Credit Suisse International recently announced the acquisition of new stake in United Micro Electronics ADR (NYSE:UMC). The institutional investor has increased its shareholding in the Technology company by 69.69% to 11.32 million shares with purchase of 4.65 million shares. This fresh investment now brings its stake to 0.45% valued currently at $80.61 million. In addition, Aperio Group LLC raised its holdings by 0.61 million to 10.65 million shares. And Goldman Sachs & Co. LLC has lifted its position by 131.95% or 3.68 million shares – to 6.47 million shares.
With over 5.98 million United Micro Electronics ADR (UMC) shares trading Monday and a closing price of $7.90 on the day, the dollar volume was approximately $47.26 million. The shares have shown a negative half year performance of -9.09% and its price on 12/11/23 gained nearly 1.28%. Currently, there are 2.50B common shares owned by the public and among those 2.50B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for UMC have a consensus price objective of $5.30. The analysts have set the share’s price value over the next 12 months at a high of $5.30 and a low of $5.30. The average price target is -49.06% below its recent price level and a downside to the estimated low will see the stock lose -49.06% over that period. But a downside of -49.06% will see the stock hit the forecast high price target while median target price for the stock is $5.30.
The top 3 mutual fund holders in United Micro Electronics ADR are Vanguard Emerging Markets Stock I, iShares Semiconductor ETF, and Direxion Daily Semiconductor Bull. Vanguard Emerging Markets Stock I owns 9.29 million shares of the company’s stock, all valued at over $66.14 million. iShares Semiconductor ETF bought 0.25 million shares to see its total holdings expand to 7.93 million shares valued at over $56.47 million and representing 0.32% of the shares outstanding. Direxion Daily Semiconductor Bull sold -0.23 million shares to bring its total holdings to over 4.05 million shares at a value of $28.87 million. Direxion Daily Semiconductor Bull now owns shares totaling to 0.16% of the shares outstanding.
However, the script later moved the day high at 7.92, up 1.28%. The company’s stock has a 5-day price change of 0.64% and 8.67% over the past three months. UMC shares are trading 20.98% year to date (YTD), with the 12-month market performance up to 9.87% higher. It has a 12-month low price of $6.48 and touched a high of $8.97 over the same period. UMC has an average intraday trading volume of 6.12 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.50%, 5.78%, and 1.69% respectively.
Institutional ownership of United Micro Electronics ADR (NYSE: UMC) shares accounts for 5.25% of the company’s 2.50B shares outstanding. Mutual fund holders own 1.57%, while other institutional holders and individual stakeholders account for 3.72% and — respectively.
It has a market capitalization of $19.75B and a beta (3y monthly) value of 1.15. The stock’s trailing 12-month PE ratio is 9.28, while the earnings-per-share (ttm) stands at $0.85. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.48% over the week and 1.60% over the month.
Analysts forecast that United Micro Electronics ADR (UMC) will achieve an EPS of $0.15 for the current quarter, $0.13 for the next quarter and $0.73 for 2024. The lowest estimate earnings-per-share for the quarter is $0.15 while analysts give the company a high EPS estimate of $0.15. Comparatively, EPS for the current quarter was $0.25 a year ago. Earnings per share for the fiscal year are expected to decrease by -36.91%, and -5.68% over the next financial year. EPS should shrink at an annualized rate of -6.70% over the next five years, compared to 55.72% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate United Micro Electronics ADR (UMC) as a “Hold” at a consensus score of 3.33. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 0 of the 3 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the UMC, a number of firms have released research notes about the stock. HSBC Securities stated their Reduce rating for the stock in a research note on April 27, 2023, with the firm’s price target at $6.80-$6.46.
