Zacks Investment Research Upgrades Magnachip (NYSE:MX) to Hold

Zacks Investment Research upgraded shares of Magnachip (NYSE:MX) from a strong sell rating to a hold rating in a 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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Several other equities research analysts have also issued reports on the company. ValuEngine raised Magnachip from a hold rating to a buy rating in a research report on Friday, February 2nd. Needham & Company LLC reaffirmed a buy rating and issued a $15.00 price target on shares of Magnachip in a report on Wednesday, January 17th. Finally, TheStreet raised Magnachip from a d rating to a c rating in a report on Wednesday, February 7th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $12.67.

MX stock opened at $9.75 on Wednesday. The company has a debt-to-equity ratio of -7.66, a current ratio of 2.39 and a quick ratio of 1.86. The firm has a market cap of $335.19, a price-to-earnings ratio of 12.83 and a beta of 0.17. Magnachip has a one year low of $8.05 and a one year high of $13.40.

Magnachip (NYSE:MX) last released its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $0.23 earnings per share for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $174.58 million for the quarter, compared to the consensus estimate of $174.00 million. During the same quarter last year, the firm posted $0.04 earnings per share. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. sell-side analysts anticipate that Magnachip will post 0.75 earnings per share for the current fiscal year.

In other news, Director Melvin L. Keating acquired 3,600 shares of Magnachip stock in a transaction that occurred on Tuesday, February 13th. The stock was bought at an average price of $9.01 per share, for a total transaction of $32,436.00. Following the completion of the transaction, the director now owns 24,016 shares in the company, valued at $216,384.16. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Young-Joon Kim purchased 8,888 shares of the business’s stock in a transaction on Monday, February 12th. The shares were bought at an average cost of $9.15 per share, with a total value of $81,325.20. Following the acquisition, the chief executive officer now directly owns 67,963 shares of the company’s stock, valued at approximately $621,861.45. The disclosure for this purchase can be found here. Insiders acquired 20,488 shares of company stock worth $186,321 over the last three months. Corporate insiders own 3.80% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MX. Rubric Capital Management LP raised its position 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 valued at $25,543,000 after purchasing an additional 325,500 shares during the period. Russell Investments Group Ltd. purchased a new stake in shares of Magnachip in the third quarter worth approximately $2,723,000. Evermore Global Advisors LLC raised its holdings in shares of Magnachip by 8.5% in the fourth quarter. Evermore Global Advisors LLC now owns 3,391,839 shares of the semiconductor company’s stock worth $33,749,000 after buying an additional 266,219 shares during the period. Fox Run Management L.L.C. purchased a new stake in shares of Magnachip in the fourth quarter worth approximately $335,000. Finally, Investors Research Corp purchased a new stake in shares of Magnachip in the fourth quarter worth approximately $237,000. 96.13% of the stock is owned by hedge funds and other institutional investors.

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About Magnachip

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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