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

United Microelectronics Co. (NYSE:UMC) gapped up prior to trading on Tuesday . The stock had previously closed at $6.34, but opened at $6.48. United Microelectronics shares last traded at $6.53, with a volume of 1,376,362 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms have commented on UMC. JPMorgan Chase & Co. lowered United Microelectronics from an “overweight” rating to a “neutral” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group downgraded United Microelectronics from a “buy” rating to a “neutral” rating and set a $7.40 price target for the company. in a research note on Thursday, October 17th. Morgan Stanley downgraded shares of United Microelectronics from an “overweight” rating to an “equal weight” rating in a research note on Monday, October 28th. Finally, StockNews.com downgraded shares of United Microelectronics from a “buy” rating to a “hold” rating in a report on Sunday, November 17th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $7.40.

United Microelectronics Stock Up 2.5 %

The firm’s fifty day moving average price is $7.15 and its 200-day moving average price is $7.98. The company has a market capitalization of $16.29 billion, a price-to-earnings ratio of 9.76, a P/E/G ratio of 3.09 and a beta of 1.17. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.19 and a quick ratio of 1.76.

Institutional Trading of United Microelectronics

Hedge funds have recently made changes to their positions in the company. Marshall Wace LLP raised its stake in shares of United Microelectronics by 682.1% during the 2nd quarter. Marshall Wace LLP now owns 5,248,227 shares of the semiconductor company’s stock valued at $45,974,000 after purchasing an additional 4,577,177 shares during the period. Two Sigma Advisers LP grew its position in United Microelectronics by 314.1% during the third quarter. Two Sigma Advisers LP now owns 1,279,600 shares of the semiconductor company’s stock worth $10,774,000 after buying an additional 970,600 shares in the last quarter. Genesis Investment Management LLP grew its position in 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 worth $36,655,000 after buying an additional 474,004 shares in the last quarter. Barclays PLC grew its position in United Microelectronics by 8.1% during the third quarter. Barclays PLC now owns 3,205,930 shares of the semiconductor company’s stock worth $26,995,000 after buying an additional 240,380 shares in the last quarter. Finally, Acadian Asset Management LLC grew its position in United Microelectronics by 114.4% during the second quarter. Acadian Asset Management LLC now owns 439,765 shares of the semiconductor company’s stock worth $3,849,000 after buying an additional 234,606 shares in the last quarter. 5.05% of the stock is currently owned by institutional investors.

United Microelectronics Company Profile

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.