United Microelectronics Co. (UMC) Short Interest Down 52.6% in March

United Microelectronics Co. (NYSE:UMC) was the target of a large drop in short interest in the month of March. As of March 29th, there was short interest totalling 5,699,459 shares, a drop of 52.6% from the March 15th total of 12,016,098 shares. Based on an average trading volume of 1,531,919 shares, the days-to-cover ratio is presently 3.7 days. Currently, 0.2% of the company’s stock are sold short.

A number of research analysts have recently issued reports on the company. HSBC upgraded United Microelectronics from a “hold” rating to a “buy” rating in a report on Wednesday, January 24th. Credit Suisse Group upgraded United Microelectronics from an “underperform” rating to a “neutral” rating in a report on Wednesday, January 24th. Seven investment analysts have rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $2.10.

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Shares of NYSE:UMC opened at $2.59 on Tuesday. United Microelectronics has a 12-month low of $1.89 and a 12-month high of $2.73. The firm has a market capitalization of $6,332.20, a PE ratio of 19.92 and a beta of 0.54. The company has a current ratio of 1.58, a quick ratio of 1.37 and a debt-to-equity ratio of 0.25.

United Microelectronics (NYSE:UMC) last announced its earnings results on Wednesday, January 24th. The semiconductor company reported $0.02 earnings per share for the quarter. United Microelectronics had a return on equity of 4.49% and a net margin of 6.43%. The firm had revenue of $1.23 billion for the quarter.

A number of hedge funds have recently made changes to their positions in UMC. Wells Fargo & Company MN grew its stake in United Microelectronics by 116.6% during the 3rd quarter. Wells Fargo & Company MN now owns 5,998,324 shares of the semiconductor company’s stock worth $14,995,000 after buying an additional 3,229,151 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in United Microelectronics by 141.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,044,109 shares of the semiconductor company’s stock worth $12,055,000 after buying an additional 2,955,362 shares during the last quarter. Renaissance Technologies LLC grew its stake in United Microelectronics by 10.8% during the 4th quarter. Renaissance Technologies LLC now owns 15,525,289 shares of the semiconductor company’s stock worth $37,105,000 after buying an additional 1,513,000 shares during the last quarter. Deutsche Bank AG grew its stake in United Microelectronics by 90.4% during the 4th quarter. Deutsche Bank AG now owns 1,115,968 shares of the semiconductor company’s stock worth $2,667,000 after buying an additional 529,814 shares during the last quarter. Finally, Millennium Management LLC purchased a new position in United Microelectronics during the 4th quarter worth $802,000. Hedge funds and other institutional investors own 5.79% of the company’s stock.

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About United Microelectronics

United Microelectronics Corporation provides semiconductor wafer foundry solutions. It provides circuit design, mask tooling, wafer fabrication, and assembly and testing services. The company also engages in the research, development, and manufacture of products in the solar energy and LED industries.

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