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

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

UMC has been the subject of several recent research reports. Morgan Stanley downgraded United Microelectronics from an “overweight” rating to an “equal weight” rating in a report on Monday, October 28th. StockNews.com lowered shares of United Microelectronics from a “buy” rating to a “hold” rating in a report on Sunday, November 17th. JPMorgan Chase & Co. downgraded shares of United Microelectronics from an “overweight” rating to a “neutral” rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group downgraded shares of United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 price objective for the company. in a research note on Thursday, October 17th.

United Microelectronics Trading Up 1.3 %

UMC opened at $6.82 on Thursday. The company has a quick ratio of 1.76, a current ratio of 2.19 and a debt-to-equity ratio of 0.16. The stock’s fifty day moving average is $6.97 and its two-hundred day moving average is $7.91. The company has a market capitalization of $17.09 billion, a P/E ratio of 10.49, a PEG ratio of 3.09 and a beta of 1.17. United Microelectronics has a 52 week low of $6.31 and a 52 week high of $9.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Marshall Wace LLP grew its holdings in United Microelectronics by 682.1% in the second 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 position in shares of United Microelectronics by 12.2% in the 3rd quarter. Genesis Investment Management LLP now owns 4,353,325 shares of the semiconductor company’s stock worth $36,655,000 after purchasing an additional 474,004 shares in the last quarter. State Street Corp grew its stake in United Microelectronics by 1.5% during the 3rd quarter. State Street Corp now owns 3,661,624 shares of the semiconductor company’s stock worth $30,831,000 after buying an additional 53,105 shares during the last quarter. Barclays PLC increased its position in United Microelectronics by 8.1% during the 3rd quarter. Barclays PLC now owns 3,205,930 shares of the semiconductor company’s stock valued at $26,995,000 after buying an additional 240,380 shares in the last quarter. Finally, Two Sigma Advisers LP raised its stake in United Microelectronics by 314.1% in the third quarter. Two Sigma Advisers LP now owns 1,279,600 shares of the semiconductor company’s stock valued at $10,774,000 after buying an additional 970,600 shares during the last quarter. Hedge funds and other institutional investors 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.