Clearline Capital LP trimmed its position in Magnachip Semiconductor Corp (NYSE:MX) by 46.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 109,019 shares of the semiconductor company’s stock after selling 92,952 shares during the quarter. Clearline Capital LP’s holdings in Magnachip Semiconductor were worth $1,128,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of MX. BlackRock Inc. bought a new stake in shares of Magnachip Semiconductor in the 2nd quarter valued at approximately $219,000. Acadian Asset Management LLC bought a new stake in shares of Magnachip Semiconductor in the 2nd quarter valued at approximately $367,000. RMB Capital Management LLC acquired a new position in Magnachip Semiconductor during the 2nd quarter valued at approximately $424,000. IndexIQ Advisors LLC acquired a new position in Magnachip Semiconductor during the 1st quarter valued at approximately $548,000. Finally, Marshall Wace North America L.P. acquired a new position in Magnachip Semiconductor during the 2nd quarter valued at approximately $802,000. Institutional investors and hedge funds own 88.71% of the company’s stock.
NYSE:MX traded up $0.15 during midday trading on Thursday, reaching $10.96. 695 shares of the company traded hands, compared to its average volume of 166,060. Magnachip Semiconductor Corp has a twelve month low of $5.75 and a twelve month high of $12.00. The firm has a market capitalization of $383.22 million, a price-to-earnings ratio of 15.45 and a beta of 0.94. The company has a fifty day moving average price of $10.63 and a 200 day moving average price of $9.44.
Magnachip Semiconductor (NYSE:MX) last released its quarterly earnings data on Tuesday, July 30th. The semiconductor company reported $0.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.17. Magnachip Semiconductor had a negative return on equity of 20.36% and a negative net margin of 3.85%. The business had revenue of $205.15 million during the quarter, compared to analyst estimates of $194.00 million. During the same quarter in the previous year, the firm posted $0.23 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, sell-side analysts predict that Magnachip Semiconductor Corp will post -0.29 earnings per share for the current year.
In other Magnachip Semiconductor news, major shareholder Brigade Capital Management, Lp sold 4,011 shares of the business’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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.50% of the company’s stock.
MX has been the subject of a number of analyst reports. Citigroup set a $11.00 price objective on Magnachip Semiconductor and gave the company a “hold” rating in a research report on Wednesday, July 31st. ValuEngine upgraded Magnachip Semiconductor from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 4th. Zacks Investment Research lowered Magnachip Semiconductor from a “buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Finally, Roth Capital set a $17.00 price objective on Magnachip Semiconductor and gave the company a “buy” rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $12.25.
Magnachip Semiconductor 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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