United Microelectronics (UMC) Upgraded to Neutral by Credit Suisse Group
United Microelectronics (NYSE:UMC) was upgraded by investment analysts at Credit Suisse Group from an “underperform” rating to a “neutral” rating in a research note issued on Wednesday, The Fly reports.
Separately, HSBC raised United Microelectronics from a “hold” rating to a “buy” rating in a report on Wednesday. Seven analysts have rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $2.10.
Shares of United Microelectronics (NYSE UMC) traded up $0.08 on Wednesday, reaching $2.49. The company had a trading volume of 597,300 shares, compared to its average volume of 958,047. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.51 and a quick ratio of 1.31. The firm has a market capitalization of $5,892.12, a P/E ratio of 17.79 and a beta of 0.55. United Microelectronics has a 52-week low of $1.76 and a 52-week high of $2.73.
Hedge funds have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. raised its stake in shares of United Microelectronics by 7.9% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 2,449,335 shares of the semiconductor company’s stock worth $5,854,000 after purchasing an additional 178,808 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in United Microelectronics in the third quarter worth $312,000. OZ Management LP raised its position in United Microelectronics by 141.8% in the third quarter. OZ Management LP now owns 1,240,497 shares of the semiconductor company’s stock worth $3,101,000 after acquiring an additional 727,500 shares in the last quarter. Dimensional Fund Advisors LP raised its position in United Microelectronics by 18.8% in the third quarter. Dimensional Fund Advisors LP now owns 489,008 shares of the semiconductor company’s stock worth $1,223,000 after acquiring an additional 77,481 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in United Microelectronics by 116.6% in the third quarter. Wells Fargo & Company MN now owns 5,998,324 shares of the semiconductor company’s stock worth $14,995,000 after acquiring an additional 3,229,151 shares in the last quarter. 5.72% of the stock is owned by institutional investors and hedge funds.
United Microelectronics Company Profile
United Microelectronics Corporation is a global semiconductor foundry. The Company provides integrated circuit (IC) production for applications spanning every sector of the electronics industry. The Company operates through two segments: wafer fabrication and new business. The primary operating activity of the Company’s wafer fabrication segment is the manufacture of chips to the design specifications of its customers by using its own processes and techniques.
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