United Microelectronics (NYSE:UMC) Shares Up 15.8% – What’s Next?

United Microelectronics Corporation (NYSE:UMC)’s stock price shot up 15.8% on Monday . The stock traded as high as $28.07 and last traded at $27.8810. 5,304,085 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 12,881,651 shares. The stock had previously closed at $24.08.

Analysts Set New Price Targets

Several research firms have recently weighed in on UMC. Weiss Ratings reissued a “hold (c)” rating on shares of United Microelectronics in a research note on Tuesday, May 26th. Wall Street Zen lowered shares of United Microelectronics from a “buy” rating to a “hold” rating in a research report on Saturday, May 30th. Finally, BNP Paribas Exane reiterated an “underperform” rating on shares of United Microelectronics in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Strong Sell” and a consensus price target of $8.60.

United Microelectronics Stock Down 4.6%

The business has a 50-day moving average of $17.52 and a 200-day moving average of $12.19. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.23 and a current ratio of 2.72. The stock has a market capitalization of $66.06 billion, a price-to-earnings ratio of 40.37, a P/E/G ratio of 3.24 and a beta of 1.61.

United Microelectronics (NYSE:UMC) last posted its earnings results on Wednesday, April 29th. The semiconductor company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.08. United Microelectronics had a net margin of 20.71% and a return on equity of 13.67%. The company had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.92 billion. On average, sell-side analysts expect that United Microelectronics Corporation will post 0.7 EPS for the current year.

Hedge Funds Weigh In On United Microelectronics

A number of hedge funds have recently made changes to their positions in the stock. Smartleaf Asset Management LLC purchased a new stake in United Microelectronics in the second quarter valued at approximately $27,000. TD Private Client Wealth LLC purchased a new position in shares of United Microelectronics during the fourth quarter worth $32,000. Kestra Advisory Services LLC purchased a new position in shares of United Microelectronics during the fourth quarter worth $52,000. Arax Advisory Partners boosted its position in shares of United Microelectronics by 583.7% during the fourth quarter. Arax Advisory Partners now owns 8,656 shares of the semiconductor company’s stock worth $68,000 after buying an additional 7,390 shares during the period. Finally, Allworth Financial LP grew its stake in shares of United Microelectronics by 20.5% in the fourth quarter. Allworth Financial LP now owns 8,817 shares of the semiconductor company’s stock valued at $69,000 after buying an additional 1,498 shares in the last quarter. Hedge funds and other institutional investors own 5.05% of the company’s stock.

United Microelectronics Company Profile

United Microelectronics Corporation (UMC) is a Taiwan-based semiconductor foundry that provides wafer fabrication and related manufacturing services to a global customer base. Founded in 1980, the company operates as a pure-play foundry, producing integrated circuits for a range of customers including fabless semiconductor companies and integrated device manufacturers. UMC is publicly listed (NYSE: UMC) and focuses on high-reliability manufacturing rather than branding consumer products.

UMC’s core services encompass wafer fabrication using a portfolio of process technologies, with particular emphasis on mature and specialty nodes that support analog, power-management, radio-frequency (RF), and mixed-signal applications.