United Microelectronics Corporation (NYSE:UMC) Downgraded by Credit Suisse Group

United Microelectronics Corporation (NYSE:UMC) was downgraded by stock analysts at Credit Suisse Group from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Thursday, July 27th, Marketbeat Ratings reports.

Several other research firms have also commented on UMC. Daiwa Capital Markets lowered United Microelectronics Corporation from a “hold” rating to an “underperform” rating in a research report on Wednesday, July 26th. HSBC Holdings plc downgraded United Microelectronics Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, July 26th. Citigroup Inc. downgraded United Microelectronics Corporation from a “neutral” rating to a “sell” rating in a research note on Wednesday, July 26th. Instinet downgraded United Microelectronics Corporation from a “neutral” rating to a “reduce” rating in a research note on Monday, July 3rd. Finally, Nomura downgraded United Microelectronics Corporation from a “neutral” rating to a “reduce” rating in a research note on Friday, June 30th. Eight research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Sell” and an average price target of $2.10.

United Microelectronics Corporation (NYSE UMC) traded up 0.43% during midday trading on Thursday, hitting $2.33. 402,931 shares of the stock traded hands. The company’s 50 day moving average price is $2.35 and its 200 day moving average price is $2.06. The firm has a market cap of $5.69 billion, a PE ratio of 17.92 and a beta of 0.60. United Microelectronics Corporation has a 12 month low of $1.74 and a 12 month high of $2.57.

United Microelectronics Corporation (NYSE:UMC) last released its quarterly earnings data on Wednesday, July 26th. The semiconductor company reported $0.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.01. United Microelectronics Corporation had a return on equity of 4.58% and a net margin of 6.52%. The business had revenue of $37.54 billion for the quarter, compared to analyst estimates of $37.15 billion. During the same quarter in the prior year, the firm posted $0.37 EPS. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. Equities research analysts predict that United Microelectronics Corporation will post $0.11 earnings per share for the current fiscal year.

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Hedge funds and other institutional investors have recently bought and sold shares of the stock. Comerica Bank increased its position in United Microelectronics Corporation by 11.4% in the fourth quarter. Comerica Bank now owns 142,899 shares of the semiconductor company’s stock valued at $269,000 after buying an additional 14,678 shares in the last quarter. State Street Corp increased its position in United Microelectronics Corporation by 12.2% in the fourth quarter. State Street Corp now owns 2,444,493 shares of the semiconductor company’s stock valued at $4,278,000 after buying an additional 265,891 shares in the last quarter. Envestnet Asset Management Inc. increased its position in United Microelectronics Corporation by 33.7% in the first quarter. Envestnet Asset Management Inc. now owns 130,348 shares of the semiconductor company’s stock valued at $251,000 after buying an additional 32,857 shares in the last quarter. Cypress Wealth Advisors LLC purchased a new position in United Microelectronics Corporation during the first quarter valued at approximately $178,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in United Microelectronics Corporation during the first quarter valued at approximately $323,000. 5.69% of the stock is owned by hedge funds and other institutional investors.

About United Microelectronics Corporation

United Microelectronics Corporation is a global semiconductor foundry. The Company provides integrated circuit (IC) production for applications spanning every sector of the electronics industry. The Company operates through two segments: wafer fabrication and new business. The primary operating activity of the Company’s wafer fabrication segment is the manufacture of chips to the design specifications of its customers by using its own processes and techniques.

Analyst Recommendations for United Microelectronics Corporation (NYSE:UMC)

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