United Microelectronics Corporation (NYSE:UMC) Stock Has Average Target Price of $8.60 According to Brokerages

Shares of United Microelectronics Corporation (NYSE:UMC) have been given an average rating of “Reduce” by the six ratings firms that are currently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $8.60.

A number of equities analysts have recently commented on the company. Weiss Ratings raised United Microelectronics from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, July 30th. Arete Research upgraded United Microelectronics from a “neutral” rating to a “buy” rating in a research note on Monday, August 10th. Zacks Research cut United Microelectronics from a “strong-buy” rating to a “hold” rating in a report on Friday, September 25th. Finally, Wall Street Zen raised United Microelectronics from a “hold” rating to a “buy” rating in a report on Saturday, July 25th.

United Microelectronics Stock Performance

Shares of UMC stock opened at $26.29 on Monday. The firm’s 50 day moving average is $20.96 and its 200 day moving average is $18.60. The stock has a market capitalization of $66.20 billion, a P/E ratio of 24.57, a PEG ratio of 0.59 and a beta of 1.60. United Microelectronics has a 12 month low of $6.97 and a 12 month high of $28.96. The company has a current ratio of 2.17, a quick ratio of 1.81 and a debt-to-equity ratio of 0.10.

United Microelectronics (NYSE:UMC) last released its quarterly earnings data 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. On average, sell-side analysts anticipate that United Microelectronics will post 1.23 earnings per share for the current year.

Hedge Funds Weigh In On United Microelectronics

Large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its holdings in United Microelectronics by 13.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,849,737 shares of the semiconductor company’s stock worth $25,591,000 after acquiring an additional 333,011 shares during the period. Nykredit A S bought a new position in United Microelectronics in the 2nd quarter valued at $9,525,000. Matthews International Capital Management LLC bought a new position in United Microelectronics in the 1st quarter valued at $8,779,000. Moran Wealth Management LLC grew its position in shares of United Microelectronics by 14.9% during 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 in the last quarter. Finally, Quantinno Capital Management LP grew its position in shares of United Microelectronics by 17.9% during the 1st quarter. Quantinno Capital Management LP now owns 710,604 shares of the semiconductor company’s stock valued at $6,381,000 after purchasing an additional 108,050 shares in the last quarter. 5.05% of the stock is currently owned by institutional investors.

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.