United Microelectronics (NYSE:UMC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday, Zacks.com reports. The brokerage currently has a $12.00 price target on the semiconductor company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 6.57% from the stock’s current price.
According to Zacks, “UMC specializes in providing foundry services for high performance semiconductor applications. Its core competency lies in its ability to produce high yield Integrated Circuit wafers, manufactured on a per-customer basis. The company draws its distinction from industry leading technology. In addition to wafer manufacturing, its customers benefit from services such as extensive IP resources, free-of-charge design libraries, and full front-end and backend support. “
A number of other analysts also recently weighed in on the stock. The Goldman Sachs Group raised shares of United Microelectronics from a “buy” rating to a “conviction-buy” rating in a report on Wednesday, July 28th. Wedbush reaffirmed an “outperform” rating on shares of United Microelectronics in a report on Friday, July 9th. Citigroup raised shares of United Microelectronics from a “neutral” rating to a “buy” rating in a report on Thursday, July 29th. Macquarie raised shares of United Microelectronics from a “neutral” rating to an “outperform” rating in a report on Thursday, April 29th. Finally, JPMorgan Chase & Co. raised shares of United Microelectronics from a “neutral” rating to an “overweight” rating in a report on Wednesday, July 28th. One analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $9.65.
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Shares of UMC opened at $11.26 on Thursday. United Microelectronics has a 52 week low of $3.42 and a 52 week high of $11.71. The firm has a market cap of $27.92 billion, a price-to-earnings ratio of 18.16, a P/E/G ratio of 0.75 and a beta of 1.06. The firm has a 50-day moving average of $9.92. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.18 and a current ratio of 2.44.
United Microelectronics (NYSE:UMC) last posted its quarterly earnings data on Tuesday, July 27th. The semiconductor company reported $0.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.04. United Microelectronics had a net margin of 22.71% and a return on equity of 18.21%. Analysts anticipate that United Microelectronics will post 0.71 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. increased its position in United Microelectronics by 70.2% in the 2nd quarter. BlackRock Inc. now owns 12,528,712 shares of the semiconductor company’s stock valued at $118,397,000 after acquiring an additional 5,168,856 shares during the period. Acadian Asset Management LLC increased its position in shares of United Microelectronics by 0.3% during the first quarter. Acadian Asset Management LLC now owns 5,780,426 shares of the semiconductor company’s stock worth $52,660,000 after buying an additional 17,638 shares during the period. Northern Trust Corp increased its position in shares of United Microelectronics by 6.1% during the first quarter. Northern Trust Corp now owns 5,777,701 shares of the semiconductor company’s stock worth $52,635,000 after buying an additional 331,112 shares during the period. Credit Suisse AG increased its position in shares of United Microelectronics by 27,223.6% during the first quarter. Credit Suisse AG now owns 5,382,483 shares of the semiconductor company’s stock worth $49,034,000 after buying an additional 5,362,784 shares during the period. Finally, FMR LLC increased its position in shares of United Microelectronics by 256,831,800.0% during the first quarter. FMR LLC now owns 2,568,319 shares of the semiconductor company’s stock worth $4,828,000 after buying an additional 2,568,318 shares during the period. Hedge funds and other institutional investors own 3.13% of the company’s stock.
United Microelectronics Company Profile
United Microelectronics Corp. engages in the semiconductor foundry business. It offers complementary metal-oxide semiconductor logic wafers, mixed signal wafers, radio frequency complementary metal-oxide semiconductor wafers, embedded memory products, high voltage integrated circuits, and complementary metal-oxide semiconductor image sensors.
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