United Microelectronics (NYSE:UMC) Shares Cross Below Two Hundred Day Moving Average – What’s Next?

United Microelectronics Corporation (NYSE:UMC)’s share price passed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $17.01 and traded as low as $16.27. United Microelectronics shares last traded at $16.66, with a volume of 24,244,001 shares traded.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on UMC shares. Arete Research raised United Microelectronics from a “neutral” rating to a “buy” rating in a research note on Monday, August 10th. Weiss Ratings lowered shares of United Microelectronics from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 23rd. Wall Street Zen downgraded shares of United Microelectronics from a “buy” rating to a “hold” rating in a research report on Saturday. Zacks Research cut United Microelectronics from a “strong-buy” rating to a “hold” rating in a report on Friday, September 25th. Finally, HSBC raised United Microelectronics from a “hold” rating to a “buy” rating and reduced their price objective for the stock from $37.42 to $33.76 in a report on Thursday, July 30th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $36.79.

United Microelectronics Trading Down 7.6%

The business’s 50-day moving average is $21.63 and its 200 day moving average is $17.01. The firm has a market capitalization of $41.94 billion, a P/E ratio of 15.43, a price-to-earnings-growth ratio of 0.44 and a beta of 1.60. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.27 and a quick ratio of 1.81.

United Microelectronics (NYSE:UMC) last announced its earnings results on Wednesday, October 28th. The semiconductor company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.02). The company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.33 billion. United Microelectronics had a return on equity of 20.12% and a net margin of 31.96%. As a group, analysts anticipate that United Microelectronics Corporation will post 1.23 EPS for the current fiscal year.

Institutional Investors Weigh In On United Microelectronics

Several hedge funds have recently made changes to their positions in the company. Continuum Advisory LLC bought a new stake in United Microelectronics during the second quarter worth approximately $28,000. CoreCap Advisors LLC increased its position in shares of United Microelectronics by 271.0% during the second quarter. CoreCap Advisors LLC now owns 1,369 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 1,000 shares in the last quarter. Trust Co. of Vermont purchased a new stake in United Microelectronics during the 2nd quarter worth approximately $41,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of United Microelectronics during the second quarter worth about $76,000. Finally, Nisa Investment Advisors LLC lifted its holdings in United Microelectronics by 27.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,313 shares of the semiconductor company’s stock worth $81,000 after buying an additional 720 shares in the last quarter. 5.05% of the stock is currently owned by institutional investors.

United Microelectronics Company Profile

United Microelectronics Corp. (NYSE:UMC) is a Taiwan-based semiconductor foundry that manufactures integrated circuits for other companies. As a pure-play foundry, UMC focuses on producing chips designed by customers rather than marketing its own branded semiconductor products.

The company provides wafer fabrication services across a range of process technologies, with particular expertise in specialty applications such as display driver ICs, automotive semiconductors, connectivity products, image sensors, power management components and embedded memory.