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United Microelectronics Corporation (NYSE: UMC) Yet To Convince Analysts?

United Microelectronics Corporation (NYSE:UMC) traded at $7.85 at last check on Tuesday, January 24, made a downward move of -1.61% on its previous day’s price.

Looking at the stock we see that its previous close was $7.98 and the beta (5Y monthly) reads 1.29 with the day’s price range being $7.705 – $7.98. The company has a trailing 12-month PE ratio of 7.16. In terms of its 52-week price range, UMC has a high of $10.25 and a low of $5.36. The company’s stock has gained about 17.70% over that past 30 days.

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United Microelectronics Corporation has a market cap of $19.67 billion. With its Forward Dividend at 0.80 and a yield of 10.08%, the company’s investors could be anxious for the UMC stock to gain ahead of the earnings release. Estimates by analysts give the company expected earnings per share (EPS) of $0.16, with the EPS growth for the year raised at $0.73 for 2023 and $0.99 for next year. These figures represent -37.10% and 35.60% growth in EPS for the two years respectively.

Analysts tracking the company’s growth have also given it a consensus growth in revenue estimated at $1.79 billion, with a low of $1.76 billion and a high of $1.82 billion. The median projection represents growth adding up to -19.30% compared to sales growth for the corresponding quarter a year ago. According to analyst consensus estimates figures, the company’s yearly revenue forecast for 2023 is expected to hit $7.85 billion, or -13.50% down from figures reported last year.

There have been no upward and no downward revisions for the stock’s EPS in last 7 days, something that reflects the nature of company’s price movement in short term. On the other hand, looking at the outlook for the UMC stock, short term indicators assign the stock an average of 50% Buy, while medium term indicators assign it an average of 100% Buy. Long term indicators on average place the stock in the category of 50% Buy.

Based on estimates by 3 analysts, where scores have ranged from 1.00 for a strong buy to 5.00 for a strong sell, 0 have rated the United Microelectronics Corporation (UMC) stock as a Hold, while 1 rate it as a Buy. 1 analyst(s) rate it as overweight while 1 of them rated it as underweight, whereas 0 suggest the stock as a Sell. The stock has an overall rating of Overweight and investors could take advantage and scoop up stock of the company.

Looking further, we note that the PEG ratio for the UMC stock currently stands at 0.21, and the most recent price level today is 10.30% off its SMA20 and 9.46% from its 50-day simple moving average. The RSI (14) is pointing at 63.82 while the volatility over the past week is 2.97% and jumps to 2.42% over the past one month. The beta value is 1.23, while the average true range (ATR) is currently pointing at 0.22.

Let’s briefly compare United Microelectronics Corporation (UMC) stock to its peers. We find that today’s price change of -1.61% and -23.51% over the past 12 months for UMC. Another of its peers Tower Semiconductor Ltd. (TSEM) has dropped -0.79% today, and was 20.44% up over the past year, while Intel Corporation (INTC) is also down -1.35% yet, while its price remains in the red at -41.83% over the same period. In contrast to these companies, both the S&P 500 Index and the Dow Jones Industrial are today at -0.40% and -0.23%, respectively, in early deals.

Coming back to United Microelectronics Corporation (NYSE:UMC), we note that the average 3-month trading volume was 9.15 million, while that of the preceding 10-day period stands at 8.16 million. Current shares outstanding are 2.46 billion.

The institutions hold 5.40%. The data shows that short shares as of Dec 29, 2022, stood at 50.56 million at a short ratio of 6.7. This represents a 2.03% short interest in shares outstanding on Dec 29, 2022. Shares short rose in December from the previous month at 49.88 million. Investors should be excited about this stock as its upside potential is great, with today’s price pushing the stock 22.21% up in year-to-date price movement.

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