United Microelectronics (NYSE:UMC) Shares Gap Down - Here's Why

United Microelectronics Co. (NYSE:UMC - Get Free Report)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $7.84, but opened at $7.65. United Microelectronics shares last traded at $7.57, with a volume of 588,365 shares.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. The Goldman Sachs Group reiterated a "sell" rating on shares of United Microelectronics in a research report on Friday, May 23rd. Wedbush cut shares of United Microelectronics from an "outperform" rating to a "neutral" rating in a research note on Wednesday, April 16th. Finally, Citigroup raised shares of United Microelectronics from a "strong sell" rating to a "strong-buy" rating in a report on Friday, March 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $7.40.

United Microelectronics Stock Down 1.3%

The company has a debt-to-equity ratio of 0.16, a current ratio of 2.19 and a quick ratio of 1.76. The business's 50 day moving average price is $7.20 and its 200 day moving average price is $6.72. The firm has a market cap of $18.90 billion, a PE ratio of 12.97, a PEG ratio of 4.44 and a beta of 1.15.

United Microelectronics (NYSE:UMC - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The semiconductor company reported $0.09 EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.01). The firm had revenue of $1.78 billion for the quarter, compared to analyst estimates of $57.63 billion. United Microelectronics had a net margin of 20.35% and a return on equity of 12.78%. United Microelectronics's revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.13 EPS. On average, equities research analysts expect that United Microelectronics Co. will post 0.51 earnings per share for the current year.

Institutional Investors Weigh In On United Microelectronics

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in United Microelectronics by 4.9% during the 4th quarter. Vanguard Group Inc. now owns 15,947,754 shares of the semiconductor company's stock valued at $103,501,000 after acquiring an additional 750,472 shares in the last quarter. Millennium Management LLC lifted its position in United Microelectronics by 3,091.8% during the fourth quarter. Millennium Management LLC now owns 14,329,393 shares of the semiconductor company's stock worth $92,998,000 after buying an additional 13,880,446 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of United Microelectronics by 3.4% in the 4th quarter. Fisher Asset Management LLC now owns 7,300,362 shares of the semiconductor company's stock worth $47,379,000 after acquiring an additional 237,024 shares during the last quarter. Citigroup Inc. increased its stake in shares of United Microelectronics by 3.4% in the 1st quarter. Citigroup Inc. now owns 6,030,617 shares of the semiconductor company's stock worth $43,119,000 after acquiring an additional 196,262 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of United Microelectronics by 10.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,655,721 shares of the semiconductor company's stock worth $40,438,000 after acquiring an additional 537,777 shares during the period. Hedge funds and other institutional investors own 5.05% of the company's stock.

United Microelectronics Company Profile

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.