Magnachip Semiconductor (NYSE:MX – Get Free Report) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
A number of other equities research analysts have also issued reports on MX. Needham & Company LLC reduced their price target on Magnachip Semiconductor from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Barclays raised Magnachip Semiconductor to a “hold” rating in a research report on Tuesday, September 10th.
View Our Latest Research Report on MX
Magnachip Semiconductor Stock Up 0.6 %
Magnachip Semiconductor (NYSE:MX – Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.13. The company had revenue of $53.17 million for the quarter, compared to analyst estimates of $51.45 million. Magnachip Semiconductor had a negative return on equity of 10.29% and a negative net margin of 18.49%. Analysts forecast that Magnachip Semiconductor will post -1.13 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Magnachip Semiconductor
Hedge funds and other institutional investors have recently made changes to their positions in the business. Clearline Capital LP grew its stake in Magnachip Semiconductor by 37.5% during the 2nd quarter. Clearline Capital LP now owns 1,683,676 shares of the semiconductor company’s stock worth $8,200,000 after buying an additional 459,365 shares during the last quarter. Grizzlyrock Capital LLC purchased a new position in Magnachip Semiconductor during the 4th quarter worth approximately $2,462,000. Bank of Montreal Can purchased a new position in Magnachip Semiconductor during the 2nd quarter worth approximately $518,000. Dynamic Technology Lab Private Ltd purchased a new position in Magnachip Semiconductor during the 4th quarter worth approximately $374,000. Finally, Millennium Management LLC grew its stake in Magnachip Semiconductor by 9.7% during the 2nd quarter. Millennium Management LLC now owns 562,094 shares of the semiconductor company’s stock worth $2,737,000 after buying an additional 49,670 shares during the last quarter. Institutional investors and hedge funds own 74.26% of the company’s stock.
Magnachip Semiconductor Company Profile
Magnachip Semiconductor Corporation, together with its subsidiaries, designs, manufactures, and supplies analog and mixed-signal semiconductor platform solutions for communications, the Internet of Things, consumer, computing, industrial, and automotive applications. It provides display solutions, including source and gate drivers, and timing controllers that cover a range of flat panel displays used in mobile communications, automotive, entertainment devices, monitors, notebook PCs, tablet PC and TVs applied with liquid crystal display, organic light emitting diodes (OLED), and micro light emitting diode (Micro LED) panel.
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