United Microelectronics (NYSE:UMC) Upgraded by Citigroup to Buy

Citigroup upgraded shares of United Microelectronics (NYSE:UMC) from a neutral rating to a buy rating in a research note released on Wednesday morning, Marketbeat reports.

Several other equities analysts also recently weighed in on the company. HSBC raised United Microelectronics from a reduce rating to a hold rating in a research note on Thursday, January 25th. The Goldman Sachs Group downgraded United Microelectronics from a buy rating to a neutral rating and set a $8.90 price objective for the company. in a research note on Tuesday, January 16th.

United Microelectronics Stock Up 1.3 %

UMC opened at $7.70 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.19 and a quick ratio of 1.83. The business has a 50 day simple moving average of $7.93 and a 200-day simple moving average of $7.84. The stock has a market capitalization of $19.26 billion, a P/E ratio of 9.75, a P/E/G ratio of 2.04 and a beta of 1.21. United Microelectronics has a 12 month low of $6.71 and a 12 month high of $8.97.

United Microelectronics (NYSE:UMC) last posted its quarterly earnings results on Tuesday, January 30th. The semiconductor company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.15 by $0.02. The business had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.70 billion. United Microelectronics had a return on equity of 17.43% and a net margin of 27.41%. During the same period last year, the firm earned $0.25 EPS. On average, equities analysts anticipate that United Microelectronics will post 0.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On United Microelectronics

Hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers increased its position in United Microelectronics by 16.5% during the third quarter. Rhumbline Advisers now owns 889,156 shares of the semiconductor company’s stock worth $6,277,000 after buying an additional 125,903 shares in the last quarter. NewEdge Wealth LLC increased its position in United Microelectronics by 46.4% during the third quarter. NewEdge Wealth LLC now owns 259,465 shares of the semiconductor company’s stock worth $1,832,000 after buying an additional 82,245 shares in the last quarter. Simon Quick Advisors LLC purchased a new position in United Microelectronics during the fourth quarter worth $109,000. Signaturefd LLC increased its position in United Microelectronics by 4.4% during the third quarter. Signaturefd LLC now owns 218,484 shares of the semiconductor company’s stock worth $1,542,000 after buying an additional 9,134 shares in the last quarter. Finally, SeaCrest Wealth Management LLC purchased a new position in United Microelectronics during the fourth quarter worth $464,000. Hedge funds and other institutional investors own 5.05% of the company’s stock.

About United Microelectronics

United Microelectronics Corporation operates as a semiconductor wafer foundry in Taiwan, Singapore, China, Hong Kong, Japan, the United States, Europe, and internationally. The company provides circuit design, mask tooling, wafer fabrication, and assembly and testing services. It serves fabless design companies and integrated device manufacturers.