United Microelectronics (NYSE:UMC) Trading 4.9% Higher – Time to Buy?

United Microelectronics Co. (NYSE:UMC) shares traded up 4.9% during trading on Wednesday . The company traded as high as $6.83 and last traded at $6.82. 3,547,676 shares changed hands during trading, a decline of 66% from the average session volume of 10,300,557 shares. The stock had previously closed at $6.50.

Analysts Set New Price Targets

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

United Microelectronics Price Performance

The company has a 50 day moving average of $7.11 and a 200 day moving average of $7.97. The company has a current ratio of 2.19, a quick ratio of 1.76 and a debt-to-equity ratio of 0.16. The firm has a market cap of $16.69 billion, a price-to-earnings ratio of 10.25, a P/E/G ratio of 3.09 and a beta of 1.17.

Hedge Funds Weigh In On United Microelectronics

Several institutional investors have recently modified their holdings of UMC. Marshall Wace LLP increased its holdings 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 worth $45,974,000 after purchasing an additional 4,577,177 shares in the last quarter. Two Sigma Advisers LP grew its holdings in shares of United Microelectronics by 314.1% during the third quarter. Two Sigma Advisers LP now owns 1,279,600 shares of the semiconductor company’s stock worth $10,774,000 after buying an additional 970,600 shares in the last quarter. Genesis Investment Management LLP grew its holdings in shares of United Microelectronics by 12.2% during the third quarter. Genesis Investment Management LLP now owns 4,353,325 shares of the semiconductor company’s stock worth $36,655,000 after buying an additional 474,004 shares in the last quarter. Barclays PLC raised its position in United Microelectronics by 8.1% in the 3rd quarter. Barclays PLC now owns 3,205,930 shares of the semiconductor company’s stock valued at $26,995,000 after buying an additional 240,380 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its stake in United Microelectronics by 114.4% in the 2nd quarter. Acadian Asset Management LLC now owns 439,765 shares of the semiconductor company’s stock valued at $3,849,000 after acquiring an additional 234,606 shares in the last quarter. Institutional investors own 5.05% of the company’s stock.

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.