Allspring Global Investments Holdings LLC Purchases 135,668 Shares of United Microelectronics Co. (NYSE:UMC)

Allspring Global Investments Holdings LLC lifted its stake in United Microelectronics Co. (NYSE:UMC - Free Report) by 6,339.6% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 137,808 shares of the semiconductor company's stock after acquiring an additional 135,668 shares during the period. Allspring Global Investments Holdings LLC's holdings in United Microelectronics were worth $1,160,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Marshall Wace LLP boosted its holdings in United Microelectronics by 682.1% during the second quarter. Marshall Wace LLP now owns 5,248,227 shares of the semiconductor company's stock valued at $45,974,000 after acquiring an additional 4,577,177 shares during the period. Genesis Investment Management LLP grew its holdings in United Microelectronics by 81.7% in the 2nd quarter. Genesis Investment Management LLP now owns 3,879,321 shares of the semiconductor company's stock valued at $33,983,000 after buying an additional 1,744,721 shares during the last quarter. Vanguard Group Inc. increased its position 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 worth $134,250,000 after buying an additional 434,018 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of United Microelectronics by 114.4% during the second quarter. Acadian Asset Management LLC now owns 439,765 shares of the semiconductor company's stock worth $3,849,000 after buying an additional 234,606 shares during the last quarter. Finally, Creative Planning boosted its position in shares of United Microelectronics by 22.6% in the third quarter. Creative Planning now owns 661,802 shares of the semiconductor company's stock valued at $5,572,000 after acquiring an additional 121,919 shares during the period. 5.05% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Morgan Stanley lowered shares of United Microelectronics from an "overweight" rating to an "equal weight" rating in a research report on Monday. JPMorgan Chase & Co. lowered shares of United Microelectronics from an "overweight" rating to a "neutral" rating in a research report on Wednesday. The Goldman Sachs Group downgraded United Microelectronics from a "buy" rating to a "neutral" rating and set a $7.40 target price on the stock. in a research report on Thursday, October 17th. Finally, StockNews.com cut United Microelectronics from a "buy" rating to a "hold" rating in a report on Friday. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $7.40.

United Microelectronics Price Performance

UMC stock traded up $0.23 during trading on Friday, hitting $7.07. The company had a trading volume of 22,440,185 shares, compared to its average volume of 10,180,431. The company has a fifty day moving average price of $8.20 and a two-hundred day moving average price of $8.26. United Microelectronics Co. has a fifty-two week low of $6.78 and a fifty-two week 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 market cap of $17.72 billion, a P/E ratio of 10.88, a P/E/G ratio of 3.72 and a beta of 1.18.

United Microelectronics (NYSE:UMC - Get Free Report) last released its earnings results on Wednesday, October 30th. The semiconductor company reported $0.18 earnings per share for the quarter, topping analysts' consensus estimates of $0.15 by $0.03. The company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.84 billion. United Microelectronics had a return on equity of 14.35% and a net margin of 22.89%. Equities research analysts expect that United Microelectronics Co. will post 0.66 earnings per share for the current fiscal year.

United Microelectronics 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.