United Microelectronics (NYSE:UMC) Stock Price Up 7.6%

United Microelectronics Co. (NYSE:UMC – Get Rating) shares traded up 7.6% during trading on Friday . The company traded as high as $8.63 and last traded at $8.63. 7,837,894 shares were traded during mid-day trading, an increase of 11% from the average session volume of 7,087,653 shares. The stock had previously closed at $8.02.

Analysts Set New Price Targets

UMC has been the topic of several recent research reports. HSBC cut United Microelectronics from a “hold” rating to a “reduce” rating and reduced their price target for the stock from $6.80 to $6.46 in a research note on Thursday, April 27th. StockNews.com initiated coverage on shares of United Microelectronics in a research report on Thursday, May 18th. They set a “strong-buy” rating for the company. Finally, Citigroup raised shares of United Microelectronics from a “neutral” rating to a “buy” rating in a research note on Tuesday, February 28th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $6.46.

United Microelectronics Price Performance

The firm has a market capitalization of $21.73 billion, a P/E ratio of 7.66, a PEG ratio of 4.19 and a beta of 1.30. The firm has a 50-day moving average of $8.26 and a 200-day moving average of $7.82. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.98 and a current ratio of 2.29.

Institutional Investors Weigh In On United Microelectronics

A number of hedge funds have recently added to or reduced their stakes in the stock. Toroso Investments LLC grew its position in United Microelectronics by 8.0% during the first quarter. Toroso Investments LLC now owns 122,774 shares of the semiconductor company’s stock valued at $1,076,000 after buying an additional 9,090 shares during the period. JPMorgan Chase & Co. increased its stake in shares of United Microelectronics by 628.3% in the 1st quarter. JPMorgan Chase & Co. now owns 777,162 shares of the semiconductor company’s stock worth $6,808,000 after purchasing an additional 670,460 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in United Microelectronics by 10.4% in the 1st quarter. Mercer Global Advisors Inc. ADV now owns 53,292 shares of the semiconductor company’s stock worth $467,000 after purchasing an additional 5,017 shares during the period. State Street Corp lifted its position in United Microelectronics by 6.7% during the first quarter. State Street Corp now owns 3,851,747 shares of the semiconductor company’s stock valued at $33,741,000 after purchasing an additional 240,428 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in United Microelectronics by 15.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 13,219,342 shares of the semiconductor company’s stock valued at $115,801,000 after purchasing an additional 1,732,067 shares during the period. 5.35% of the stock is currently owned by hedge funds and other institutional investors.

United Microelectronics Company Profile

(Get Rating)

United Microelectronics Corp. is engaged in the semiconductor foundry business, which offers complementary metal-oxide semiconductor logic wafers, mixed signal wafers, radio frequency complementary metal-oxide semiconductor wafers, embedded memory products, high voltage integrated circuits, and complementary metal-oxide semiconductor image sensors.