United Microelectronics (NYSE:UMC) Raised to Buy at StockNews.com

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

Other research analysts also recently issued reports about the company. Morgan Stanley downgraded United Microelectronics from an “overweight” rating to an “equal weight” rating in a research report on Monday, October 28th. The Goldman Sachs Group lowered United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 price target on the stock. in a report on Thursday, October 17th. Finally, JPMorgan Chase & Co. lowered United Microelectronics from an “overweight” rating to a “neutral” rating in a research note on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, United Microelectronics presently has a consensus rating of “Hold” and a consensus price target of $7.40.

United Microelectronics Stock Performance

Shares of NYSE:UMC traded down $0.08 during mid-day trading on Friday, reaching $7.16. 8,619,498 shares of the company traded hands, compared to its average volume of 13,197,308. The company’s 50 day moving average price is $8.05 and its 200-day moving average price is $8.24. The firm has a market cap of $17.94 billion, a PE ratio of 11.02, a PEG ratio of 3.47 and a beta of 1.20. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.66 and a quick ratio of 1.37. United Microelectronics has a 52 week low of $6.78 and a 52 week high of $9.00.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC boosted its stake in shares of United Microelectronics by 1,105.0% in the first quarter. Acadian Asset Management LLC now owns 205,159 shares of the semiconductor company’s stock worth $1,659,000 after acquiring an additional 188,133 shares during the last quarter. Blue Trust Inc. increased its holdings in United Microelectronics by 136.1% during the 3rd quarter. Blue Trust Inc. now owns 181,782 shares of the semiconductor company’s stock worth $1,592,000 after purchasing an additional 104,797 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in United Microelectronics by 35.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 34,949 shares of the semiconductor company’s stock worth $283,000 after purchasing an additional 9,071 shares during the period. Diversified Trust Co purchased a new stake in United Microelectronics during the 2nd quarter worth about $113,000. Finally, Genesis Investment Management LLP boosted its position in shares of United Microelectronics by 12.2% during the 3rd quarter. Genesis Investment Management LLP now owns 4,353,325 shares of the semiconductor company’s stock worth $36,655,000 after acquiring an additional 474,004 shares in the last quarter. 5.05% of the stock is currently owned by hedge funds and other institutional investors.

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.