MagnaChip Semiconductor Corporation (MX) Lowered to “Sell” at ValuEngine

ValuEngine cut shares of MagnaChip Semiconductor Corporation (NYSE:MX) from a hold rating to a sell rating in a research note issued to investors on Tuesday, October 17th.

A number of other equities research analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of MagnaChip Semiconductor Corporation from a strong-buy rating to a hold rating in a report on Wednesday, October 4th. Needham & Company LLC reissued a buy rating and issued a $15.00 price target on shares of MagnaChip Semiconductor Corporation in a report on Friday, September 8th. BidaskClub raised shares of MagnaChip Semiconductor Corporation from a hold rating to a buy rating in a report on Friday, August 25th. Finally, Citigroup Inc. upped their price target on shares of MagnaChip Semiconductor Corporation from $10.50 to $11.00 and gave the company a neutral rating in a report on Monday, August 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $13.00.

Shares of MagnaChip Semiconductor Corporation (NYSE MX) opened at 10.50 on Tuesday. The firm has a market capitalization of $357.38 million, a price-to-earnings ratio of 22.93 and a beta of -0.33. MagnaChip Semiconductor Corporation has a 12-month low of $5.20 and a 12-month high of $12.75. The firm’s 50-day moving average is $11.10 and its 200-day moving average is $10.16.

MagnaChip Semiconductor Corporation (NYSE:MX) last announced its earnings results on Thursday, August 3rd. The semiconductor company reported $0.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.17. The company had revenue of $166.70 million during the quarter, compared to the consensus estimate of $165.00 million. During the same quarter in the prior year, the company earned ($0.05) EPS. The business’s quarterly revenue was down .2% on a year-over-year basis. Equities research analysts forecast that MagnaChip Semiconductor Corporation will post $0.78 EPS for the current fiscal year.

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In related news, Director Tavakoli Nader purchased 39,100 shares of MagnaChip Semiconductor Corporation stock in a transaction dated Friday, August 11th. The stock was acquired at an average cost of $10.67 per share, with a total value of $417,197.00. Following the completion of the transaction, the director now directly owns 67,686 shares of the company’s stock, valued at $722,209.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Marc Lasry sold 4,088,978 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $10.98, for a total transaction of $44,896,978.44. The disclosure for this sale can be found here. 3.80% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Shell Asset Management Co. purchased a new stake in shares of MagnaChip Semiconductor Corporation in the third quarter worth approximately $1,261,000. Silverback Asset Management LLC lifted its position in shares of MagnaChip Semiconductor Corporation by 1.6% in the second quarter. Silverback Asset Management LLC now owns 313,461 shares of the semiconductor company’s stock worth $3,072,000 after purchasing an additional 5,000 shares in the last quarter. Proxima Capital Management LLC lifted its position in shares of MagnaChip Semiconductor Corporation by 26.7% in the second quarter. Proxima Capital Management LLC now owns 494,601 shares of the semiconductor company’s stock worth $4,847,000 after purchasing an additional 104,331 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of MagnaChip Semiconductor Corporation by 8.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 246,386 shares of the semiconductor company’s stock worth $2,415,000 after purchasing an additional 19,200 shares in the last quarter. Finally, State Street Corp lifted its position in shares of MagnaChip Semiconductor Corporation by 1.5% in the second quarter. State Street Corp now owns 40,222 shares of the semiconductor company’s stock worth $394,000 after purchasing an additional 606 shares in the last quarter. 93.85% of the stock is owned by institutional investors and hedge funds.

About MagnaChip Semiconductor Corporation

MagnaChip Semiconductor Corporation is a designer and manufacturer of analog and mixed-signal semiconductor products for consumer, computing, communication, industrial, automotive and Internet of Things (IoT) applications. The Company provides technology platforms for analog, mixed signal, power, high voltage, non-volatile memory and Radio Frequency (RF) applications.

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