United Microelectronics (NYSE:UMC) Shares Up 4.7% – Should You Buy?

United Microelectronics Corporation (NYSE:UMC)’s stock price traded up 4.7% during trading on Tuesday. The company traded as high as $24.99 and last traded at $24.9790. Approximately 4,464,137 shares traded hands during trading, a decline of 67% from the average session volume of 13,394,752 shares. The stock had previously closed at $23.85.

Analysts Set New Price Targets

UMC has been the subject of a number of research analyst reports. Arete Research raised shares of United Microelectronics from a “neutral” rating to a “buy” rating in a research note on Monday, August 10th. Wall Street Zen raised United Microelectronics from a “hold” rating to a “buy” rating in a research note on Saturday, July 25th. Zacks Research lowered United Microelectronics from a “strong-buy” rating to a “hold” rating in a report on Friday, September 25th. Finally, Weiss Ratings raised United Microelectronics from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, United Microelectronics presently has an average rating of “Reduce” and an average price target of $8.60.

United Microelectronics Stock Performance

The stock’s 50-day moving average price is $20.74 and its 200 day moving average price is $18.44. The firm has a market cap of $61.69 billion, a P/E ratio of 22.90, a price-to-earnings-growth ratio of 0.58 and a beta of 1.59. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.17 and a quick ratio of 1.81.

United Microelectronics (NYSE:UMC) last released its earnings results on Tuesday, June 30th. The semiconductor company reported $0.53 earnings per share for the quarter. United Microelectronics had a net margin of 33.18% and a return on equity of 21.00%. The business had revenue of $2.16 billion during the quarter. As a group, equities analysts predict that United Microelectronics Corporation will post 1.23 EPS for the current year.

Hedge Funds Weigh In On United Microelectronics

A number of institutional investors have recently added to or reduced their stakes in UMC. Dimensional Fund Advisors LP grew its position in shares of United Microelectronics by 13.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,849,737 shares of the semiconductor company’s stock valued at $25,591,000 after acquiring an additional 333,011 shares during the period. Matthews International Capital Management LLC acquired a new stake in United Microelectronics in the 1st quarter valued at about $8,779,000. Moran Wealth Management LLC lifted its stake in United Microelectronics by 14.9% in the 1st quarter. Moran Wealth Management LLC now owns 910,416 shares of the semiconductor company’s stock valued at $8,176,000 after purchasing an additional 118,049 shares during the last quarter. Quantinno Capital Management LP grew its holdings in United Microelectronics by 17.9% during the first quarter. Quantinno Capital Management LP now owns 710,604 shares of the semiconductor company’s stock worth $6,381,000 after purchasing an additional 108,050 shares during the period. Finally, Nykredit A S bought a new position in United Microelectronics during the second quarter worth about $9,525,000. 5.05% of the stock is currently owned by institutional investors and hedge funds.

About United Microelectronics

United Microelectronics Corp. (NYSE: UMC) is a Taiwan-based semiconductor foundry that manufactures integrated circuits for other companies. As a pure-play foundry, UMC focuses on producing chips designed by its customers rather than marketing semiconductor products under its own consumer brand.

The company provides wafer fabrication services across a range of established and specialty semiconductor processes. Its offerings support applications including communications, automotive electronics, industrial systems, consumer devices, display products and other embedded technologies.