United Microelectronics (NYSE:UMC) Reaches New 52-Week High - Here's What Happened

Key Points

• United Microelectronics shares hit a new 52-week high, trading as high as $12.68 (last $12.565) in mid-day trading, up about 8% from the prior close of $11.66.
• Analysts remain skeptical: the stock has a consensus rating of "Strong Sell" with an average target price of $8.60 despite BNP Paribas Exane upgrading the name to neutral; overall coverage includes two Holds and three Sells.
• UMC beat quarterly EPS estimates ($0.13 vs. $0.12), reported revenue of $1.80B (up 7% YoY), and currently trades with a market cap of about $31.6B and a P/E of 23.36.

United Microelectronics Corporation (NYSE:UMC - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $12.68 and last traded at $12.5650, with a volume of 10816615 shares changing hands. The stock had previously closed at $11.66.

Wall Street Analyst Weigh In

UMC has been the topic of several research reports. BNP Paribas Exane raised United Microelectronics from an "underperform" rating to a "neutral" rating and set a $8.60 price target on the stock in a research note on Tuesday, March 31st. JPMorgan Chase & Co. reaffirmed an "underweight" rating on shares of United Microelectronics in a research note on Thursday, January 29th. Two analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Strong Sell" and an average target price of $8.60.

United Microelectronics Stock Up 8.0%

The business has a fifty day moving average of $9.73 and a 200 day moving average of $8.74. The firm has a market cap of $31.64 billion, a P/E ratio of 23.36, a P/E/G ratio of 6.19 and a beta of 1.16. The company has a quick ratio of 1.91, a current ratio of 2.34 and a debt-to-equity ratio of 0.12.

United Microelectronics (NYSE:UMC - Get Free Report) last released its quarterly earnings data on Wednesday, January 28th. The semiconductor company reported $0.13 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.01. United Microelectronics had a return on equity of 11.45% and a net margin of 17.60%.The business had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.93 billion. During the same quarter in the prior year, the company posted $0.10 earnings per share. The firm's revenue was up 7.0% on a year-over-year basis. On average, equities research analysts predict that United Microelectronics Corporation will post 0.51 EPS for the current year.

Institutional Investors Weigh In On United Microelectronics

Several large investors have recently modified their holdings of UMC. Smartleaf Asset Management LLC bought a new stake in shares of United Microelectronics in the second quarter worth about $27,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of United Microelectronics by 313.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,265 shares of the semiconductor company's stock worth $32,000 after acquiring an additional 3,234 shares in the last quarter. TD Private Client Wealth LLC bought a new stake in shares of United Microelectronics in the fourth quarter worth about $32,000. Kestra Advisory Services LLC bought a new stake in shares of United Microelectronics in the fourth quarter worth about $52,000. Finally, Arax Advisory Partners increased its holdings in shares of United Microelectronics by 583.7% in the fourth quarter. Arax Advisory Partners now owns 8,656 shares of the semiconductor company's stock worth $68,000 after acquiring an additional 7,390 shares in the last quarter. 5.05% of the stock is currently owned by institutional investors.

About United Microelectronics

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.

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