United Microelectronics (NYSE:UMC) Shares Gap Down – What’s Next?

United Microelectronics Co. (NYSE:UMC) shares gapped down before the market opened on Tuesday . The stock had previously closed at $7.15, but opened at $6.92. United Microelectronics shares last traded at $6.98, with a volume of 2,359,857 shares.

Analysts Set New Price Targets

Separately, Citigroup raised shares of United Microelectronics from a “strong sell” rating to a “strong-buy” rating in a research report on Friday, March 21st. Four research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, United Microelectronics presently has a consensus rating of “Hold” and an average target price of $7.40.

United Microelectronics Trading Down 3.4 %

The company has a 50-day simple moving average of $6.41 and a 200-day simple moving average of $6.90. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.76 and a current ratio of 2.19. The stock has a market cap of $16.89 billion, a P/E ratio of 11.62, a P/E/G ratio of 4.44 and a beta of 1.20.

United Microelectronics (NYSE:UMC) last announced its quarterly earnings data on Tuesday, January 21st. The semiconductor company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.03). The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.86 billion. United Microelectronics had a net margin of 20.35% and a return on equity of 12.78%. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.30 earnings per share. On average, sell-side analysts forecast that United Microelectronics Co. will post 0.51 EPS for the current fiscal year.

Hedge Funds Weigh In On United Microelectronics

A number of hedge funds and other institutional investors have recently bought and sold shares of UMC. Vanguard Group Inc. grew its stake in United Microelectronics by 4.9% in the fourth quarter. Vanguard Group Inc. now owns 15,947,754 shares of the semiconductor company’s stock valued at $103,501,000 after acquiring an additional 750,472 shares during the period. Millennium Management LLC grew its stake in shares of United Microelectronics by 3,091.8% in the fourth quarter. Millennium Management LLC now owns 14,329,393 shares of the semiconductor company’s stock valued at $92,998,000 after buying an additional 13,880,446 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of United Microelectronics by 3.4% during the 4th quarter. Fisher Asset Management LLC now owns 7,300,362 shares of the semiconductor company’s stock worth $47,379,000 after purchasing an additional 237,024 shares during the last quarter. State Street Corp raised its stake in United Microelectronics by 1.5% in the third quarter. State Street Corp now owns 3,661,624 shares of the semiconductor company’s stock valued at $30,831,000 after buying an additional 53,105 shares during the period. Finally, Barclays PLC boosted its position in United Microelectronics by 10.7% during the fourth quarter. Barclays PLC now owns 3,547,867 shares of the semiconductor company’s stock worth $23,026,000 after purchasing an additional 341,937 shares during the period. 5.05% of the stock is owned by institutional investors.

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.