and other institutional investors.

United Microelectronics Stock Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.92 and a current ratio of 2.34. The business’s fifty day moving average price is $8.40 and its two-hundred day moving average price is $7.60. The stock has a market capitalization of $31.43 billion, a P/E ratio of 24.53, a P/E/G ratio of 6.02 and a beta of 1.08.

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.