Magnachip (MX) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Magnachip (NYSE:MX) from a strong sell rating to a hold rating in a research report report published on Wednesday, April 11th.

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. “

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Other analysts have also issued research reports about the stock. TheStreet raised shares of Magnachip from a d rating to a c rating in a research report on Wednesday, February 7th. ValuEngine lowered shares of Magnachip from a buy rating to a hold rating in a research report on Thursday, March 1st. Finally, Needham & Company LLC reissued a buy rating and issued a $15.00 target price on shares of Magnachip in a research report on Wednesday, January 17th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $12.67.

MX stock traded up $0.05 during trading on Wednesday, hitting $9.60. The stock had a trading volume of 7,543 shares, compared to its average volume of 448,305. The company has a current ratio of 2.39, a quick ratio of 1.86 and a debt-to-equity ratio of -7.66. Magnachip has a twelve month low of $8.05 and a twelve month high of $13.40. The stock has a market cap of $333.48, a price-to-earnings ratio of 12.57 and a beta of 0.17.

Magnachip (NYSE:MX) last released its earnings results on Tuesday, February 6th. The semiconductor company reported $0.23 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.24 by ($0.01). Magnachip had a negative return on equity of 45.64% and a net margin of 12.50%. The business had revenue of $174.58 million during the quarter, compared to analysts’ expectations of $174.00 million. During the same period last year, the business earned $0.04 earnings per share. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. equities analysts forecast that Magnachip will post 0.75 EPS for the current fiscal year.

In other news, Director Melvin L. Keating bought 3,600 shares of the stock in a transaction that occurred on Tuesday, February 13th. The stock was purchased at an average price of $9.01 per share, for a total transaction of $32,436.00. Following the completion of the purchase, the director now owns 24,016 shares in the company, valued at approximately $216,384.16. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Brigade Leveraged Capital Stru sold 149,000 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $12.93, for a total transaction of $1,926,570.00. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 20,488 shares of company stock valued at $186,321. Insiders own 3.80% of the company’s stock.

Several large investors have recently made changes to their positions in MX. Alliancebernstein L.P. raised its holdings in Magnachip by 53.4% during the fourth quarter. Alliancebernstein L.P. now owns 2,179,244 shares of the semiconductor company’s stock worth $21,683,000 after purchasing an additional 758,840 shares in the last quarter. Oaktree Capital Management LP raised its holdings in Magnachip by 28.2% during the fourth quarter. Oaktree Capital Management LP now owns 3,000,000 shares of the semiconductor company’s stock worth $29,850,000 after purchasing an additional 660,000 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in Magnachip during the fourth quarter worth about $6,180,000. Rubric Capital Management LP raised its holdings in Magnachip by 16.9% during the third quarter. Rubric Capital Management LP now owns 2,250,500 shares of the semiconductor company’s stock worth $25,543,000 after purchasing an additional 325,500 shares in the last quarter. Finally, Royce & Associates LP purchased a new position in Magnachip during the third quarter worth about $3,201,000. 96.13% of the stock is owned by institutional investors and hedge funds.

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Magnachip Company Profile

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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