United Microelectronics (UMC) Lowered to “Underperform” at Credit Suisse Group

Credit Suisse Group cut shares of United Microelectronics (NYSE:UMC) from a neutral rating to an underperform rating in a research report report published on Friday morning, The Fly reports.

A number of other equities research analysts have also recently commented on the company. JPMorgan Chase & Co. cut United Microelectronics from a neutral rating to an underweight rating in a research report on Wednesday, October 10th. CLSA cut United Microelectronics from an outperform rating to an underperform rating in a research report on Monday, October 8th. Nomura cut United Microelectronics from a buy rating to a neutral rating in a research report on Friday, October 12th. ValuEngine cut United Microelectronics from a hold rating to a sell rating in a research report on Monday, October 8th. Finally, Mizuho upgraded United Microelectronics from an underperform rating to a neutral rating in a research report on Monday, July 9th. Four equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $2.60.

Shares of NYSE:UMC traded down $0.03 during trading on Friday, reaching $1.87. 1,537,397 shares of the company’s stock traded hands, compared to its average volume of 1,530,542. United Microelectronics has a fifty-two week low of $1.83 and a fifty-two week high of $3.14. The company has a quick ratio of 2.02, a current ratio of 2.32 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $4.57 billion, a PE ratio of 13.36 and a beta of 0.90.

United Microelectronics (NYSE:UMC) last posted its earnings results on Wednesday, October 24th. The semiconductor company reported $0.02 EPS for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.02). United Microelectronics had a net margin of 6.93% and a return on equity of 4.90%. The business had revenue of $39.39 billion for the quarter, compared to analyst estimates of $39.72 billion. The business’s revenue was up 4.5% on a year-over-year basis.

A number of institutional investors have recently modified their holdings of UMC. Citadel Advisors LLC lifted its stake in United Microelectronics by 61.5% in the 2nd quarter. Citadel Advisors LLC now owns 140,055 shares of the semiconductor company’s stock valued at $395,000 after buying an additional 53,347 shares in the last quarter. Signaturefd LLC lifted its stake in United Microelectronics by 11.1% in the 2nd quarter. Signaturefd LLC now owns 180,459 shares of the semiconductor company’s stock valued at $509,000 after buying an additional 18,069 shares in the last quarter. Wetherby Asset Management Inc. lifted its stake in United Microelectronics by 17.2% in the 2nd quarter. Wetherby Asset Management Inc. now owns 234,684 shares of the semiconductor company’s stock valued at $662,000 after buying an additional 34,474 shares in the last quarter. Bank of Montreal Can purchased a new position in United Microelectronics in the 2nd quarter valued at about $1,058,000. Finally, Jane Street Group LLC lifted its stake in United Microelectronics by 172.0% in the 2nd quarter. Jane Street Group LLC now owns 582,332 shares of the semiconductor company’s stock valued at $1,642,000 after buying an additional 368,223 shares in the last quarter. 5.36% of the stock is currently owned by hedge funds and other institutional investors.

About United Microelectronics

United Microelectronics Corporation provides semiconductor wafer foundry solutions. The company operates through Wafer Fabrication and New Business segments. 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 light-emitting diode industries.

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