Verition Fund Management LLC Makes New Investment in United Microelectronics Co. (NYSE:UMC)

Verition Fund Management LLC purchased a new position in shares of United Microelectronics Co. (NYSE:UMC) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 130,481 shares of the semiconductor company’s stock, valued at approximately $1,099,000.

Several other institutional investors and hedge funds have also recently modified their holdings of UMC. Assetmark Inc. purchased a new position in shares of United Microelectronics during the 3rd quarter worth $37,000. GAMMA Investing LLC boosted its stake in United Microelectronics by 90.7% during the third quarter. GAMMA Investing LLC now owns 6,817 shares of the semiconductor company’s stock worth $57,000 after buying an additional 3,242 shares during the period. Viking Fund Management LLC acquired a new stake in shares of United Microelectronics during the third quarter valued at about $84,000. Simon Quick Advisors LLC purchased a new stake in shares of United Microelectronics in the 2nd quarter valued at approximately $103,000. Finally, Cherrydale Wealth Management LLC acquired a new position in shares of United Microelectronics in the 3rd quarter worth approximately $104,000. Institutional investors and hedge funds own 5.05% of the company’s stock.

United Microelectronics Stock Up 2.0 %

Shares of NYSE UMC opened at $6.72 on Monday. The stock has a market cap of $16.84 billion, a P/E ratio of 10.34, a PEG ratio of 3.25 and a beta of 1.17. The business’s fifty day simple moving average is $7.37 and its 200-day simple moving average is $8.07. United Microelectronics Co. has a 12-month low of $6.54 and a 12-month high of $9.00. The company has a current ratio of 2.19, a quick ratio of 1.76 and a debt-to-equity ratio of 0.16.

Analyst Ratings Changes

A number of brokerages have issued reports on UMC. StockNews.com lowered United Microelectronics from a “buy” rating to a “hold” rating in a research report on Sunday, November 17th. The Goldman Sachs Group downgraded United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 price objective on the stock. in a report on Thursday, October 17th. Morgan Stanley cut United Microelectronics from an “overweight” rating to an “equal weight” rating in a report on Monday, October 28th. Finally, JPMorgan Chase & Co. lowered shares of United Microelectronics from an “overweight” rating to a “neutral” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $7.40.

United Microelectronics 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.