United Microelectronics (NYSE:UMC) Reaches New 1-Year Low After Earnings Miss

United Microelectronics Co. (NYSE:UMC)’s stock price hit a new 52-week low during mid-day trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $5.88 and last traded at $5.96, with a volume of 3635508 shares. The stock had previously closed at $6.28.

The semiconductor company reported $0.10 EPS 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 analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the business earned $5.30 EPS.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on UMC. StockNews.com lowered United Microelectronics from a “buy” rating to a “hold” rating in a report on Sunday, November 17th. The Goldman Sachs Group cut 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. Morgan Stanley lowered United Microelectronics from an “overweight” rating to an “equal weight” rating in a research note on Monday, October 28th. Finally, JPMorgan Chase & Co. cut shares of United Microelectronics from an “overweight” rating to a “neutral” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, United Microelectronics presently has an average rating of “Hold” and an average target price of $7.40.

Institutional Trading of United Microelectronics

Large investors have recently made changes to their positions in the stock. Sei Investments Co. lifted its holdings in United Microelectronics by 6.4% during the second quarter. Sei Investments Co. now owns 55,343 shares of the semiconductor company’s stock worth $485,000 after buying an additional 3,331 shares during the period. Profund Advisors LLC grew its holdings in shares of United Microelectronics by 5.3% during the second quarter. Profund Advisors LLC now owns 97,504 shares of the semiconductor company’s stock valued at $854,000 after buying an additional 4,951 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in United Microelectronics by 19.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 21,164 shares of the semiconductor company’s stock worth $177,000 after buying an additional 3,515 shares during the period. Marshall Wace LLP lifted its stake in United Microelectronics by 682.1% during the 2nd quarter. Marshall Wace LLP now owns 5,248,227 shares of the semiconductor company’s stock valued at $45,974,000 after acquiring an additional 4,577,177 shares during the period. Finally, Creative Planning boosted its holdings in shares of United Microelectronics by 26.5% in the 2nd quarter. Creative Planning now owns 539,883 shares of the semiconductor company’s stock valued at $4,729,000 after acquiring an additional 113,130 shares during the last quarter. 5.05% of the stock is owned by hedge funds and other institutional investors.

United Microelectronics Price Performance

The company has a quick ratio of 1.76, a current ratio of 2.19 and a debt-to-equity ratio of 0.16. The stock has a market cap of $14.87 billion, a price-to-earnings ratio of 9.15, a price-to-earnings-growth ratio of 3.06 and a beta of 1.17. The stock’s 50 day moving average price is $6.61 and its two-hundred day moving average price is $7.60.

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.