Brokerages Set United Microelectronics Co. (NYSE:UMC) Price Target at $7.40

United Microelectronics Co. (NYSE:UMC - Get Free Report) has earned an average recommendation of "Hold" from the five ratings firms that are currently covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $7.40.

A number of equities analysts have weighed in on the stock. Morgan Stanley downgraded shares of United Microelectronics from an "overweight" rating to an "equal weight" rating in a research note on Monday. The Goldman Sachs Group downgraded shares of United Microelectronics from a "buy" rating to a "neutral" rating and set a $7.40 target price for the company. in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. lowered shares of United Microelectronics from an "overweight" rating to a "neutral" rating in a report on Wednesday.

United Microelectronics Stock Performance

UMC traded down $0.43 during trading on Wednesday, hitting $6.98. The stock had a trading volume of 21,791,174 shares, compared to its average volume of 10,075,904. The firm has a market cap of $17.49 billion, a PE ratio of 10.61, a P/E/G ratio of 4.12 and a beta of 1.18. United Microelectronics has a 12 month low of $6.98 and a 12 month high of $9.00. 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 company has a 50 day simple moving average of $8.31 and a 200-day simple moving average of $8.28.

United Microelectronics (NYSE:UMC - Get Free Report) last issued its earnings results on Thursday, August 1st. The semiconductor company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.03. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.71 billion. United Microelectronics had a net margin of 23.90% and a return on equity of 14.80%. During the same period in the previous year, the business earned $0.20 EPS. Analysts expect that United Microelectronics will post 0.66 EPS for the current year.

Institutional Investors Weigh In On United Microelectronics

Several large investors have recently made changes to their positions in UMC. GAMMA Investing LLC grew its position in 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 in the last quarter. Viking Fund Management LLC bought a new position in shares of United Microelectronics in the 3rd quarter valued at about $84,000. SpiderRock Advisors LLC bought a new position in shares of United Microelectronics in the 1st quarter valued at about $86,000. Aprio Wealth Management LLC bought a new position in shares of United Microelectronics in the 2nd quarter valued at about $95,000. Finally, Simon Quick Advisors LLC bought a new position in shares of United Microelectronics in the 2nd quarter valued at about $103,000. 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.