United Microelectronics (NYSE:UMC) Cut to Hold at StockNews.com

StockNews.com lowered shares of United Microelectronics (NYSE:UMC) from a buy rating to a hold rating in a research note released on Friday morning.

UMC has been the subject of several other research reports. JPMorgan Chase & Co. downgraded shares of United Microelectronics from an “overweight” rating to a “neutral” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group lowered United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 price objective on the stock. in a report on Thursday, October 17th. Finally, Morgan Stanley cut United Microelectronics from an “overweight” rating to an “equal weight” rating in a research report on Monday, October 28th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $7.40.

United Microelectronics Stock Up 0.1 %

United Microelectronics stock opened at $7.07 on Friday. The stock’s fifty day moving average is $8.17 and its two-hundred day moving average is $8.26. The stock has a market cap of $17.72 billion, a PE ratio of 10.88, a P/E/G ratio of 3.76 and a beta of 1.20. United Microelectronics has a 1-year low of $6.78 and a 1-year high of $9.00. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.66 and a quick ratio of 1.37.

Hedge Funds Weigh In On United Microelectronics

Several institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP grew its stake in shares of United Microelectronics by 682.1% in the 2nd quarter. Marshall Wace LLP now owns 5,248,227 shares of the semiconductor company’s stock valued at $45,974,000 after purchasing an additional 4,577,177 shares during the last quarter. Genesis Investment Management LLP raised its position in United Microelectronics by 81.7% during the 2nd quarter. Genesis Investment Management LLP now owns 3,879,321 shares of the semiconductor company’s stock worth $33,983,000 after buying an additional 1,744,721 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of United Microelectronics by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 15,868,813 shares of the semiconductor company’s stock worth $134,250,000 after acquiring an additional 434,018 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of United Microelectronics by 114.4% in the second quarter. Acadian Asset Management LLC now owns 439,765 shares of the semiconductor company’s stock valued at $3,849,000 after acquiring an additional 234,606 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of United Microelectronics by 6,339.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 137,808 shares of the semiconductor company’s stock worth $1,160,000 after acquiring an additional 135,668 shares during the period. Institutional investors and hedge funds own 5.05% of the company’s stock.

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.