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

StockNews.com cut shares of United Microelectronics (NYSE:UMC) from a buy rating to a hold rating in a report released on Sunday morning.

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

United Microelectronics Stock Down 2.6 %

UMC opened at $6.80 on Friday. The business’s fifty day simple moving average is $7.84 and its 200 day simple moving average is $8.21. United Microelectronics has a 52 week low of $6.74 and a 52 week high of $9.00. 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 $17.04 billion, a PE ratio of 10.73, a P/E/G ratio of 3.28 and a beta of 1.20.

Hedge Funds Weigh In On United Microelectronics

A number of hedge funds and other institutional investors have recently made changes to their positions in UMC. Assetmark Inc. bought a new position in United Microelectronics in the third quarter worth $37,000. GAMMA Investing LLC lifted its holdings in shares of United Microelectronics by 90.7% during the third quarter. GAMMA Investing LLC now owns 6,817 shares of the semiconductor company’s stock valued at $57,000 after purchasing an additional 3,242 shares during the last quarter. Viking Fund Management LLC bought a new stake in United Microelectronics in the third quarter worth $84,000. MML Investors Services LLC purchased a new stake in United Microelectronics during the 3rd quarter valued at about $86,000. Finally, Aprio Wealth Management LLC bought a new stake in shares of United Microelectronics in the 2nd quarter worth $95,000. Institutional investors 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.