United Microelectronics (NYSE:UMC) Trading Down 5.1% After Earnings Miss

United Microelectronics Co. (NYSE:UMC)’s stock price fell 5.1% during trading on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $5.77 and last traded at $5.73. 12,069,881 shares were traded during mid-day trading, an increase of 8% from the average session volume of 11,138,167 shares. The stock had previously closed at $6.03.

The semiconductor company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.03). United Microelectronics had a net margin of 22.89% and a return on equity of 14.35%. The business had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter last year, the firm posted $5.30 earnings per share. The business’s quarterly revenue was up 4.9% compared to the same quarter last year.

Analysts Set New Price Targets

UMC has been the topic of several analyst reports. Citigroup downgraded shares of United Microelectronics from a “buy” rating to a “sell” rating in a report on Tuesday. StockNews.com downgraded shares of United Microelectronics from a “buy” rating to a “hold” rating in a report on Sunday, November 17th. JPMorgan Chase & Co. downgraded shares of United Microelectronics from an “overweight” rating to a “neutral” rating in a report on Wednesday, October 30th. The Goldman Sachs Group downgraded shares of United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 target price on the stock. in a report on Thursday, October 17th. Finally, Morgan Stanley downgraded shares of United Microelectronics from an “overweight” rating to an “equal weight” rating in a report on Monday, October 28th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat.com, United Microelectronics currently has an average rating of “Hold” and an average target price of $7.40.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of UMC. Marshall Wace LLP grew its holdings in shares of United Microelectronics by 682.1% in the second quarter. Marshall Wace LLP now owns 5,248,227 shares of the semiconductor company’s stock worth $45,974,000 after purchasing an additional 4,577,177 shares during the last quarter. Genesis Investment Management LLP lifted its position in shares of United Microelectronics by 12.2% during the third quarter. Genesis Investment Management LLP now owns 4,353,325 shares of the semiconductor company’s stock valued at $36,655,000 after buying an additional 474,004 shares during the last quarter. State Street Corp lifted its position in shares of United Microelectronics by 1.5% during the third quarter. State Street Corp now owns 3,661,624 shares of the semiconductor company’s stock valued at $30,831,000 after buying an additional 53,105 shares during the last quarter. Barclays PLC raised its position in shares of United Microelectronics by 8.1% in the 3rd quarter. Barclays PLC now owns 3,205,930 shares of the semiconductor company’s stock valued at $26,995,000 after purchasing an additional 240,380 shares during the last quarter. Finally, Two Sigma Advisers LP raised its position in shares of United Microelectronics by 314.1% in the 3rd quarter. Two Sigma Advisers LP now owns 1,279,600 shares of the semiconductor company’s stock valued at $10,774,000 after purchasing an additional 970,600 shares during the last quarter. Institutional investors own 5.05% of the company’s stock.

United Microelectronics Stock Down 5.2 %

The company’s 50-day moving average is $6.59 and its 200 day moving average is $7.59. The company has a current ratio of 2.19, a quick ratio of 1.76 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $14.32 billion, a PE ratio of 8.82, a price-to-earnings-growth ratio of 3.06 and a beta of 1.17.

About United Microelectronics

United Microelectronics Corporation operates as a semiconductor wafer foundry in Taiwan, China, Hong Kong, Japan, Korea, 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.