United Microelectronics (NYSE:UMC) Sets New 12-Month Low – Should You Sell?

United Microelectronics Co. (NYSE:UMC)’s stock price hit a new 52-week low 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 Analysts Forecast Growth

A number of research firms have commented on UMC. JPMorgan Chase & Co. lowered shares of United Microelectronics from an “overweight” rating to a “neutral” rating in a research note 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 price objective for the company. in a research report on Thursday, October 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. Finally, StockNews.com downgraded shares of United Microelectronics from a “buy” rating to a “hold” rating in a report on Sunday, November 17th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, United Microelectronics currently has a consensus rating of “Hold” and an average target price of $7.40.

United Microelectronics Price Performance

The company’s 50-day simple moving average is $6.72 and its 200-day simple moving average is $7.73. 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 company has a market cap of $15.54 billion, a price-to-earnings ratio of 9.54, a P/E/G ratio of 3.09 and a beta of 1.17.

Institutional Investors Weigh In On United Microelectronics

Hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace LLP lifted its position in United Microelectronics by 682.1% in the 2nd quarter. Marshall Wace LLP now owns 5,248,227 shares of the semiconductor company’s stock valued at $45,974,000 after purchasing an additional 4,577,177 shares during the last quarter. Genesis Investment Management LLP grew its position in United Microelectronics by 12.2% in the 3rd quarter. Genesis Investment Management LLP now owns 4,353,325 shares of the semiconductor company’s stock valued at $36,655,000 after buying an additional 474,004 shares in the last quarter. State Street Corp lifted its holdings in shares of United Microelectronics by 1.5% in the third quarter. State Street Corp now owns 3,661,624 shares of the semiconductor company’s stock valued at $30,831,000 after buying an additional 53,105 shares during the period. Barclays PLC grew its position in United Microelectronics by 8.1% in the third 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 last quarter. Finally, Two Sigma Advisers LP grew its holdings in shares of United Microelectronics by 314.1% in the 3rd quarter. Two Sigma Advisers LP now owns 1,279,600 shares of the semiconductor company’s stock worth $10,774,000 after acquiring an additional 970,600 shares during the last quarter. 5.05% of the stock is currently owned by institutional investors.

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.