United Microelectronics (NYSE:UMC) Sets New 12-Month Low – Here’s Why

United Microelectronics Co. (NYSE:UMC)’s stock price reached a new 52-week low on Friday . The stock traded as low as $6.78 and last traded at $6.78, with a volume of 8136290 shares trading hands. The stock had previously closed at $6.88.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on UMC shares. StockNews.com raised shares of United Microelectronics from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. The Goldman Sachs Group downgraded 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. Morgan Stanley lowered United Microelectronics from an “overweight” rating to an “equal weight” rating in a research report on Monday, October 28th. Finally, JPMorgan Chase & Co. cut shares of United Microelectronics from an “overweight” rating to a “neutral” rating in a research report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $7.40.

United Microelectronics Price Performance

The company’s 50 day simple moving average is $7.93 and its 200-day simple moving average is $8.22. The company has a current ratio of 1.66, a quick ratio of 1.37 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $16.99 billion, a price-to-earnings ratio of 10.52, a PEG ratio of 3.35 and a beta of 1.20.

Institutional Trading of United Microelectronics

Institutional investors and hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its position 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 in the last quarter. SG Americas Securities LLC acquired a new stake in United Microelectronics in the 1st quarter valued at $151,000. US Bancorp DE lifted its stake in shares of United Microelectronics by 2.2% during the first quarter. US Bancorp DE now owns 127,275 shares of the semiconductor company’s stock worth $1,030,000 after purchasing an additional 2,772 shares in the last quarter. Acadian Asset Management LLC boosted its position 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 buying an additional 188,133 shares during the period. Finally, O Shaughnessy Asset Management LLC grew its stake in shares of United Microelectronics by 4.0% in the first quarter. O Shaughnessy Asset Management LLC now owns 353,626 shares of the semiconductor company’s stock valued at $2,861,000 after buying an additional 13,508 shares in the last quarter. 5.05% of the stock is currently owned by institutional investors and hedge funds.

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.