United Microelectronics (NYSE:UMC) Sets New 12-Month Low After Earnings Miss

Shares of United Microelectronics Co. (NYSE:UMC) reached a new 52-week low during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $5.88 and last traded at $5.96, with a volume of 3635508 shares traded. The stock had previously closed at $6.28.

The semiconductor company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.03). The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.86 billion. United Microelectronics had a return on equity of 14.35% and a net margin of 22.89%. The business’s revenue was up 4.9% on a year-over-year basis. During the same period last year, the company earned $5.30 EPS.

Analyst Ratings Changes

A number of research firms recently commented on UMC. Morgan Stanley downgraded United Microelectronics from an “overweight” rating to an “equal weight” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. downgraded United Microelectronics from an “overweight” rating to a “neutral” rating in a research report on Wednesday, October 30th. StockNews.com cut United Microelectronics from a “buy” rating to a “hold” rating in a research note on Sunday, November 17th. Citigroup cut United Microelectronics from a “buy” rating to a “sell” rating in a research note on Tuesday. Finally, The Goldman Sachs Group cut United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 target price on the stock. in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $7.40.

Institutional Investors Weigh In On United Microelectronics

A number of institutional investors have recently modified their holdings of the business. Assetmark Inc. purchased a new stake in shares of United Microelectronics in the third quarter valued at approximately $37,000. GAMMA Investing LLC lifted its stake in United Microelectronics by 90.7% during the third quarter. GAMMA Investing LLC now owns 6,817 shares of the semiconductor company’s stock worth $57,000 after purchasing an additional 3,242 shares in the last quarter. Viking Fund Management LLC acquired a new stake in shares of United Microelectronics in the third quarter valued at $84,000. MML Investors Services LLC acquired a new stake in shares of United Microelectronics in the third quarter valued at $86,000. Finally, Synovus Financial Corp purchased a new position in United Microelectronics in the third quarter valued at $89,000. 5.05% of the stock is currently owned by institutional investors and hedge funds.

United Microelectronics Stock Down 4.0 %

The stock has a market cap of $15.10 billion, a PE ratio of 9.27, a price-to-earnings-growth ratio of 3.06 and a beta of 1.17. The firm has a fifty day moving average of $6.61 and a 200 day moving average of $7.60. The company has a quick ratio of 1.76, a current ratio of 2.19 and a debt-to-equity ratio of 0.16.

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.