United Microelectronics (NYSE:UMC) Shares Gap Up – Time to Buy?

United Microelectronics Corporation (NYSE:UMC)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $10.54, but opened at $11.20. United Microelectronics shares last traded at $11.3740, with a volume of 2,243,128 shares traded.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on UMC. Weiss Ratings restated a “hold (c-)” rating on shares of United Microelectronics in a research report on Wednesday, October 8th. Wall Street Zen downgraded United Microelectronics from a “buy” rating to a “hold” rating in a research report on Saturday, December 6th. Finally, Bank of America downgraded United Microelectronics from a “buy” rating to an “underperform” rating in a research report on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold”.

United Microelectronics Trading Up 7.9%

The company’s fifty day moving average price is $8.20 and its 200-day moving average price is $7.54. The stock has a market cap of $28.58 billion, a price-to-earnings ratio of 22.25, a P/E/G ratio of 5.60 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.34 and a quick ratio of 1.92.

United Microelectronics (NYSE:UMC) last issued its earnings results on Wednesday, October 29th. The semiconductor company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.08. United Microelectronics had a return on equity of 11.18% and a net margin of 17.08%.The firm had revenue of $1.93 billion for the quarter, compared to analyst estimates of $58.25 billion. During the same quarter in the prior year, the firm earned $0.18 earnings per share. On average, research analysts expect that United Microelectronics Corporation will post 0.51 EPS for the current fiscal year.

Hedge Funds Weigh In On United Microelectronics

Several large investors have recently bought and sold shares of the stock. Smartleaf Asset Management LLC acquired a new stake in shares of United Microelectronics during the second quarter worth about $27,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of United Microelectronics by 313.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,265 shares of the semiconductor company’s stock valued at $32,000 after acquiring an additional 3,234 shares during the last quarter. Euro Pacific Asset Management LLC acquired a new stake in United Microelectronics in the 3rd quarter worth about $80,000. Wealth Alliance LLC purchased a new position in shares of United Microelectronics in the 2nd quarter valued at $77,000. Finally, MGO One Seven LLC purchased a new position in shares of United Microelectronics in the third quarter valued at $77,000. Institutional investors and hedge funds own 5.05% of the company’s stock.

About United Microelectronics

United Microelectronics Corporation (UMC) is a Taiwan-based semiconductor foundry that provides wafer fabrication and related manufacturing services to a global customer base. Founded in 1980, the company operates as a pure-play foundry, producing integrated circuits for a range of customers including fabless semiconductor companies and integrated device manufacturers. UMC is publicly listed (NYSE: UMC) and focuses on high-reliability manufacturing rather than branding consumer products.

UMC’s core services encompass wafer fabrication using a portfolio of process technologies, with particular emphasis on mature and specialty nodes that support analog, power-management, radio-frequency (RF), and mixed-signal applications.