United Microelectronics (NYSE:UMC) Sets New 12-Month Low After Earnings Miss

United Microelectronics Co. (NYSE:UMC)’s stock price reached a new 52-week low during trading on Tuesday after the company announced weaker than expected quarterly earnings. 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 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.03). United Microelectronics had a return on equity of 14.35% and a net margin of 22.89%. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period in the prior year, the business posted $5.30 EPS. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

UMC has been the topic of several analyst reports. Morgan Stanley cut United Microelectronics from an “overweight” rating to an “equal weight” rating in a report on Monday, October 28th. Citigroup lowered United Microelectronics from a “buy” rating to a “sell” rating in a research note on Tuesday. StockNews.com lowered United Microelectronics from a “buy” rating to a “hold” rating in a research report on Sunday, November 17th. The Goldman Sachs Group lowered 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. Finally, JPMorgan Chase & Co. lowered United Microelectronics from an “overweight” rating to a “neutral” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat.com, United Microelectronics has a consensus rating of “Hold” and an average target price of $7.40.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. grew its position in shares of United Microelectronics by 96.0% in the 3rd quarter. Victory Capital Management Inc. now owns 149,457 shares of the semiconductor company’s stock worth $1,258,000 after buying an additional 73,202 shares during the last quarter. Two Sigma Advisers LP raised its stake in 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 valued at $10,774,000 after buying an additional 970,600 shares during the last quarter. JPMorgan Chase & Co. raised its stake in United Microelectronics by 7.1% during the third quarter. JPMorgan Chase & Co. now owns 806,000 shares of the semiconductor company’s stock valued at $6,787,000 after buying an additional 53,264 shares during the last quarter. Verition Fund Management LLC purchased a new position in United Microelectronics during the third quarter valued at $1,099,000. Finally, MML Investors Services LLC purchased a new position in shares of United Microelectronics in the third quarter worth $86,000. Institutional investors own 5.05% of the company’s stock.

United Microelectronics Stock Down 4.0 %

The company has a 50 day moving average price of $6.61 and a two-hundred day moving average price of $7.60. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.19 and a quick ratio of 1.76. The stock has a market cap of $15.10 billion, a PE ratio of 9.27, a PEG ratio of 3.06 and a beta of 1.17.

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.