Analysts Set United Microelectronics Co. (NYSE:UMC) Price Target at $7.40

Shares of United Microelectronics Co. (NYSE:UMC) have been given a consensus rating of “Hold” by the five analysts that are covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $7.40.

Several research analysts have weighed in on UMC shares. StockNews.com lowered shares of United Microelectronics from a “buy” rating to a “hold” rating in a research note on Friday. Morgan Stanley lowered United Microelectronics from an “overweight” rating to an “equal weight” rating in a research report on Monday, October 28th. 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. Finally, JPMorgan Chase & Co. cut United Microelectronics from an “overweight” rating to a “neutral” rating in a report on Wednesday, October 30th.

Hedge Funds Weigh In On United Microelectronics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Marshall Wace LLP lifted its position in shares of United Microelectronics by 682.1% during the 2nd quarter. Marshall Wace LLP now owns 5,248,227 shares of the semiconductor company’s stock worth $45,974,000 after purchasing an additional 4,577,177 shares during the last quarter. Genesis Investment Management LLP boosted its holdings in United Microelectronics by 81.7% in the second quarter. Genesis Investment Management LLP now owns 3,879,321 shares of the semiconductor company’s stock valued at $33,983,000 after purchasing an additional 1,744,721 shares in the last quarter. Vanguard Group Inc. increased its stake in United Microelectronics by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 15,868,813 shares of the semiconductor company’s stock valued at $134,250,000 after purchasing an additional 434,018 shares during the last quarter. Acadian Asset Management LLC raised its holdings in United Microelectronics by 114.4% during the second quarter. Acadian Asset Management LLC now owns 439,765 shares of the semiconductor company’s stock worth $3,849,000 after purchasing an additional 234,606 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in shares of United Microelectronics by 6,339.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 137,808 shares of the semiconductor company’s stock valued at $1,160,000 after buying an additional 135,668 shares during the last quarter. 5.05% of the stock is owned by institutional investors and hedge funds.

United Microelectronics Price Performance

NYSE:UMC opened at $7.06 on Wednesday. The company has a market capitalization of $17.69 billion, a P/E ratio of 10.86, a P/E/G ratio of 3.76 and a beta of 1.20. 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 has a 52 week low of $6.78 and a 52 week high of $9.00. The stock’s fifty day moving average is $8.20 and its two-hundred day moving average is $8.26.

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.