Magnachip Semiconductor Corp (NYSE:MX) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Magnachip Semiconductor Corp (NYSE:MX) have been given a consensus recommendation of “Buy” by the six analysts that are covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $13.00.

Several analysts recently weighed in on the company. Zacks Investment Research raised Magnachip Semiconductor from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a report on Thursday, November 14th. ValuEngine downgraded Magnachip Semiconductor from a “buy” rating to a “hold” rating in a research report on Wednesday, October 9th. Finally, TheStreet upgraded Magnachip Semiconductor from a “d+” rating to a “c-” rating in a research report on Monday, October 28th.

Magnachip Semiconductor stock traded up $0.27 during mid-day trading on Wednesday, reaching $11.35. 193,359 shares of the company were exchanged, compared to its average volume of 309,327. The firm’s 50-day simple moving average is $12.16 and its two-hundred day simple moving average is $10.63. The firm has a market cap of $390.67 million, a PE ratio of 15.99 and a beta of 0.92. Magnachip Semiconductor has a twelve month low of $5.75 and a twelve month high of $13.80.

Magnachip Semiconductor (NYSE:MX) last issued its quarterly earnings data on Wednesday, October 23rd. The semiconductor company reported $0.49 EPS for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.22. Magnachip Semiconductor had a negative return on equity of 20.42% and a negative net margin of 6.17%. The company had revenue of $229.70 million for the quarter, compared to analysts’ expectations of $225.00 million. During the same quarter in the previous year, the firm posted $0.32 earnings per share. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. Sell-side analysts predict that Magnachip Semiconductor will post -0.03 EPS for the current fiscal year.

In other news, major shareholder Brigade Leveraged Capital Stru sold 98,204 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $12.26, for a total value of $1,203,981.04. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Brigade Capital Management, Lp sold 4,011 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $11.20, for a total transaction of $44,923.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 783,525 shares of company stock worth $10,047,430. Company insiders own 5.50% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Systematic Financial Management LP acquired a new position in shares of Magnachip Semiconductor in the third quarter worth $11,218,000. Point72 Asset Management L.P. increased its position in Magnachip Semiconductor by 38.1% during the third quarter. Point72 Asset Management L.P. now owns 696,900 shares of the semiconductor company’s stock worth $7,067,000 after buying an additional 192,100 shares during the last quarter. D. E. Shaw & Co. Inc. increased its position in Magnachip Semiconductor by 15.5% during the second quarter. D. E. Shaw & Co. Inc. now owns 563,426 shares of the semiconductor company’s stock worth $5,832,000 after buying an additional 75,506 shares during the last quarter. Worth Venture Partners LLC increased its position in Magnachip Semiconductor by 65.6% during the second quarter. Worth Venture Partners LLC now owns 116,000 shares of the semiconductor company’s stock worth $1,201,000 after buying an additional 45,950 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Magnachip Semiconductor during the second quarter worth $861,000. 94.34% of the stock is currently owned by institutional investors and hedge funds.

Magnachip Semiconductor Company Profile

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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