United Microelectronics (NYSE:UMC) Stock Price Down 5.1% Following Weak Earnings

Shares of United Microelectronics Co. (NYSE:UMC) fell 5.1% during mid-day trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $5.77 and last traded at $5.73. 12,069,881 shares were traded during mid-day trading, an increase of 8% from the average session volume of 11,138,167 shares. The stock had previously closed at $6.03.

The semiconductor company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.03). United Microelectronics had a net margin of 22.89% and a return on equity of 14.35%. The business had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same period last year, the business posted $5.30 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis.

Wall Street Analysts Forecast Growth

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

Institutional Trading of United Microelectronics

Institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. increased its stake in United Microelectronics by 42.4% during the 4th quarter. Blue Trust Inc. now owns 258,775 shares of the semiconductor company’s stock valued at $1,679,000 after purchasing an additional 76,993 shares in the last quarter. Ignite Planners LLC increased its position in shares of United Microelectronics by 8.2% in the 4th quarter. Ignite Planners LLC now owns 97,709 shares of the semiconductor company’s stock valued at $642,000 after acquiring an additional 7,406 shares during the period. JPMorgan Chase & Co. raised its stake in United Microelectronics by 7.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 806,000 shares of the semiconductor company’s stock worth $6,787,000 after acquiring an additional 53,264 shares during the last quarter. DGS Capital Management LLC lifted its position in United Microelectronics by 2.7% during the 3rd quarter. DGS Capital Management LLC now owns 104,271 shares of the semiconductor company’s stock worth $878,000 after acquiring an additional 2,712 shares during the period. Finally, Synovus Financial Corp purchased a new stake in United Microelectronics during the 3rd quarter valued at about $89,000. 5.05% of the stock is currently owned by institutional investors and hedge funds.

United Microelectronics Stock Down 5.1 %

The firm has a market capitalization of $14.35 billion, a price-to-earnings ratio of 8.81, a price-to-earnings-growth ratio of 3.06 and a beta of 1.17. 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 business has a fifty day moving average price of $6.59 and a two-hundred day moving average price of $7.59.

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.