Citigroup Inc. Sells 1,432,571 Shares of United Microelectronics Corporation $UMC

Citigroup Inc. reduced its stake in shares of United Microelectronics Corporation (NYSE:UMC) by 38.4% in the third quarter, HoldingsChannel.com reports. The fund owned 2,295,246 shares of the semiconductor company’s stock after selling 1,432,571 shares during the quarter. Citigroup Inc.’s holdings in United Microelectronics were worth $17,398,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bridgewater Advisors Inc. increased its stake in United Microelectronics by 3.2% in the third quarter. Bridgewater Advisors Inc. now owns 77,989 shares of the semiconductor company’s stock valued at $570,000 after acquiring an additional 2,395 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of United Microelectronics by 37.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 145,132 shares of the semiconductor company’s stock worth $1,100,000 after purchasing an additional 39,764 shares in the last quarter. Cibc World Market Inc. increased its position in shares of United Microelectronics by 8.9% during the 3rd quarter. Cibc World Market Inc. now owns 19,307 shares of the semiconductor company’s stock valued at $146,000 after purchasing an additional 1,575 shares during the last quarter. Caprock Group LLC purchased a new position in shares of United Microelectronics during the 3rd quarter valued at about $806,000. Finally, Rhumbline Advisers lifted its position in United Microelectronics by 0.9% in the 3rd quarter. Rhumbline Advisers now owns 722,523 shares of the semiconductor company’s stock worth $5,477,000 after buying an additional 6,193 shares during the last quarter. 5.05% of the stock is currently owned by hedge funds and other institutional investors.

United Microelectronics Trading Up 1.2%

NYSE:UMC opened at $10.43 on Friday. The firm has a market capitalization of $26.19 billion, a P/E ratio of 19.31, a P/E/G ratio of 5.47 and a beta of 1.10. The company has a quick ratio of 1.92, a current ratio of 2.34 and a debt-to-equity ratio of 0.15. The company has a fifty day moving average of $9.59 and a 200 day moving average of $8.10. United Microelectronics Corporation has a 52 week low of $5.71 and a 52 week high of $12.68.

United Microelectronics (NYSE:UMC) last released its quarterly earnings data on Wednesday, January 28th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. The firm had revenue of $1.97 billion for the quarter, compared to analysts’ expectations of $1.93 billion. United Microelectronics had a net margin of 17.60% and a return on equity of 11.59%. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.10 earnings per share. On average, research analysts predict that United Microelectronics Corporation will post 0.51 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on UMC. JPMorgan Chase & Co. reiterated an “underweight” rating on shares of United Microelectronics in a research report on Thursday, January 29th. Wall Street Zen cut shares of United Microelectronics from a “buy” rating to a “hold” rating in a research note on Saturday, December 6th. Bank of America lowered shares of United Microelectronics from a “buy” rating to an “underperform” rating in a report on Wednesday, November 12th. Finally, BNP Paribas Exane raised shares of United Microelectronics to a “strong-buy” rating in a research note on Wednesday, January 28th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $8.60.

United Microelectronics 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.