JPMorgan Chase & Co. Reaffirms “Underweight” Rating for United Microelectronics (NYSE:UMC)

United Microelectronics (NYSE:UMC)‘s stock had its “underweight” rating reissued by equities research analysts at JPMorgan Chase & Co. in a note issued to investors on Thursday, Marketbeat Ratings reports.

UMC has been the topic of several other reports. Bank of America downgraded shares of United Microelectronics from a “buy” rating to an “underperform” rating in a research note on Wednesday, November 12th. Weiss Ratings restated a “hold (c-)” rating on shares of United Microelectronics in a research report on Wednesday, October 8th. Wall Street Zen lowered shares of United Microelectronics from a “buy” rating to a “hold” rating in a report on Saturday, December 6th. Finally, BNP Paribas Exane downgraded United Microelectronics from a “neutral” rating to an “underperform” rating and set a $8.60 price target on the stock. in a report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, two have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, United Microelectronics has an average rating of “Hold” and a consensus target price of $8.60.

United Microelectronics Trading Down 4.0%

Shares of UMC stock opened at $10.16 on Thursday. The business has a 50-day moving average of $8.61 and a 200 day moving average of $7.67. 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 has a 1-year low of $5.71 and a 1-year high of $12.68. The stock has a market capitalization of $25.51 billion, a PE ratio of 18.81, a P/E/G ratio of 5.62 and a beta of 1.08.

United Microelectronics (NYSE:UMC) last announced its quarterly earnings results on Wednesday, January 28th. The semiconductor company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. United Microelectronics had a return on equity of 11.59% and a net margin of 17.60%.The business had revenue of $1.97 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same period in the previous year, the firm earned $0.10 EPS. The business’s quarterly revenue was up 7.0% on a year-over-year basis. As a group, sell-side analysts anticipate that United Microelectronics will post 0.51 earnings per share for the current year.

Institutional Inflows and Outflows

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

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.