Magnachip Semiconductor (NYSE:MX) Rating Lowered to Sell at Zacks Investment Research

Magnachip Semiconductor (NYSE:MX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Saturday, August 4th.

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. “

Other equities analysts have also issued research reports about the stock. ValuEngine upgraded shares of Magnachip Semiconductor from a “hold” rating to a “buy” rating in a report on Tuesday, May 22nd. Citigroup dropped their price target on shares of Magnachip Semiconductor from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $12.33.

Shares of Magnachip Semiconductor traded down $0.35, reaching $12.00, during mid-day trading on Friday, according to MarketBeat. The company had a trading volume of 314,539 shares, compared to its average volume of 361,296. The firm has a market cap of $424.56 million, a PE ratio of 16.04 and a beta of 0.17. Magnachip Semiconductor has a fifty-two week low of $8.85 and a fifty-two week high of $13.40. The company has a quick ratio of 2.07, a current ratio of 2.48 and a debt-to-equity ratio of -10.16.

Magnachip Semiconductor (NYSE:MX) last announced its quarterly earnings results on Monday, July 30th. The semiconductor company reported $0.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.07. The company had revenue of $199.70 million for the quarter, compared to analyst estimates of $185.00 million. Magnachip Semiconductor had a net margin of 4.26% and a negative return on equity of 69.86%. Magnachip Semiconductor’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter last year, the business earned $0.21 EPS. equities research analysts anticipate that Magnachip Semiconductor will post 0.46 earnings per share for the current year.

In related news, major shareholder Brigade Capital Management, Lp bought 107,100 shares of the company’s stock in a transaction dated Thursday, August 2nd. The stock was bought at an average price of $11.86 per share, with a total value of $1,270,206.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.40% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MX. Campbell & CO Investment Adviser LLC bought a new stake in shares of Magnachip Semiconductor during the 2nd quarter valued at about $179,000. Goldman Sachs Group Inc. boosted its stake in Magnachip Semiconductor by 64.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 20,574 shares of the semiconductor company’s stock valued at $205,000 after purchasing an additional 8,034 shares during the period. Algert Global LLC acquired a new position in Magnachip Semiconductor during the 2nd quarter valued at about $211,000. LPL Financial LLC acquired a new position in Magnachip Semiconductor during the 1st quarter valued at about $327,000. Finally, Deutsche Bank AG boosted its stake in Magnachip Semiconductor by 331.7% during the 4th quarter. Deutsche Bank AG now owns 39,398 shares of the semiconductor company’s stock valued at $392,000 after purchasing an additional 30,271 shares during the period. 91.91% of the stock is owned by institutional investors.

About Magnachip Semiconductor

MagnaChip Semiconductor Corp. engages in the design and manufacture of analog and mixed-signal semiconductor products. It operates through the Foundry Services Group and Standard Products Group segments. The Foundry Services Group segment provides specialty analog and mixed-signal foundry services mainly for fabless and Integrated Device Manufacturer semiconductor companies.

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