United Microelectronics (NYSE:UMC) Stock Price Up 4.9% – Here’s What Happened

United Microelectronics Co. (NYSE:UMC)’s stock price was up 4.9% during mid-day trading on Wednesday . The stock traded as high as $6.83 and last traded at $6.82. Approximately 3,547,676 shares were traded during trading, a decline of 66% from the average daily volume of 10,300,557 shares. The stock had previously closed at $6.50.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on UMC shares. Morgan Stanley downgraded United Microelectronics from an “overweight” rating to an “equal weight” rating in a report on Monday, October 28th. The Goldman Sachs Group lowered 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 note on Thursday, October 17th. JPMorgan Chase & Co. downgraded shares of United Microelectronics from an “overweight” rating to a “neutral” rating in a research note on Wednesday, October 30th. Finally, StockNews.com downgraded United Microelectronics from a “buy” rating to a “hold” rating in a research report on Sunday, November 17th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $7.40.

United Microelectronics Stock Performance

The company has a market capitalization of $16.39 billion, a PE ratio of 10.06, a PEG ratio of 3.09 and a beta of 1.17. The firm has a 50-day moving average of $7.05 and a two-hundred day moving average of $7.95. The company has a quick ratio of 1.76, a current ratio of 2.19 and a debt-to-equity ratio of 0.16.

Institutional Trading of United Microelectronics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its stake in shares of United Microelectronics by 96.0% during the 3rd quarter. Victory Capital Management Inc. now owns 149,457 shares of the semiconductor company’s stock worth $1,258,000 after acquiring an additional 73,202 shares in the last quarter. Two Sigma Advisers LP boosted its position 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 worth $10,774,000 after purchasing an additional 970,600 shares in the last quarter. Verition Fund Management LLC acquired a new stake in United Microelectronics in the third quarter valued at approximately $1,099,000. Cerity Partners LLC increased its position in shares of United Microelectronics by 90.5% in the third quarter. Cerity Partners LLC now owns 237,027 shares of the semiconductor company’s stock valued at $1,996,000 after buying an additional 112,624 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of United Microelectronics by 8.1% during the 3rd quarter. Barclays PLC now owns 3,205,930 shares of the semiconductor company’s stock worth $26,995,000 after buying an additional 240,380 shares during the period. 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.