5 Best Semiconductor Stocks To Buy Now

2. United Microelectronics Corporation (NYSE:UMC)

Forward P/E ratio as of December 15: 8.98

Number of Hedge Fund Holders: 17

United Microelectronics Corporation (NYSE:UMC) was founded in 1980 and is the third-largest chip foundry globally, with a 7% market share in 2021. The company runs 12 fabs in Taiwan, Japan, Singapore, and Mainland China, with additional sales offices in the United States, Europe, and South Korea.

On September 14, 2022, Rick Hsu, an analyst at Daiwa, increased his price target on United Microelectronics Corporation (NYSE:UMC) to NT$46 from NT$43. The analyst believes that the company’s structural profitability should increase even after accounting for price erosion in light of the present inventory correction.

As per Insider Monkey’s database, 17 hedge funds had stakes in United Microelectronics Corporation (NYSE:UMC) at the end of the third quarter. Arrowstreet Capital remained the leading stakeholder in the company at the end of Q3 2022.