United Microelectronics (NYSE:UMC) Raised to “Neutral” at BNP Paribas Exane

United Microelectronics (NYSE:UMC) was upgraded by equities researchers at BNP Paribas Exane from an “underperform” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, Marketbeat reports. The brokerage currently has a $8.60 price objective on the semiconductor company’s stock. BNP Paribas Exane’s price target would suggest a potential downside of 3.96% from the stock’s current price.

UMC has been the topic of a number of other research reports. Wall Street Zen cut United Microelectronics from a “buy” rating to a “hold” rating in a research note on Saturday, December 6th. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of United Microelectronics in a research note on Thursday, January 29th. Three equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, United Microelectronics currently has a consensus rating of “Reduce” and a consensus price target of $8.60.

United Microelectronics Price Performance

UMC stock opened at $8.96 on Tuesday. The firm has a 50 day simple moving average of $9.96 and a two-hundred day simple moving average of $8.53. The stock has a market cap of $22.50 billion, a PE ratio of 16.58, a P/E/G ratio of 4.77 and a beta of 1.16. United Microelectronics has a one year low of $5.71 and a one year high of $12.68. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.34 and a quick ratio of 1.91.

United Microelectronics (NYSE:UMC) last posted its quarterly earnings data on Wednesday, January 28th. The semiconductor company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.01. United Microelectronics had a net margin of 17.60% and a return on equity of 11.45%. The firm had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter last year, the company posted $0.10 EPS. The business’s quarterly revenue was up 7.0% on a year-over-year basis. On average, analysts predict that United Microelectronics will post 0.51 EPS for the current fiscal year.

Institutional Investors Weigh In On United Microelectronics

Institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC grew its holdings in shares of United Microelectronics by 873.8% during the 4th quarter. AQR Capital Management LLC now owns 9,464,312 shares of the semiconductor company’s stock valued at $74,389,000 after purchasing an additional 8,492,466 shares during the last quarter. Two Sigma Investments LP lifted its stake in United Microelectronics by 832.5% in the third quarter. Two Sigma Investments LP now owns 3,530,564 shares of the semiconductor company’s stock worth $26,762,000 after purchasing an additional 3,151,936 shares during the last quarter. Maple Rock Capital Partners Inc. purchased a new stake in United Microelectronics during the second quarter valued at about $24,024,000. Rafferty Asset Management LLC boosted its position in United Microelectronics by 50.7% during the second quarter. Rafferty Asset Management LLC now owns 8,403,064 shares of the semiconductor company’s stock valued at $64,283,000 after buying an additional 2,826,486 shares during the period. Finally, Marshall Wace LLP bought a new position in shares of United Microelectronics during the third quarter valued at about $21,235,000. Hedge funds and other institutional investors 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.