United Microelectronics (NYSE:UMC) Lowered to Underperform Rating by Bank of America

United Microelectronics (NYSE:UMC) was downgraded by Bank of America from a “buy” rating to an “underperform” rating in a note issued to investors on Wednesday, MarketBeat Ratings reports.

A number of other equities research analysts also recently issued reports on the stock. Wall Street Zen downgraded shares of United Microelectronics from a “buy” rating to a “hold” rating in a research report on Sunday. Weiss Ratings reissued a “hold (c-)” rating on shares of United Microelectronics in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, United Microelectronics presently has a consensus rating of “Hold”.

United Microelectronics Stock Down 0.5%

United Microelectronics stock opened at $7.39 on Wednesday. The company has a current ratio of 1.77, a quick ratio of 1.46 and a debt-to-equity ratio of 0.12. United Microelectronics has a 1-year low of $5.61 and a 1-year high of $8.33. The firm has a market capitalization of $18.56 billion, a price-to-earnings ratio of 14.49, a price-to-earnings-growth ratio of 4.12 and a beta of 1.29. The firm’s fifty day moving average price is $7.31 and its two-hundred day moving average price is $7.38.

United Microelectronics (NYSE:UMC) last released its quarterly earnings results on Wednesday, October 29th. The semiconductor company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.08. The business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $58.25 billion. United Microelectronics had a return on equity of 11.36% and a net margin of 17.08%.During the same quarter in the previous year, the business earned $0.18 EPS. On average, equities research analysts predict that United Microelectronics will post 0.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC purchased a new position in United Microelectronics in the 2nd quarter worth approximately $27,000. Mirae Asset Global Investments Co. Ltd. grew its position in United Microelectronics by 313.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,265 shares of the semiconductor company’s stock worth $32,000 after acquiring an additional 3,234 shares in the last quarter. Wealth Alliance LLC bought a new position in United Microelectronics in the second quarter valued at $77,000. MGO One Seven LLC purchased a new stake in United Microelectronics during the third quarter valued at about $77,000. Finally, Choreo LLC bought a new stake in United Microelectronics during the first quarter worth about $80,000. 5.05% of the stock is currently owned by institutional investors.

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.