Wedbush Comments on United Microelectronics Co.’s Q3 2024 Earnings (NYSE:UMC)

United Microelectronics Co. (NYSE:UMC) – Analysts at Wedbush lowered their Q3 2024 earnings estimates for United Microelectronics in a research report issued to clients and investors on Wednesday, April 24th. Wedbush analyst M. Bryson now expects that the semiconductor company will earn $0.13 per share for the quarter, down from their previous forecast of $0.15. The consensus estimate for United Microelectronics’ current full-year earnings is $0.60 per share. Wedbush also issued estimates for United Microelectronics’ Q4 2024 earnings at $0.13 EPS, FY2024 earnings at $0.51 EPS, Q1 2025 earnings at $0.15 EPS, Q2 2025 earnings at $0.18 EPS, Q3 2025 earnings at $0.21 EPS, Q4 2025 earnings at $0.25 EPS and FY2025 earnings at $0.80 EPS.

UMC has been the topic of several other reports. Citigroup raised United Microelectronics from a “neutral” rating to a “buy” rating in a research report on Wednesday. The Goldman Sachs Group cut shares of United Microelectronics from a “buy” rating to a “neutral” rating and set a $8.90 price target on the stock. in a research report on Tuesday, January 16th. Finally, HSBC upgraded shares of United Microelectronics from a “reduce” rating to a “hold” rating in a research note on Thursday, January 25th.

United Microelectronics Trading Up 0.3 %

United Microelectronics stock opened at $7.78 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.19 and a quick ratio of 1.83. The company has a market capitalization of $19.46 billion, a price-to-earnings ratio of 11.11, a PEG ratio of 2.18 and a beta of 1.21. United Microelectronics has a one year low of $6.71 and a one year high of $8.97. The company’s fifty day moving average price is $7.93 and its two-hundred day moving average price is $7.84.

United Microelectronics (NYSE:UMC) last posted its earnings results on Wednesday, April 24th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.01). The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.72 billion. United Microelectronics had a return on equity of 15.82% and a net margin of 24.79%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in UMC. HB Wealth Management LLC acquired a new position in shares of United Microelectronics during the 3rd quarter worth approximately $82,000. Ballentine Partners LLC lifted its holdings in shares of United Microelectronics by 9.2% during the 3rd quarter. Ballentine Partners LLC now owns 76,473 shares of the semiconductor company’s stock worth $540,000 after acquiring an additional 6,473 shares during the period. PDS Planning Inc lifted its holdings in shares of United Microelectronics by 5.2% during the 3rd quarter. PDS Planning Inc now owns 52,768 shares of the semiconductor company’s stock worth $373,000 after acquiring an additional 2,593 shares during the period. Commonwealth Equity Services LLC lifted its holdings in shares of United Microelectronics by 26.5% during the 3rd quarter. Commonwealth Equity Services LLC now owns 76,151 shares of the semiconductor company’s stock worth $538,000 after acquiring an additional 15,949 shares during the period. Finally, SVB Wealth LLC lifted its holdings in shares of United Microelectronics by 9.6% during the 3rd quarter. SVB Wealth LLC now owns 63,048 shares of the semiconductor company’s stock worth $445,000 after acquiring an additional 5,530 shares during the period. Institutional investors and hedge funds own 5.05% of the company’s stock.

United Microelectronics Company Profile

United Microelectronics Corporation operates as a semiconductor wafer foundry in Taiwan, Singapore, China, Hong Kong, Japan, 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.