United Microelectronics (NYSE:UMC) Shares Gap Up – Still a Buy?

Shares of United Microelectronics Co. (NYSE:UMC) gapped up before the market opened on Monday . The stock had previously closed at $5.69, but opened at $5.82. United Microelectronics shares last traded at $5.68, with a volume of 8,867,437 shares.

Analysts Set New Price Targets

Several brokerages recently commented on UMC. The Goldman Sachs Group lowered 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 report on Thursday, October 17th. Citigroup downgraded shares of United Microelectronics from a “buy” rating to a “sell” rating in a research note on Tuesday, January 21st. JPMorgan Chase & Co. downgraded United Microelectronics from an “overweight” rating to a “neutral” rating in a research report on Wednesday, October 30th. StockNews.com downgraded United Microelectronics from a “buy” rating to a “hold” rating in a research note on Sunday, November 17th. Finally, Morgan Stanley cut United Microelectronics from an “overweight” rating to an “equal weight” rating in a research note on Monday, October 28th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to data from MarketBeat, United Microelectronics presently has an average rating of “Hold” and an average target price of $7.40.

United Microelectronics Stock Down 0.4 %

The company has a market capitalization of $14.35 billion, a price-to-earnings ratio of 9.88, a P/E/G ratio of 3.88 and a beta of 1.17. The business’s 50-day moving average is $6.47 and its 200-day moving average is $7.49. The company has a quick ratio of 1.76, a current ratio of 2.19 and a debt-to-equity ratio of 0.16.

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

Institutional Trading of United Microelectronics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Assetmark Inc. acquired a new stake in United Microelectronics in the 3rd quarter valued at $37,000. GAMMA Investing LLC grew its position in shares of United Microelectronics by 90.7% in the third quarter. GAMMA Investing LLC now owns 6,817 shares of the semiconductor company’s stock valued at $57,000 after purchasing an additional 3,242 shares during the period. Savant Capital LLC purchased a new stake in shares of United Microelectronics during the fourth quarter worth about $66,000. Viking Fund Management LLC acquired a new position in shares of United Microelectronics during the 3rd quarter worth about $84,000. Finally, MML Investors Services LLC purchased a new position in United Microelectronics in the 3rd quarter valued at about $86,000. 5.05% of the stock is currently 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.