United Microelectronics (NYSE:UMC) Earns “Outperform” Rating from Wedbush

Wedbush restated their outperform rating on shares of United Microelectronics (NYSE:UMCGet Rating) in a report issued on Wednesday, PriceTargets.com reports. Wedbush also issued estimates for United Microelectronics’ Q3 2022 earnings at $0.35 EPS, Q3 2023 earnings at $0.23 EPS and Q4 2023 earnings at $0.23 EPS.

Several other research firms have also commented on UMC. Citigroup lowered shares of United Microelectronics from a buy rating to a sell rating in a report on Tuesday, July 12th. StockNews.com raised shares of United Microelectronics from a buy rating to a strong-buy rating in a report on Thursday, May 5th. Finally, Mizuho lowered shares of United Microelectronics from a buy rating to a neutral rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, United Microelectronics presently has a consensus rating of Hold.

United Microelectronics Price Performance

UMC stock opened at $6.82 on Wednesday. The company has a quick ratio of 2.41, a current ratio of 2.68 and a debt-to-equity ratio of 0.17. United Microelectronics has a 12 month low of $6.24 and a 12 month high of $12.68. The firm has a market cap of $16.94 billion, a P/E ratio of 7.10 and a beta of 1.14. The company’s 50-day moving average price is $7.57 and its two-hundred day moving average price is $8.61.

United Microelectronics (NYSE:UMCGet Rating) last released its earnings results on Wednesday, April 27th. The semiconductor company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.26 by $0.02. United Microelectronics had a net margin of 28.39% and a return on equity of 24.35%. The firm had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.23 billion. On average, analysts anticipate that United Microelectronics will post 1.26 earnings per share for the current fiscal year.

United Microelectronics Increases Dividend

The business also recently declared an annual dividend, which was paid on Thursday, July 21st. Stockholders of record on Wednesday, June 22nd were paid a $0.2866 dividend. This is an increase from United Microelectronics’s previous annual dividend of $0.29. This represents a dividend yield of 7.1%. The ex-dividend date of this dividend was Tuesday, June 21st. United Microelectronics’s dividend payout ratio (DPR) is presently 22.92%.

Institutional Investors Weigh In On United Microelectronics

Hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE boosted its stake in shares of United Microelectronics by 72.7% in the 4th quarter. Bank of America Corp DE now owns 5,470,220 shares of the semiconductor company’s stock valued at $64,002,000 after purchasing an additional 2,303,305 shares in the last quarter. Raymond James & Associates boosted its position in United Microelectronics by 70.0% during the 4th quarter. Raymond James & Associates now owns 93,134 shares of the semiconductor company’s stock worth $1,090,000 after buying an additional 38,361 shares during the period. Foster Victor Wealth Advisors LLC boosted its position in United Microelectronics by 162.4% during the 1st quarter. Foster Victor Wealth Advisors LLC now owns 27,769 shares of the semiconductor company’s stock worth $242,000 after buying an additional 17,187 shares during the period. Rafferty Asset Management LLC boosted its position in United Microelectronics by 55.5% during the 4th quarter. Rafferty Asset Management LLC now owns 2,861,361 shares of the semiconductor company’s stock worth $33,478,000 after buying an additional 1,021,414 shares during the period. Finally, OneAscent Wealth Management LLC acquired a new stake in United Microelectronics during the 4th quarter worth approximately $160,000. 4.72% of the stock is currently owned by institutional investors and hedge funds.

About United Microelectronics

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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.

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Analyst Recommendations for United Microelectronics (NYSE:UMC)

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