Magnachip Semiconductor (MX) Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Magnachip Semiconductor (NYSE:MX) from a buy rating to a hold rating in a report issued on Wednesday, Zacks.com reports.

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. “

A number of other equities analysts have also weighed in on MX. Needham & Company LLC reissued a buy rating and issued a $10.00 target price on shares of Magnachip Semiconductor in a research report on Thursday, January 24th. ValuEngine raised Magnachip Semiconductor from a hold rating to a buy rating in a research report on Tuesday, April 23rd. Finally, TheStreet lowered Magnachip Semiconductor from a c rating to a d+ rating in a research report on Friday, February 15th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $10.50.

Shares of MX traded down $0.01 during trading hours on Wednesday, hitting $9.97. The company had a trading volume of 698,631 shares, compared to its average volume of 326,836. The firm has a market cap of $339.89 million, a PE ratio of 14.04 and a beta of 0.58. Magnachip Semiconductor has a 52-week low of $5.75 and a 52-week high of $13.06.

Magnachip Semiconductor (NYSE:MX) last posted its quarterly earnings results on Tuesday, April 30th. The semiconductor company reported ($0.58) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.58). The firm had revenue of $157.40 million during the quarter, compared to analyst estimates of $152.50 million. Magnachip Semiconductor had a negative return on equity of 25.58% and a negative net margin of 5.49%. Magnachip Semiconductor’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.04 EPS. As a group, equities analysts anticipate that Magnachip Semiconductor will post -0.63 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of the business. Cohen Capital Management Inc. grew its stake in shares of Magnachip Semiconductor by 26.5% during the 1st quarter. Cohen Capital Management Inc. now owns 340,933 shares of the semiconductor company’s stock valued at $2,523,000 after acquiring an additional 71,509 shares during the period. Quantamental Technologies LLC purchased a new stake in shares of Magnachip Semiconductor during the 1st quarter worth approximately $26,000. James Investment Research Inc. purchased a new stake in shares of Magnachip Semiconductor during the 1st quarter worth approximately $386,000. Millennium Management LLC raised its holdings in shares of Magnachip Semiconductor by 26.6% during the 4th quarter. Millennium Management LLC now owns 511,951 shares of the semiconductor company’s stock worth $3,179,000 after acquiring an additional 107,725 shares in the last quarter. Finally, Worth Venture Partners LLC raised its holdings in shares of Magnachip Semiconductor by 85.5% during the 4th quarter. Worth Venture Partners LLC now owns 111,300 shares of the semiconductor company’s stock worth $690,000 after acquiring an additional 51,300 shares in the last quarter. 89.29% of the stock is owned by institutional investors and hedge funds.

About Magnachip Semiconductor

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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