United Microelectronics (NYSE:UMC) Sets New 12-Month Low – What’s Next?

Shares of United Microelectronics Co. (NYSE:UMC) hit a new 52-week low on Thursday . The stock traded as low as $6.63 and last traded at $6.64, with a volume of 1512482 shares traded. The stock had previously closed at $6.73.

Analysts Set New Price Targets

A number of brokerages have weighed in on UMC. JPMorgan Chase & Co. cut shares of United Microelectronics from an “overweight” rating to a “neutral” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group downgraded shares of United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 target price for the company. in a report on Thursday, October 17th. StockNews.com cut United Microelectronics from a “buy” rating to a “hold” rating in a research note on Sunday, November 17th. Finally, Morgan Stanley cut United Microelectronics from an “overweight” rating to an “equal weight” rating in a research note on Monday, October 28th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $7.40.

United Microelectronics Trading Up 1.7 %

The company’s 50 day moving average price is $7.37 and its 200 day moving average price is $8.08. The firm has a market cap of $16.80 billion, a PE ratio of 10.32, a price-to-earnings-growth ratio of 3.26 and a beta of 1.17. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.19 and a quick ratio of 1.76.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Synovus Financial Corp acquired a new stake in United Microelectronics in the third quarter valued at approximately $89,000. Tidal Investments LLC raised its holdings in shares of United Microelectronics by 110.6% in the 3rd quarter. Tidal Investments LLC now owns 115,287 shares of the semiconductor company’s stock valued at $971,000 after purchasing an additional 60,533 shares in the last quarter. Chiron Investment Management LLC purchased a new stake in shares of United Microelectronics during the 3rd quarter worth $755,000. Barclays PLC grew its stake in shares of United Microelectronics by 8.1% during the third quarter. Barclays PLC now owns 3,205,930 shares of the semiconductor company’s stock worth $26,995,000 after purchasing an additional 240,380 shares in the last quarter. Finally, Groupama Asset Managment purchased a new position in United Microelectronics in the third quarter valued at $238,000. 5.05% of the stock is currently owned by hedge funds and other institutional investors.

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.