Morgan Stanley cut shares of United Microelectronics (NYSE:UMC) from an equal weight rating to an underweight rating in a research note released on Friday, MarketBeat reports.

Several other brokerages also recently weighed in on UMC. CLSA downgraded United Microelectronics from an outperform rating to an underperform rating in a research note on Monday, October 8th. ValuEngine downgraded United Microelectronics from a hold rating to a sell rating in a research note on Monday, October 8th. JPMorgan Chase & Co. downgraded United Microelectronics from a neutral rating to an underweight rating in a research note on Wednesday, October 10th. Nomura downgraded United Microelectronics from a buy rating to a neutral rating in a research note on Friday, October 12th. Finally, HSBC downgraded United Microelectronics from a buy rating to a hold rating in a research note on Wednesday, October 24th. Five analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $2.19.

NYSE:UMC opened at $1.74 on Friday. United Microelectronics has a 52-week low of $1.64 and a 52-week high of $3.14. The company has a market cap of $4.30 billion, a P/E ratio of 12.57 and a beta of 0.90. The company has a current ratio of 2.72, a quick ratio of 2.38 and a debt-to-equity ratio of 0.32.

United Microelectronics (NYSE:UMC) last announced its earnings results on Wednesday, October 24th. The semiconductor company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). United Microelectronics had a net margin of 6.93% and a return on equity of 4.94%. The company had revenue of $39.39 billion during the quarter, compared to analysts’ expectations of $39.72 billion. The company’s quarterly revenue was up 4.5% on a year-over-year basis.

Several hedge funds have recently made changes to their positions in UMC. Henry James International Management Inc. acquired a new stake in shares of United Microelectronics in the 3rd quarter valued at approximately $140,000. Mackenzie Financial Corp acquired a new stake in shares of United Microelectronics in the 3rd quarter valued at approximately $149,000. Macquarie Group Ltd. lifted its holdings in shares of United Microelectronics by 900.0% in the 3rd quarter. Macquarie Group Ltd. now owns 100,000 shares of the semiconductor company’s stock valued at $258,000 after buying an additional 90,000 shares during the period. Credit Suisse AG lifted its holdings in shares of United Microelectronics by 120.3% in the 3rd quarter. Credit Suisse AG now owns 119,970 shares of the semiconductor company’s stock valued at $309,000 after buying an additional 65,521 shares during the period. Finally, Citadel Advisors LLC lifted its holdings in shares of United Microelectronics by 61.5% in the 2nd quarter. Citadel Advisors LLC now owns 140,055 shares of the semiconductor company’s stock valued at $395,000 after buying an additional 53,347 shares during the period. Institutional investors own 4.83% of the company’s stock.

About United Microelectronics

United Microelectronics Corporation provides semiconductor wafer foundry solutions. The company operates through Wafer Fabrication and New Business segments. It provides circuit design, mask tooling, wafer fabrication, and assembly and testing services. The company also engages in the research, development, and manufacture of products in the solar energy and light-emitting diode industries.

Featured Article: Compound Annual Growth Rate (CAGR)

Analyst Recommendations for United Microelectronics (NYSE:UMC)

Receive News & Ratings for United Microelectronics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for United Microelectronics and related companies with MarketBeat.com's FREE daily email newsletter.