United Microelectronics Co. Forecasted to Earn Q3 2024 Earnings of $0.13 Per Share (NYSE:UMC)

United Microelectronics Co. (NYSE:UMC) – Investment analysts at Wedbush cut their Q3 2024 EPS estimates for United Microelectronics in a research report issued on Wednesday, April 24th. Wedbush analyst M. Bryson now forecasts that the semiconductor company will post earnings of $0.13 per share for the quarter, down from their prior estimate of $0.15. The consensus estimate for United Microelectronics’ current full-year earnings is $0.63 per share. Wedbush also issued estimates for United Microelectronics’ Q4 2024 earnings at $0.13 EPS, FY2024 earnings at $0.51 EPS, Q1 2025 earnings at $0.15 EPS, Q2 2025 earnings at $0.18 EPS, Q3 2025 earnings at $0.21 EPS, Q4 2025 earnings at $0.25 EPS and FY2025 earnings at $0.80 EPS.

United Microelectronics (NYSE:UMC) last posted its quarterly earnings data on Wednesday, April 24th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The business had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.72 billion. United Microelectronics had a net margin of 27.41% and a return on equity of 17.43%.

A number of other analysts also recently commented on the stock. The Goldman Sachs Group downgraded shares of United Microelectronics from a “buy” rating to a “neutral” rating and set a $8.90 price objective on the stock. in a report on Tuesday, January 16th. HSBC upgraded shares of United Microelectronics from a “reduce” rating to a “hold” rating in a research report on Thursday, January 25th. Finally, Citigroup upgraded shares of United Microelectronics from a “neutral” rating to a “buy” rating in a research report on Wednesday.

United Microelectronics Stock Up 1.3 %

UMC stock opened at $7.70 on Thursday. The company has a market cap 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 52 week low of $6.71 and a 52 week high of $8.97. The company’s 50-day moving average price is $7.93 and its 200 day moving average price is $7.84. The company has a current ratio of 2.19, a quick ratio of 1.83 and a debt-to-equity ratio of 0.13.

Hedge Funds Weigh In On United Microelectronics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Schechter Investment Advisors LLC raised its position in United Microelectronics by 5.8% during the fourth quarter. Schechter Investment Advisors LLC now owns 26,501 shares of the semiconductor company’s stock worth $224,000 after acquiring an additional 1,452 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of United Microelectronics by 19.8% in the third quarter. EverSource Wealth Advisors LLC now owns 9,151 shares of the semiconductor company’s stock valued at $65,000 after buying an additional 1,514 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of United Microelectronics by 2.3% in the third quarter. PNC Financial Services Group Inc. now owns 73,303 shares of the semiconductor company’s stock valued at $518,000 after buying an additional 1,671 shares during the last quarter. Inspire Advisors LLC raised its position in shares of United Microelectronics by 19.6% in the third quarter. Inspire Advisors LLC now owns 13,393 shares of the semiconductor company’s stock valued at $95,000 after buying an additional 2,198 shares during the last quarter. Finally, Sequoia Financial Advisors LLC raised its position in shares of United Microelectronics by 2.3% in the fourth quarter. Sequoia Financial Advisors LLC now owns 100,839 shares of the semiconductor company’s stock valued at $853,000 after buying an additional 2,246 shares during the last quarter. Institutional investors and hedge funds own 5.05% of the company’s stock.

United Microelectronics Company Profile

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.