United Microelectronics (NYSE:UMC) Shares Down 3% – Here’s What Happened

United Microelectronics Co. (NYSE:UMC) shares dropped 3% during trading on Friday . The stock traded as low as $7.75 and last traded at $7.76. Approximately 1,756,010 shares were traded during trading, a decline of 82% from the average daily volume of 9,941,563 shares. The stock had previously closed at $8.00.

Wall Street Analyst Weigh In

Separately, 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.

United Microelectronics Stock Performance

The stock has a 50-day moving average price of $8.46 and a 200 day moving average price of $8.30. The firm has a market capitalization of $19.37 billion, a price-to-earnings ratio of 11.04, a P/E/G ratio of 4.35 and a beta of 1.18. The company has a quick ratio of 1.37, a current ratio of 1.66 and a debt-to-equity ratio of 0.13.

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

Institutional Trading of United Microelectronics

A number of hedge funds and other institutional investors have recently made changes to their positions in UMC. Vanguard Group Inc. grew its position in United Microelectronics by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 15,868,813 shares of the semiconductor company’s stock worth $134,250,000 after purchasing an additional 434,018 shares during the last quarter. Acadian Asset Management LLC raised its stake in United Microelectronics by 1,105.0% during the 1st quarter. Acadian Asset Management LLC now owns 205,159 shares of the semiconductor company’s stock valued at $1,659,000 after acquiring an additional 188,133 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in United Microelectronics by 35.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 34,949 shares of the semiconductor company’s stock worth $283,000 after acquiring an additional 9,071 shares during the period. Diversified Trust Co purchased a new position in shares of United Microelectronics in the 2nd quarter valued at approximately $113,000. Finally, Genesis Investment Management LLP increased its holdings in shares of United Microelectronics by 12.2% in the third quarter. Genesis Investment Management LLP now owns 4,353,325 shares of the semiconductor company’s stock valued at $36,655,000 after purchasing an additional 474,004 shares during the period. Institutional investors and hedge funds own 5.05% of the company’s stock.

About United Microelectronics

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.