United Microelectronics (NYSE:UMC) Shares Gap Down - Here's Why

United Microelectronics Co. (NYSE:UMC - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $7.15, but opened at $6.92. United Microelectronics shares last traded at $6.98, with a volume of 2,359,857 shares changing hands.

Analyst Ratings Changes

Separately, Citigroup raised shares of United Microelectronics from a "strong sell" rating to a "strong-buy" rating in a research note on Friday, March 21st. Four analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $7.40.

United Microelectronics Stock Performance

The stock has a market capitalization of $15.65 billion, a PE ratio of 10.77, a price-to-earnings-growth ratio of 4.44 and a beta of 1.12. The company has a quick ratio of 1.76, a current ratio of 2.19 and a debt-to-equity ratio of 0.16. The stock has a fifty day moving average of $6.43 and a 200-day moving average of $6.88.

United Microelectronics (NYSE:UMC - Get Free Report) last announced its quarterly earnings data on Tuesday, January 21st. The semiconductor company reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $0.13 by ($0.03). The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.86 billion. United Microelectronics had a return on equity of 12.78% and a net margin of 20.35%. The business's quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.30 earnings per share. Equities analysts anticipate that United Microelectronics Co. will post 0.51 earnings per share for the current fiscal year.

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Institutional Investors Weigh In On United Microelectronics

A number of hedge funds and other institutional investors have recently modified their holdings of UMC. Mercer Global Advisors Inc. ADV increased its holdings in United Microelectronics by 4.7% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 35,848 shares of the semiconductor company's stock valued at $233,000 after buying an additional 1,599 shares during the last quarter. LPL Financial LLC boosted its position in shares of United Microelectronics by 3.3% during the 4th quarter. LPL Financial LLC now owns 61,852 shares of the semiconductor company's stock worth $401,000 after acquiring an additional 1,963 shares in the last quarter. Banque Pictet & Cie SA increased its holdings in shares of United Microelectronics by 3.5% in the 4th quarter. Banque Pictet & Cie SA now owns 74,509 shares of the semiconductor company's stock valued at $484,000 after acquiring an additional 2,500 shares during the last quarter. DGS Capital Management LLC raised its position in shares of United Microelectronics by 2.7% during the 3rd quarter. DGS Capital Management LLC now owns 104,271 shares of the semiconductor company's stock worth $878,000 after acquiring an additional 2,712 shares in the last quarter. Finally, Freedom Investment Management Inc. lifted its stake in United Microelectronics by 14.7% during the fourth quarter. Freedom Investment Management Inc. now owns 23,139 shares of the semiconductor company's stock worth $150,000 after purchasing an additional 2,969 shares during the last quarter. 5.05% of the stock is currently owned by institutional investors and hedge funds.

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.