United Microelectronics (NYSE:UMC) Hits New 52-Week High – What’s Next?

United Microelectronics Corporation (NYSE:UMC)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $21.15 and last traded at $20.95, with a volume of 3598576 shares changing hands. The stock had previously closed at $18.22.

Analysts Set New Price Targets

Several research firms recently commented on UMC. Wall Street Zen raised United Microelectronics from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of United Microelectronics in a report on Thursday, January 29th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of United Microelectronics in a report on Tuesday. Finally, BNP Paribas Exane raised United Microelectronics from an “underperform” rating to a “neutral” rating and set a $8.60 price target for the company in a report on Tuesday, March 31st. Two investment analysts have rated the stock with 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 a consensus rating of “Reduce” and a consensus target price of $8.60.

United Microelectronics Stock Up 5.3%

The company has a debt-to-equity ratio of 0.12, a current ratio of 2.72 and a quick ratio of 2.23. The business’s 50 day simple moving average is $12.56 and its 200 day simple moving average is $10.21. The company has a market capitalization of $55.90 billion, a PE ratio of 34.16, a P/E/G ratio of 2.48 and a beta of 1.41.

United Microelectronics (NYSE:UMC) last issued its earnings results on Wednesday, April 29th. The semiconductor company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.08. United Microelectronics had a net margin of 20.71% and a return on equity of 13.67%. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.92 billion. As a group, analysts anticipate that United Microelectronics Corporation will post 0.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On United Microelectronics

A number of institutional investors have recently bought and sold shares of UMC. Summit Global Investments purchased a new stake in shares of United Microelectronics in the 3rd quarter valued at approximately $1,097,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of United Microelectronics by 3,854.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 168,648 shares of the semiconductor company’s stock valued at $1,326,000 after acquiring an additional 164,383 shares during the period. Moran Wealth Management LLC raised its stake in shares of United Microelectronics by 13.8% in the 4th quarter. Moran Wealth Management LLC now owns 792,367 shares of the semiconductor company’s stock valued at $6,228,000 after acquiring an additional 95,871 shares during the period. US Bancorp DE raised its stake in shares of United Microelectronics by 102.7% in the 3rd quarter. US Bancorp DE now owns 541,044 shares of the semiconductor company’s stock valued at $4,101,000 after acquiring an additional 274,157 shares during the period. Finally, Quantbot Technologies LP raised its stake in shares of United Microelectronics by 2,855.8% in the 3rd quarter. Quantbot Technologies LP now owns 235,604 shares of the semiconductor company’s stock valued at $1,786,000 after acquiring an additional 227,633 shares during the period. 5.05% of the stock is owned by hedge funds and other institutional investors.

United Microelectronics Company Profile

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.