United Microelectronics (NYSE:UMC) Reaches New 52-Week Low – Here’s What Happened

United Microelectronics Co. (NYSE:UMC)’s stock price reached a new 52-week low during trading on Friday . The company traded as low as $6.15 and last traded at $6.19, with a volume of 1307282 shares traded. The stock had previously closed at $6.40.

Wall Street Analyst Weigh In

A number of analysts have issued reports on UMC shares. StockNews.com cut shares of United Microelectronics from a “buy” rating to a “hold” rating in a research note on Sunday, November 17th. Morgan Stanley lowered shares of United Microelectronics from an “overweight” rating to an “equal weight” rating in a research note on Monday, October 28th. The Goldman Sachs Group downgraded shares of 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. cut 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 issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $7.40.

United Microelectronics Trading Down 3.8 %

The firm has a market cap of $15.44 billion, a P/E ratio of 9.48, a price-to-earnings-growth ratio of 3.09 and a beta of 1.17. The company’s fifty day moving average price is $6.70 and its two-hundred day moving average price is $7.71. The company has a current ratio of 2.19, a quick ratio of 1.76 and a debt-to-equity ratio of 0.16.

Institutional Trading of United Microelectronics

Several hedge funds have recently modified their holdings of the company. Assetmark Inc. acquired a new stake in United Microelectronics during the 3rd quarter valued at $37,000. GAMMA Investing LLC boosted its holdings in United Microelectronics by 90.7% in the third quarter. GAMMA Investing LLC now owns 6,817 shares of the semiconductor company’s stock valued at $57,000 after acquiring an additional 3,242 shares during the last quarter. Viking Fund Management LLC acquired a new stake in United Microelectronics in the third quarter worth about $84,000. MML Investors Services LLC bought a new stake in United Microelectronics during the 3rd quarter worth about $86,000. Finally, Synovus Financial Corp acquired a new position in United Microelectronics during the 3rd quarter valued at about $89,000. Institutional investors and hedge funds 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.