United Microelectronics (NYSE:UMC) Downgraded by Wall Street Zen to Hold

Key Points

• Wall Street Zen downgraded United Microelectronics to “Hold” from “Buy,” while analyst sentiment remains mixed. MarketBeat reports a consensus “Reduce” rating and an average price target of $36.79.
• UMC shares opened at $16.66, down 7.6%, and were trading below their 50-day moving average of $21.63. The company’s latest quarterly EPS of $0.21 missed the $0.23 consensus estimate, although revenue matched expectations at $2.33 billion.
• Institutional investors own 5.05% of UMC, with several firms recently initiating or increasing positions. UMC is a Taiwan-based semiconductor foundry specializing in chips for automotive, connectivity, display, power-management and other applications.

United Microelectronics (NYSE:UMC - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Saturday, Wall Street Zen reports.

A number of other analysts also recently weighed in on UMC. Arete Research upgraded shares of United Microelectronics from a "neutral" rating to a "buy" rating in a report on Monday, August 10th. Weiss Ratings cut shares of United Microelectronics from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, October 23rd. Zacks Research downgraded shares of United Microelectronics from a "strong-buy" rating to a "hold" rating in a report on Friday, September 25th. Finally, HSBC upgraded United Microelectronics from a "hold" rating to a "buy" rating and dropped their price target for the stock from $37.42 to $33.76 in a research report on Thursday, July 30th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $36.79.

United Microelectronics Trading Down 7.6%

UMC stock opened at $16.66 on Friday. The firm has a fifty day moving average price of $21.63 and a 200 day moving average price of $17.01. United Microelectronics has a fifty-two week low of $6.97 and a fifty-two week high of $28.96. The firm has a market cap of $41.94 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 0.47 and a beta of 1.60. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.81 and a current ratio of 3.27.

United Microelectronics (NYSE:UMC - Get Free Report) last released its quarterly earnings results on Wednesday, October 28th. The semiconductor company reported $0.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.23 by ($0.02). United Microelectronics had a net margin of 31.96% and a return on equity of 20.12%. The business had revenue of $2.33 billion for the quarter, compared to analysts' expectations of $2.33 billion. Sell-side analysts anticipate that United Microelectronics will post 1.23 earnings per share for the current fiscal year.

Institutional Trading of United Microelectronics

A number of institutional investors have recently bought and sold shares of the stock. Continuum Advisory LLC bought a new stake in shares of United Microelectronics during the 2nd quarter worth approximately $28,000. CoreCap Advisors LLC boosted its holdings in United Microelectronics by 271.0% during the 2nd quarter. CoreCap Advisors LLC now owns 1,369 shares of the semiconductor company's stock valued at $37,000 after acquiring an additional 1,000 shares during the period. Trust Co. of Vermont bought a new position in United Microelectronics in the 2nd quarter valued at $41,000. Strategic Investment Solutions Inc. IL bought a new position in United Microelectronics in the 2nd quarter valued at $76,000. Finally, Nisa Investment Advisors LLC increased its stake in United Microelectronics by 27.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 3,313 shares of the semiconductor company's stock worth $81,000 after buying an additional 720 shares during the period. 5.05% of the stock is currently owned by institutional investors.

About United Microelectronics

United Microelectronics Corp. NYSE: UMC is a Taiwan-based semiconductor foundry that manufactures integrated circuits for other companies. As a pure-play foundry, UMC focuses on producing chips designed by customers rather than marketing its own branded semiconductor products.

The company provides wafer fabrication services across a range of process technologies, with particular expertise in specialty applications such as display driver ICs, automotive semiconductors, connectivity products, image sensors, power management components and embedded memory.

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