United Microelectronics (NYSE:UMC) Trading Down 3.7% - Here's What Happened

Shares of United Microelectronics Co. (NYSE:UMC - Get Free Report) were down 3.7% during mid-day trading on Monday . The stock traded as low as $7.46 and last traded at $7.46. Approximately 1,642,231 shares were traded during trading, a decline of 83% from the average daily volume of 9,937,265 shares. The stock had previously closed at $7.75.

Analyst Upgrades and Downgrades

UMC has been the topic of several research analyst reports. Morgan Stanley cut United Microelectronics from an "overweight" rating to an "equal weight" rating in a research note on Monday. The Goldman Sachs Group lowered shares of United Microelectronics from a "buy" rating to a "neutral" rating and set a $7.40 price target for the company. in a report on Thursday, October 17th. Three investment 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 presently has a consensus rating of "Hold" and an average target price of $7.40.

United Microelectronics Trading Down 4.2 %

The firm has a market cap of $18.61 billion, a P/E ratio of 11.08, a P/E/G ratio of 4.12 and a beta of 1.18. 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 fifty day moving average of $8.37 and a 200-day moving average of $8.29.

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

Hedge Funds Weigh In On United Microelectronics

Several hedge funds and other institutional investors have recently made changes to their positions in UMC. US Bancorp DE raised its stake in United Microelectronics by 7.8% during the 3rd quarter. US Bancorp DE now owns 162,954 shares of the semiconductor company's stock valued at $1,372,000 after acquiring an additional 11,722 shares in the last quarter. First Trust Direct Indexing L.P. lifted its holdings in United Microelectronics by 2.6% in the third quarter. First Trust Direct Indexing L.P. now owns 178,086 shares of the semiconductor company's stock worth $1,499,000 after purchasing an additional 4,545 shares during the period. Ballentine Partners LLC grew its position in United Microelectronics by 21.7% in the 3rd quarter. Ballentine Partners LLC now owns 132,780 shares of the semiconductor company's stock valued at $1,118,000 after buying an additional 23,699 shares in the last quarter. International Assets Investment Management LLC acquired a new position in United Microelectronics during the 3rd quarter valued at about $184,000. Finally, Waldron Private Wealth LLC lifted its stake in shares of United Microelectronics by 55.0% in the 3rd quarter. Waldron Private Wealth LLC now owns 23,963 shares of the semiconductor company's stock worth $202,000 after acquiring an additional 8,500 shares during the period. 5.05% of the stock is currently owned by institutional investors and hedge funds.

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.