Magnachip Semiconductor (MX) Rating Lowered to Hold at Zacks Investment Research

Magnachip Semiconductor (NYSE:MX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

According to Zacks, “MagnaChip Semiconductor Corporation operates as a designer and manufacturer of analog and mixed-signal semiconductor products for high-volume consumer applications. The Company operates through three key segments: Display Solutions, Power Solutions and Semiconductor Manufacturing Services. Products offered by MagnaChip through its Display Solutions segment includes source and gate drivers and timing controllers that cover a wide range of flat panel displays used in LCD, light emitting diode, or LED, and 3D televisions and displays, mobile PCs and mobile communications and entertainment devices. The Power Solutions products include discrete and integrated circuit solutions for power management in high-volume consumer applications. Semiconductor Manufacturing Services segment provides specialty analog and mixed-signal foundry services for fabless semiconductor companies. MagnaChip Semiconductor Corporation is headquartered in Chungbuk, South Korea. “

Several other research analysts have also commented on the company. Roth Capital cut their price target on Magnachip Semiconductor from $18.00 to $13.00 and set a “buy” rating on the stock in a research report on Tuesday, October 23rd. ValuEngine lowered Magnachip Semiconductor from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. Finally, Citigroup dropped their target price on Magnachip Semiconductor from $12.00 to $9.40 and set a “neutral” rating on the stock in a report on Thursday, November 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $9.88.

MX opened at $6.37 on Friday. The company has a market cap of $220.54 million, a price-to-earnings ratio of 8.38 and a beta of 0.55. Magnachip Semiconductor has a 52 week low of $5.94 and a 52 week high of $13.35.

Magnachip Semiconductor (NYSE:MX) last released its quarterly earnings results on Tuesday, October 30th. The semiconductor company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.26 by $0.06. The company had revenue of $206.00 million for the quarter, compared to analyst estimates of $205.00 million. Magnachip Semiconductor had a negative return on equity of 108.44% and a net margin of 5.65%. The firm’s revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.28 earnings per share. Equities analysts expect that Magnachip Semiconductor will post 0.44 EPS for the current year.

In related news, major shareholder Brigade Capital Management, Lp bought 515,000 shares of the company’s stock in a transaction dated Thursday, December 13th. The shares were acquired at an average price of $7.00 per share, with a total value of $3,605,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders bought 561,000 shares of company stock worth $3,908,000. Corporate insiders own 5.40% of the company’s stock.

Several large investors have recently added to or reduced their stakes in MX. Millennium Management LLC acquired a new position in shares of Magnachip Semiconductor in the second quarter valued at approximately $2,649,000. Morgan Stanley boosted its stake in shares of Magnachip Semiconductor by 8.6% in the third quarter. Morgan Stanley now owns 1,580,730 shares of the semiconductor company’s stock valued at $15,649,000 after buying an additional 125,488 shares in the last quarter. Algert Global LLC boosted its stake in shares of Magnachip Semiconductor by 582.3% in the third quarter. Algert Global LLC now owns 140,617 shares of the semiconductor company’s stock valued at $1,392,000 after buying an additional 120,009 shares in the last quarter. Clearline Capital LP boosted its stake in shares of Magnachip Semiconductor by 31.0% in the third quarter. Clearline Capital LP now owns 304,636 shares of the semiconductor company’s stock valued at $3,016,000 after buying an additional 72,041 shares in the last quarter. Finally, Worth Venture Partners LLC purchased a new stake in shares of Magnachip Semiconductor in the third quarter valued at approximately $594,000. 87.58% of the stock is currently owned by institutional investors and hedge funds.

About Magnachip Semiconductor

MagnaChip Semiconductor Corporation, together with its subsidiaries, designs, manufactures, and sells analog and mixed-signal semiconductor platform solutions for communications, Internet of Things, consumer, industrial, and automotive applications. The company operates through two segments, Foundry Services Group and Standard Products Group.

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