United Microelectronics (NYSE:UMC) Stock Price Down 3.7% – Here’s What Happened

United Microelectronics Co. (NYSE:UMC)’s share price dropped 3.7% during trading on Monday . The company traded as low as $7.46 and last traded at $7.46. Approximately 1,642,231 shares changed hands during trading, a decline of 83% from the average daily volume of 9,937,265 shares. The stock had previously closed at $7.75.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Morgan Stanley lowered United Microelectronics from an “overweight” rating to an “equal weight” rating in a research report on Monday. The Goldman Sachs Group cut shares of United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 target price for the company. in a report on Thursday, October 17th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $7.40.

United Microelectronics Trading Down 3.5 %

The company has a current ratio of 1.66, a quick ratio of 1.37 and a debt-to-equity ratio of 0.13. The firm has a market cap of $18.74 billion, a PE ratio of 11.19, a price-to-earnings-growth ratio of 4.12 and a beta of 1.18. The company has a 50-day simple moving average of $8.37 and a 200 day simple moving average of $8.29.

United Microelectronics (NYSE:UMC) last released its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.03. United Microelectronics had a net margin of 23.90% and a return on equity of 14.80%. The company had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter in the previous year, the company earned $0.20 earnings per share. As a group, sell-side analysts forecast that United Microelectronics Co. will post 0.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On United Microelectronics

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC raised its stake in shares of United Microelectronics by 90.7% during the 3rd quarter. GAMMA Investing LLC now owns 6,817 shares of the semiconductor company’s stock worth $57,000 after buying an additional 3,242 shares during the period. Viking Fund Management LLC purchased a new stake in United Microelectronics in the 3rd quarter worth $84,000. SpiderRock Advisors LLC purchased a new stake in United Microelectronics in the 1st quarter worth $86,000. Aprio Wealth Management LLC acquired a new position in United Microelectronics during the second quarter worth $95,000. Finally, Simon Quick Advisors LLC purchased a new position in United Microelectronics during the second quarter valued at $103,000. Hedge funds and other institutional investors own 5.05% of the company’s stock.

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.