Allspring Global Investments Holdings LLC Has $2.51 Million Stock Position in United Microelectronics Co. (NYSE:UMC)

Allspring Global Investments Holdings LLC increased its stake in shares of United Microelectronics Co. (NYSE:UMC - Free Report) by 178.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 383,842 shares of the semiconductor company's stock after buying an additional 246,034 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in United Microelectronics were worth $2,506,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC grew its holdings in shares of United Microelectronics by 1.7% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 103,907 shares of the semiconductor company's stock worth $875,000 after purchasing an additional 1,701 shares in the last quarter. International Assets Investment Management LLC bought a new position in United Microelectronics in the 3rd quarter valued at about $184,000. Ballentine Partners LLC raised its position in shares of 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. First Trust Direct Indexing L.P. raised its position in United Microelectronics by 2.6% during the third quarter. First Trust Direct Indexing L.P. now owns 178,086 shares of the semiconductor company's stock valued at $1,499,000 after purchasing an additional 4,545 shares in the last quarter. Finally, US Bancorp DE lifted its stake in United Microelectronics by 7.8% during the third quarter. US Bancorp DE now owns 162,954 shares of the semiconductor company's stock worth $1,372,000 after purchasing an additional 11,722 shares during the last quarter. Institutional investors own 5.05% of the company's stock.

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Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on UMC. Citigroup lowered United Microelectronics from a "buy" rating to a "sell" rating in a research note on Tuesday, January 21st. JPMorgan Chase & Co. cut United Microelectronics from an "overweight" rating to a "neutral" rating in a research report on Wednesday, October 30th. Morgan Stanley downgraded shares of United Microelectronics from an "overweight" rating to an "equal weight" rating in a research note on Monday, October 28th. Finally, StockNews.com cut shares of United Microelectronics from a "buy" rating to a "hold" rating in a research note on Sunday, November 17th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $7.40.

United Microelectronics Trading Down 0.2 %

NYSE:UMC traded down $0.02 during mid-day trading on Tuesday, hitting $6.50. 18,934,182 shares of the company's stock were exchanged, compared to its average volume of 12,855,061. The company has a current ratio of 2.19, a quick ratio of 1.76 and a debt-to-equity ratio of 0.16. United Microelectronics Co. has a fifty-two week low of $5.61 and a fifty-two week high of $9.00. The company has a 50 day simple moving average of $6.27 and a 200-day simple moving average of $7.26. The firm has a market capitalization of $16.28 billion, a P/E ratio of 11.20, a PEG ratio of 4.44 and a beta of 1.15.

United Microelectronics (NYSE:UMC - Get Free Report) last released its quarterly earnings results on Tuesday, January 21st. The semiconductor company reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $0.13 by ($0.03). United Microelectronics had a net margin of 20.35% and a return on equity of 12.78%. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter last year, the firm posted $5.30 EPS. The company's quarterly revenue was up 4.9% on a year-over-year basis. As a group, research analysts expect that United Microelectronics Co. will post 0.51 earnings per share for the current year.

About United Microelectronics

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.