United Microelectronics (NYSE:UMC) Stock Price Down 3.7% – Time to Sell?

Shares of United Microelectronics Co. (NYSE:UMC) dropped 3.7% during mid-day trading on Monday . The stock traded as low as $7.46 and last traded at $7.46. Approximately 1,642,231 shares traded hands during trading, a decline of 83% from the average daily volume of 9,937,265 shares. The stock had previously closed at $7.75.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on UMC. The Goldman Sachs Group cut United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 price objective for the company. in a report on Thursday, October 17th. Morgan Stanley downgraded United Microelectronics from an “overweight” rating to an “equal weight” rating in a research note on Monday. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $7.40.

United Microelectronics Stock Down 0.2 %

The company has a current ratio of 1.66, a quick ratio of 1.37 and a debt-to-equity ratio of 0.13. The firm has a market cap of $18.56 billion, a price-to-earnings ratio of 11.05, a PEG ratio of 4.12 and a beta of 1.18. The firm’s 50 day simple moving average is $8.31 and its two-hundred day simple moving average is $8.28.

United Microelectronics (NYSE:UMC) last released its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.03. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.71 billion. United Microelectronics had a net margin of 23.90% and a return on equity of 14.80%. During the same period in the previous year, the business earned $0.20 earnings per share. On average, equities analysts forecast that United Microelectronics Co. will post 0.66 EPS for the current year.

Hedge Funds Weigh In On United Microelectronics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in UMC. GAMMA Investing LLC grew its holdings in shares of United Microelectronics by 90.7% during the 3rd quarter. GAMMA Investing LLC now owns 6,817 shares of the semiconductor company’s stock worth $57,000 after purchasing an additional 3,242 shares in the last quarter. Viking Fund Management LLC acquired a new stake in United Microelectronics during the third quarter worth about $84,000. SpiderRock Advisors LLC bought a new position in United Microelectronics in the 1st quarter valued at about $86,000. Aprio Wealth Management LLC acquired a new position in shares of United Microelectronics in the 2nd quarter valued at approximately $95,000. Finally, Simon Quick Advisors LLC bought a new stake in shares of United Microelectronics during the 2nd quarter worth approximately $103,000. 5.05% of the stock is owned by institutional investors and hedge funds.

United Microelectronics Company Profile

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