United Microelectronics (NYSE:UMC) Reaches New 52-Week High – Here’s Why

United Microelectronics Corporation (NYSE:UMC) reached a new 52-week high during trading on Wednesday . The company traded as high as $9.00 and last traded at $8.9920, with a volume of 1642445 shares trading hands. The stock had previously closed at $8.12.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Weiss Ratings reissued a “hold (c-)” rating on shares of United Microelectronics in a report on Wednesday, October 8th. Bank of America cut United Microelectronics from a “buy” rating to an “underperform” rating in a research report on Wednesday, November 12th. Finally, Wall Street Zen lowered United Microelectronics from a “buy” rating to a “hold” rating in a report on Saturday, December 6th. One analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold”.

United Microelectronics Stock Performance

The stock’s 50-day moving average is $7.73 and its 200 day moving average is $7.40. The stock has a market cap of $21.42 billion, a price-to-earnings ratio of 16.72, a P/E/G ratio of 4.84 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.34 and a quick ratio of 1.92.

United Microelectronics (NYSE:UMC) last released its earnings results on Wednesday, October 29th. The semiconductor company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.08. The company had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $58.25 billion. United Microelectronics had a return on equity of 11.18% and a net margin of 17.08%.During the same quarter in the previous year, the firm posted $0.18 EPS. As a group, analysts predict that United Microelectronics Corporation will post 0.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On United Microelectronics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Smartleaf Asset Management LLC acquired a new position in shares of United Microelectronics during the 2nd quarter worth $27,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in United Microelectronics by 313.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,265 shares of the semiconductor company’s stock worth $32,000 after buying an additional 3,234 shares in the last quarter. Wealth Alliance LLC purchased a new stake in United Microelectronics during the second quarter worth about $77,000. MGO One Seven LLC acquired a new position in United Microelectronics during the third quarter worth about $77,000. Finally, Euro Pacific Asset Management LLC purchased a new position in United Microelectronics in the third quarter valued at about $80,000. Institutional investors and hedge funds own 5.05% of the company’s stock.

About United Microelectronics

United Microelectronics Corporation (UMC) is a Taiwan-based semiconductor foundry that provides wafer fabrication and related manufacturing services to a global customer base. Founded in 1980, the company operates as a pure-play foundry, producing integrated circuits for a range of customers including fabless semiconductor companies and integrated device manufacturers. UMC is publicly listed (NYSE: UMC) and focuses on high-reliability manufacturing rather than branding consumer products.

UMC’s core services encompass wafer fabrication using a portfolio of process technologies, with particular emphasis on mature and specialty nodes that support analog, power-management, radio-frequency (RF), and mixed-signal applications.