Wedbush Comments on United Microelectronics Co.’s Q3 2024 Earnings (NYSE:UMC)

United Microelectronics Co. (NYSE:UMC) – Analysts at Wedbush decreased their Q3 2024 earnings estimates for shares of United Microelectronics in a report issued on Wednesday, April 24th. Wedbush analyst M. Bryson now expects that the semiconductor company will post earnings per share of $0.13 for the quarter, down from their previous estimate of $0.15. The consensus estimate for United Microelectronics’ current full-year earnings is $0.60 per share. Wedbush also issued estimates for United Microelectronics’ Q4 2024 earnings at $0.13 EPS, FY2024 earnings at $0.51 EPS, Q1 2025 earnings at $0.15 EPS, Q2 2025 earnings at $0.18 EPS, Q3 2025 earnings at $0.21 EPS, Q4 2025 earnings at $0.25 EPS and FY2025 earnings at $0.80 EPS.

United Microelectronics (NYSE:UMC) last announced its earnings results on Wednesday, April 24th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.01). United Microelectronics had a return on equity of 15.82% and a net margin of 24.79%. The firm had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.72 billion.

Several other brokerages have also recently commented on UMC. The Goldman Sachs Group cut shares of United Microelectronics from a “buy” rating to a “neutral” rating and set a $8.90 target price for the company. in a report on Tuesday, January 16th. Citigroup raised shares of United Microelectronics from a “neutral” rating to a “buy” rating in a research report on Wednesday. Finally, HSBC raised shares of United Microelectronics from a “reduce” rating to a “hold” rating in a research report on Thursday, January 25th.

United Microelectronics Stock Performance

Shares of UMC opened at $7.78 on Thursday. United Microelectronics has a one year low of $6.71 and a one year high of $8.97. The company has a 50-day moving average of $7.93 and a two-hundred day moving average of $7.84. The stock has a market cap of $19.46 billion, a price-to-earnings ratio of 11.11, a PEG ratio of 2.18 and a beta of 1.21. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.19 and a quick ratio of 1.83.

Institutional Trading of United Microelectronics

A number of hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC bought a new position in United Microelectronics during the fourth quarter valued at approximately $27,000. EverSource Wealth Advisors LLC raised its position in shares of United Microelectronics by 19.8% in the third quarter. EverSource Wealth Advisors LLC now owns 9,151 shares of the semiconductor company’s stock valued at $65,000 after purchasing an additional 1,514 shares during the period. Coldstream Capital Management Inc. bought a new position in shares of United Microelectronics in the third quarter valued at approximately $76,000. Intelligence Driven Advisers LLC bought a new position in shares of United Microelectronics in the third quarter valued at approximately $77,000. Finally, Enterprise Financial Services Corp bought a new position in shares of United Microelectronics in the third quarter valued at approximately $78,000. 5.05% of the stock is owned by hedge funds and other institutional investors.

About United Microelectronics

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.