Baird Financial Group Inc. Boosts Stock Holdings in United Microelectronics Corporation $UMC

Key Points

• Baird Financial Group Inc. increased its stake in United Microelectronics Corporation by 127.7%, owning 541,176 shares worth approximately $3.87 million after acquiring an additional 303,460 shares.
• Multiple hedge funds are also investing in United Microelectronics, with notable increases like Farther Finance Advisors LLC boosting holdings by 134.8% and GAMMA Investing LLC by 262.9% in the first quarter.
• Despite the increased institutional investment, The Goldman Sachs Group has maintained a "sell" rating on the stock, which has a consensus rating of "Hold" with a price target of $7.40.

Baird Financial Group Inc. boosted its stake in shares of United Microelectronics Corporation (NYSE:UMC - Free Report) by 127.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 541,176 shares of the semiconductor company's stock after buying an additional 303,460 shares during the quarter. Baird Financial Group Inc.'s holdings in United Microelectronics were worth $3,869,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new position in United Microelectronics during the first quarter worth about $29,000. Farther Finance Advisors LLC grew its position in United Microelectronics by 134.8% during the first quarter. Farther Finance Advisors LLC now owns 4,980 shares of the semiconductor company's stock worth $35,000 after buying an additional 2,859 shares during the period. Choreo LLC acquired a new position in United Microelectronics during the first quarter worth about $80,000. GAMMA Investing LLC grew its position in United Microelectronics by 262.9% during the first quarter. GAMMA Investing LLC now owns 12,108 shares of the semiconductor company's stock worth $87,000 after buying an additional 8,772 shares during the period. Finally, Adero Partners LLC acquired a new position in United Microelectronics during the first quarter worth about $89,000. 5.05% of the stock is currently owned by institutional investors and hedge funds.

United Microelectronics Trading Down 0.3%

NYSE UMC traded down $0.02 during mid-day trading on Tuesday, reaching $6.87. 2,938,350 shares of the stock were exchanged, compared to its average volume of 11,052,659. United Microelectronics Corporation has a 1-year low of $5.61 and a 1-year high of $8.86. The business's fifty day simple moving average is $7.07 and its 200 day simple moving average is $7.15. The stock has a market capitalization of $17.26 billion, a PE ratio of 14.02, a PEG ratio of 4.08 and a beta of 1.06. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.46 and a current ratio of 1.77.

United Microelectronics (NYSE:UMC - Get Free Report) last announced its earnings results on Wednesday, July 30th. The semiconductor company reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.14 by ($0.02). United Microelectronics had a return on equity of 11.05% and a net margin of 16.71%.The firm had revenue of $1.98 billion for the quarter, compared to analyst estimates of $61.88 billion. During the same quarter last year, the business posted $0.17 EPS. On average, research analysts anticipate that United Microelectronics Corporation will post 0.51 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, The Goldman Sachs Group reiterated a "sell" rating on shares of United Microelectronics in a research report on Friday, May 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $7.40.

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.