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United Microelectronics (NYSE:UMC) Downgraded to Neutral Rating by JPMorgan Chase & Co.

United Microelectronics logo with Computer and Technology background

JPMorgan Chase & Co. lowered shares of United Microelectronics (NYSE:UMC - Free Report) from an overweight rating to a neutral rating in a research report sent to investors on Wednesday morning, Marketbeat.com reports.

A number of other brokerages have also recently commented on UMC. The Goldman Sachs Group cut United Microelectronics from a "buy" rating to a "neutral" rating and set a $7.40 price objective for the company. in a research note on Thursday, October 17th. Morgan Stanley lowered shares of United Microelectronics from an "overweight" rating to an "equal weight" rating in a research note on Monday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, United Microelectronics currently has an average rating of "Hold" and an average target price of $7.40.

Read Our Latest Report on UMC

United Microelectronics Trading Down 5.8 %

Shares of NYSE:UMC traded down $0.43 during midday trading on Wednesday, reaching $6.98. The company's stock had a trading volume of 21,791,174 shares, compared to its average volume of 10,075,904. United Microelectronics has a fifty-two week low of $6.98 and a fifty-two week high of $9.00. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.37 and a current ratio of 1.66. The firm has a 50 day moving average price of $8.31 and a two-hundred day moving average price of $8.28. The firm has a market capitalization of $17.49 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 4.12 and a beta of 1.18.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in UMC. Marshall Wace LLP lifted its position in shares of United Microelectronics by 682.1% during the 2nd quarter. Marshall Wace LLP now owns 5,248,227 shares of the semiconductor company's stock worth $45,974,000 after buying an additional 4,577,177 shares in the last quarter. Genesis Investment Management LLP boosted its position in United Microelectronics by 81.7% in the second quarter. Genesis Investment Management LLP now owns 3,879,321 shares of the semiconductor company's stock worth $33,983,000 after purchasing an additional 1,744,721 shares during the last quarter. Vanguard Group Inc. grew its stake in United Microelectronics by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 15,868,813 shares of the semiconductor company's stock valued at $134,250,000 after purchasing an additional 434,018 shares during the period. Acadian Asset Management LLC increased its position in shares of United Microelectronics by 114.4% during the 2nd quarter. Acadian Asset Management LLC now owns 439,765 shares of the semiconductor company's stock valued at $3,849,000 after purchasing an additional 234,606 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of United Microelectronics by 6,339.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 137,808 shares of the semiconductor company's stock worth $1,160,000 after purchasing an additional 135,668 shares during the period. 5.05% of the stock is currently owned by hedge funds and other institutional investors.

United Microelectronics Company Profile

(Get Free Report)

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.

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