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UMC Stock Forecast 2023: United Microelectronics Corporation (NYSE: UMC) Remains Weak With 26.59% Upside

In the last trading session, 4.49 million United Microelectronics Corporation (NYSE:UMC) shares changed hands as the company’s beta touched 1.22. With the company’s per share price at $7.22 changed hands at -$0.07 or -0.96% during last session, the market valuation stood at $18.37B. UMC’s last price was a discount, traded about -24.24% off its 52-week high of $8.97. The share price had its 52-week low at $5.36, which suggests the last value was 25.76% up since then. When we look at United Microelectronics Corporation’s average trading volume, we note the 10-day average is 5.31 million shares, with the 3-month average coming to 5.88 million.

Analysts gave the United Microelectronics Corporation (UMC) stock a consensus recommendation rating of a Hold, calculated at a mean rating of 2.60. If we narrow down to specifics, the data shows that 1 out of 4 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 1 recommended UMC as a Hold, 1 felt it is a Buy and 1 rated the stock as Underweight. United Microelectronics Corporation’s EPS for the current quarter is expected to be $0.16.

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United Microelectronics Corporation (NYSE:UMC) trade information

Instantly UMC was in red as seen at the end of in last trading. With action 1.12%, the performance over the past five days has been green. The drop to weekly highs of 7.44 on Monday, 09/18/23 subtracted -0.96% to the stock’s daily price. The company’s shares are showing year-to-date upside of 10.57%, with the 5-day performance at 1.12% in the green. However, in the 30-day time frame, United Microelectronics Corporation (NYSE:UMC) is 7.12% up. Looking at the short shares, we see there were 49.85 million shares sold at short interest cover period of 8.95 days.

The consensus price target for the stock as assigned by Wall Street analysts is $5.30, meaning bulls need a downside of -36.23% from its current market value. According to analyst projections, UMC’s forecast low is $5.30 with $5.30 as the target high. To hit the forecast high, the stock’s price needs a 26.59% surge from its current level, while the stock would need to tank 26.59% for it to hit the projected low.

United Microelectronics Corporation (UMC) estimates and forecasts

Data shows that the United Microelectronics Corporation share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -16.05% over the past 6 months, a -34.48% in annual growth rate that is considerably lower than the industry average of -13.60%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for United Microelectronics Corporation will fall -52.90%, while the growth in revenue is estimated to hit -48.00% for the next quarter. Year-over-year growth is forecast to reach -22.50% down from the last financial year.

Consensus estimates given by 2 financial analysts project the company’s revenue in the current quarter to hit an average of $1.77 billion. 2 analysts are of the opinion that United Microelectronics Corporation’s revenue for the quarter ending Dec 2023 will be $1.71 billion. The company’s revenue for the corresponding quarters a year ago was $2.38 billion and $2.21 billion respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -25.40%. The estimates for the next quarter sales put growth at -22.80%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 56.30%. The 2023 estimates are for United Microelectronics Corporation earnings to increase by 53.30%, but the outlook for the next 5-year period is at -8.50% per year.

UMC Dividends

United Microelectronics Corporation is expected to release its next quarterly earnings report in October. The 7.98% annual yield figure for the share gives it an annual dividend of 0.58. It is important to note, however, that the 7.98% dividend yield ratio should serve as a guide only, as you should also take into consideration many other aspects of a company’s operations and fundamentals before making any investment decision.

United Microelectronics Corporation (NYSE:UMC)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 0.00% of United Microelectronics Corporation shares while 5.37% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 5.37%. There are 5.37% institutions holding the United Microelectronics Corporation stock share, with Blackrock Inc. the top institutional holder. As of Jun 29, 2023, the company held 0.82% of the shares, roughly 20.47 million UMC shares worth $161.5 million.

Vanguard Group Inc holds the second largest percentage of outstanding shares, with 0.62% or 15.55 million shares worth $122.66 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Apr 29, 2023 were Vanguard International Stock Index-Emerging Markets Stk and iShares Semiconductor ETF. With 9.77 million shares estimated at $78.43 million under it, the former controlled 0.39% of total outstanding shares. On the other hand, iShares Semiconductor ETF held about 0.29% of the shares, roughly 7.26 million shares worth around $54.51 million.

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