United Microelectronics (NYSE:UMC) Lifted to Outperform at CLSA

CLSA upgraded shares of United Microelectronics (NYSE:UMC) from a sell rating to an outperform rating in a report published on Tuesday morning, Briefing.com Automated Import reports.

Several other analysts have also issued reports on UMC. JPMorgan Chase & Co. raised shares of United Microelectronics from an underweight rating to a neutral rating in a research report on Wednesday, April 24th. Credit Suisse Group raised shares of United Microelectronics from an underperform rating to a neutral rating in a research report on Wednesday, April 24th. HSBC raised shares of United Microelectronics from a reduce rating to a hold rating in a research report on Wednesday, April 24th. Goldman Sachs Group initiated coverage on shares of United Microelectronics in a research report on Tuesday, May 7th. They set a sell rating on the stock. Finally, ValuEngine lowered shares of United Microelectronics from a hold rating to a sell rating in a research report on Tuesday, May 28th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $1.78.

NYSE UMC opened at $2.22 on Tuesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.79 and a quick ratio of 2.43. The stock’s fifty day moving average price is $2.06. United Microelectronics has a 1 year low of $1.64 and a 1 year high of $2.96. The company has a market capitalization of $5.21 billion, a price-to-earnings ratio of 30.71 and a beta of 0.90.

United Microelectronics (NYSE:UMC) last posted its quarterly earnings results on Wednesday, April 24th. The semiconductor company reported $0.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.03. United Microelectronics had a net margin of 3.33% and a return on equity of 2.31%. The firm had revenue of $32.58 billion for the quarter, compared to analyst estimates of $32.76 billion. During the same period in the prior year, the firm posted $0.28 earnings per share. The company’s quarterly revenue was down 13.1% compared to the same quarter last year.

The business also recently disclosed an annual dividend, which will be paid on Tuesday, August 13th. Stockholders of record on Tuesday, July 16th will be given a $0.0936 dividend. This represents a dividend yield of 5.45%. The ex-dividend date is Monday, July 15th.

Several institutional investors and hedge funds have recently modified their holdings of UMC. Lindbrook Capital LLC bought a new position in shares of United Microelectronics in the fourth quarter valued at about $25,000. Parallel Advisors LLC raised its position in shares of United Microelectronics by 175.9% in the first quarter. Parallel Advisors LLC now owns 16,565 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 10,560 shares during the period. Private Advisor Group LLC bought a new position in shares of United Microelectronics in the fourth quarter valued at about $32,000. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of United Microelectronics by 201.9% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 20,539 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 13,736 shares during the period. Finally, First Allied Advisory Services Inc. raised its position in shares of United Microelectronics by 150.2% in the first quarter. First Allied Advisory Services Inc. now owns 26,126 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 15,684 shares during the period. 5.32% of the stock is currently owned by 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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Analyst Recommendations for United Microelectronics (NYSE:UMC)

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