Magnachip Semiconductor (NYSE:MX) Downgraded by ValuEngine

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ValuEngine cut shares of Magnachip Semiconductor (NYSE:MX) from a buy rating to a hold rating in a research note released on Thursday, ValuEngine reports.

Other equities analysts also recently issued reports about the stock. Citigroup downgraded shares of BCE from a buy rating to a neutral rating in a report on Thursday, May 2nd. Zacks Investment Research downgraded shares of Zai Lab from a buy rating to a hold rating in a report on Saturday, June 15th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Magnachip Semiconductor presently has an average rating of Buy and a consensus target price of $10.75.

Shares of NYSE:MX opened at $10.19 on Thursday. The business has a 50-day moving average of $9.60. The stock has a market cap of $348.74 million, a P/E ratio of 145.57 and a beta of 0.84. Magnachip Semiconductor has a fifty-two week low of $5.75 and a fifty-two week high of $13.06.

Magnachip Semiconductor (NYSE:MX) last issued its quarterly earnings results on Tuesday, April 30th. The semiconductor company reported ($0.58) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.58). The company had revenue of $157.40 million for the quarter, compared to the consensus estimate of $152.50 million. Magnachip Semiconductor had a negative net margin of 5.49% and a negative return on equity of 20.36%. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.04 EPS. As a group, analysts anticipate that Magnachip Semiconductor will post -0.31 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MX. Federated Investors Inc. PA lifted its holdings in Magnachip Semiconductor by 34.8% during the first quarter. Federated Investors Inc. PA now owns 1,025,000 shares of the semiconductor company’s stock valued at $7,585,000 after purchasing an additional 264,800 shares during the last quarter. Millennium Management LLC lifted its holdings in Magnachip Semiconductor by 26.6% during the fourth quarter. Millennium Management LLC now owns 511,951 shares of the semiconductor company’s stock valued at $3,179,000 after purchasing an additional 107,725 shares during the last quarter. IndexIQ Advisors LLC purchased a new stake in Magnachip Semiconductor during the first quarter valued at about $548,000. Cohen Capital Management Inc. lifted its holdings in Magnachip Semiconductor by 26.5% during the first quarter. Cohen Capital Management Inc. now owns 340,933 shares of the semiconductor company’s stock valued at $2,523,000 after purchasing an additional 71,509 shares during the last quarter. Finally, James Investment Research Inc. purchased a new stake in Magnachip Semiconductor during the first quarter valued at about $386,000. 87.64% of the stock is currently 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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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