Bank of America Corp DE Lowers Holdings in United Microelectronics Corporation $UMC

Key Points

• Bank of America cut its UMC position by 53.5% in the first quarter, selling 3,000,472 shares and retaining 2,603,218 shares worth approximately $23.4 million.
• Analyst opinions remain mixed: several firms upgraded UMC, but the overall consensus rating is “Hold”, with an average price target of $8.60.
• UMC reported quarterly revenue of $2.16 billion and earnings of $0.53 per share, while the company increased its annual dividend to $0.4122 per share.

Bank of America Corp DE trimmed its position in shares of United Microelectronics Corporation (NYSE:UMC - Free Report) by 53.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 2,603,218 shares of the semiconductor company's stock after selling 3,000,472 shares during the quarter. Bank of America Corp DE owned about 0.10% of United Microelectronics worth $23,377,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Systematic Alpha Investments LLC purchased a new position in United Microelectronics in the first quarter worth about $174,000. Amundi purchased a new stake in shares of United Microelectronics during the first quarter valued at approximately $449,000. EverSource Wealth Advisors LLC increased its position in shares of United Microelectronics by 45.3% during the first quarter. EverSource Wealth Advisors LLC now owns 26,119 shares of the semiconductor company's stock valued at $235,000 after acquiring an additional 8,139 shares in the last quarter. Royal Bank of Canada increased its position in shares of United Microelectronics by 26.0% during the first quarter. Royal Bank of Canada now owns 36,669 shares of the semiconductor company's stock valued at $330,000 after acquiring an additional 7,577 shares in the last quarter. Finally, Quantinno Capital Management LP raised its holdings in United Microelectronics by 17.9% in the 1st quarter. Quantinno Capital Management LP now owns 710,604 shares of the semiconductor company's stock worth $6,381,000 after acquiring an additional 108,050 shares during the last quarter. 5.05% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

UMC has been the subject of a number of research analyst reports. BNP Paribas Exane reissued an "underperform" rating on shares of United Microelectronics in a report on Thursday, May 28th. Weiss Ratings raised United Microelectronics from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, July 30th. Wall Street Zen upgraded United Microelectronics from a "hold" rating to a "buy" rating in a report on Saturday, July 25th. Arete Research raised United Microelectronics from a "neutral" rating to a "buy" rating in a research report on Monday, August 10th. Finally, Zacks Research upgraded shares of United Microelectronics from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $8.60.

United Microelectronics Stock Up 1.7%

United Microelectronics stock opened at $19.47 on Tuesday. United Microelectronics Corporation has a one year low of $6.56 and a one year high of $28.96. The stock has a fifty day moving average of $22.12 and a 200 day moving average of $15.84. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.81 and a current ratio of 2.17. The stock has a market cap of $49.02 billion, a PE ratio of 18.20, a price-to-earnings-growth ratio of 0.45 and a beta of 1.60.

United Microelectronics (NYSE:UMC - Get Free Report) last announced its earnings results on Tuesday, June 30th. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter. The business had revenue of $2.16 billion for the quarter. United Microelectronics had a return on equity of 21.00% and a net margin of 33.18%. As a group, sell-side analysts predict that United Microelectronics Corporation will post 1.23 EPS for the current year.

United Microelectronics Increases Dividend

The firm also recently declared an annual dividend, which was paid on Thursday, August 6th. Shareholders of record on Wednesday, July 8th were given a $0.4122 dividend. The ex-dividend date was Wednesday, July 8th. This is a boost from United Microelectronics's previous annual dividend of $0.37. This represents a yield of 166.0%. United Microelectronics's payout ratio is 28.97%.

United Microelectronics Company Profile

United Microelectronics Corporation (UMC) is a Taiwan-based semiconductor foundry that provides wafer fabrication and related manufacturing services to a global customer base. Founded in 1980, the company operates as a pure-play foundry, producing integrated circuits for a range of customers including fabless semiconductor companies and integrated device manufacturers. UMC is publicly listed NYSE: UMC and focuses on high-reliability manufacturing rather than branding consumer products.

UMC's core services encompass wafer fabrication using a portfolio of process technologies, with particular emphasis on mature and specialty nodes that support analog, power-management, radio-frequency (RF), and mixed-signal applications.

Want to see what other hedge funds are holding UMC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for United Microelectronics Corporation (NYSE:UMC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source