Citigroup Lowers Magnachip Semiconductor (MX) Price Target to $9.40

Magnachip Semiconductor (NYSE:MX) had its target price lowered by analysts at Citigroup from $12.00 to $9.40 in a research report issued to clients and investors on Thursday. The firm currently has a “neutral” rating on the semiconductor company’s stock. Citigroup’s price target indicates a potential upside of 14.22% from the stock’s previous close.

A number of other equities analysts also recently commented on the stock. ValuEngine downgraded shares of Magnachip Semiconductor from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. Zacks Investment Research upgraded shares of Magnachip Semiconductor from a “sell” rating to a “hold” rating in a report on Wednesday, July 4th. Finally, Roth Capital reduced their target price on shares of Magnachip Semiconductor from $18.00 to $13.00 and set a “buy” rating for the company in a report on Tuesday, October 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $12.25.

Magnachip Semiconductor stock traded down $0.13 during trading hours on Thursday, reaching $8.23. The stock had a trading volume of 5,399 shares, compared to its average volume of 213,735. The company has a market capitalization of $284.24 million, a PE ratio of 10.83 and a beta of 0.13. Magnachip Semiconductor has a 52 week low of $7.82 and a 52 week high of $13.40.

Magnachip Semiconductor (NYSE:MX) last announced its earnings results on Tuesday, October 30th. The semiconductor company reported $0.32 EPS for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.06. The business had revenue of $206.00 million during the quarter, compared to the consensus estimate of $205.00 million. Magnachip Semiconductor had a net margin of 5.65% and a negative return on equity of 95.06%. The firm’s revenue was up 16.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.28 earnings per share. On average, equities research analysts predict that Magnachip Semiconductor will post 0.46 EPS for the current year.

In related news, major shareholder Brigade Capital Management, Lp acquired 15,545 shares of the business’s stock in a transaction dated Monday, August 13th. The shares were purchased at an average price of $11.90 per share, for a total transaction of $184,985.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Engineers Gate Manager LP purchased a new stake in Magnachip Semiconductor in the third quarter valued at approximately $206,000. Bank of Montreal Can boosted its position in Magnachip Semiconductor by 29.5% in the third quarter. Bank of Montreal Can now owns 148,900 shares of the semiconductor company’s stock valued at $1,474,000 after buying an additional 33,900 shares during the last quarter. Millennium Management LLC purchased a new stake in Magnachip Semiconductor in the second quarter valued at approximately $2,649,000. Sensato Investors LLC purchased a new stake in Magnachip Semiconductor in the second quarter valued at approximately $393,000. Finally, Paloma Partners Management Co purchased a new stake in Magnachip Semiconductor in the second quarter valued at approximately $277,000. Hedge funds and other institutional investors own 92.93% of the company’s stock.

Magnachip Semiconductor 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.

See Also: Earnings Per Share

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