United Microelectronics (NYSE:UMC) Hits New 1-Year Low – Here’s What Happened

United Microelectronics Co. (NYSE:UMC)’s stock price reached a new 52-week low on Wednesday . The company traded as low as $6.70 and last traded at $6.73, with a volume of 315310 shares changing hands. The stock had previously closed at $6.85.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Morgan Stanley cut shares of United Microelectronics from an “overweight” rating to an “equal weight” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. lowered shares of United Microelectronics from an “overweight” rating to a “neutral” rating in a research note on Wednesday, October 30th. StockNews.com downgraded shares of United Microelectronics from a “buy” rating to a “hold” rating in a research report on Sunday, November 17th. Finally, The Goldman Sachs Group cut United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 target price on the stock. in a research report on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $7.40.

United Microelectronics Price Performance

The stock has a market cap of $16.69 billion, a price-to-earnings ratio of 10.54, a PEG ratio of 3.32 and a beta of 1.20. The company’s 50 day moving average is $7.66 and its 200 day moving average is $8.16. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.19 and a quick ratio of 1.76.

Hedge Funds Weigh In On United Microelectronics

Several hedge funds have recently bought and sold shares of UMC. 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 valued at $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 buying an additional 474,004 shares in the last quarter. State Street Corp grew its stake in United Microelectronics by 1.5% in the 3rd quarter. State Street Corp now owns 3,661,624 shares of the semiconductor company’s stock valued at $30,831,000 after acquiring an additional 53,105 shares during the last quarter. Barclays PLC grew its stake in United Microelectronics by 8.1% in the 3rd quarter. Barclays PLC now owns 3,205,930 shares of the semiconductor company’s stock valued at $26,995,000 after acquiring an additional 240,380 shares during the last quarter. Finally, Two Sigma Advisers LP increased its holdings in United Microelectronics by 314.1% during the 3rd quarter. Two Sigma Advisers LP now owns 1,279,600 shares of the semiconductor company’s stock valued at $10,774,000 after acquiring an additional 970,600 shares in the last quarter. 5.05% of the stock is owned by hedge funds and other 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.