Magnachip Semiconductor (MX) Cut to “Hold” at ValuEngine

ValuEngine downgraded shares of Magnachip Semiconductor (NYSE:MX) from a buy rating to a hold rating in a report published on Monday, ValuEngine reports.

Other research analysts have also issued reports about the company. Zacks Investment Research raised Magnachip Semiconductor from a hold rating to a buy rating and set a $10.00 target price for the company in a research report on Tuesday, April 30th. TheStreet lowered Magnachip Semiconductor from a c rating to a d+ rating in a research report on Friday, February 15th. Citigroup set a $9.00 price objective on Magnachip Semiconductor and gave the stock a hold rating in a research report on Thursday, May 2nd. Finally, Needham & Company LLC reissued a buy rating and issued a $10.00 price objective on shares of Magnachip Semiconductor in a research report on Thursday, January 24th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $10.50.

Shares of NYSE:MX opened at $7.95 on Monday. The firm has a market cap of $289.20 million, a P/E ratio of 11.20 and a beta of 0.58. Magnachip Semiconductor has a 12-month low of $5.75 and a 12-month high of $13.06.

Magnachip Semiconductor (NYSE:MX) last announced its earnings results on Tuesday, April 30th. The semiconductor company reported ($0.58) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.58). The business 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 20.36% and a negative net margin of 5.49%. Magnachip Semiconductor’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period last year, the company earned $0.04 EPS. On average, equities research analysts anticipate that Magnachip Semiconductor will post -0.87 earnings per share for the current year.

Several hedge funds have recently bought and sold shares of the company. Toronado Partners LLC raised its position in shares of Magnachip Semiconductor by 39.7% in the 1st quarter. Toronado Partners LLC now owns 1,677,591 shares of the semiconductor company’s stock worth $12,414,000 after acquiring an additional 476,446 shares in the last quarter. Morgan Stanley raised its position in shares of Magnachip Semiconductor by 2.6% in the 1st quarter. Morgan Stanley now owns 1,644,555 shares of the semiconductor company’s stock worth $12,170,000 after acquiring an additional 41,530 shares in the last quarter. SEI Investments Co bought a new position in shares of Magnachip Semiconductor in the 1st quarter worth about $436,000. Federated Investors Inc. PA raised its position in shares of Magnachip Semiconductor by 34.8% in the 1st quarter. Federated Investors Inc. PA now owns 1,025,000 shares of the semiconductor company’s stock worth $7,585,000 after acquiring an additional 264,800 shares in the last quarter. Finally, Envestnet Asset Management Inc. bought a new position in shares of Magnachip Semiconductor in the 1st quarter worth about $173,000. 89.21% of the stock is owned by hedge funds and other institutional investors.

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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