MagnaChip Semiconductor Corporation (MX) Earns “Buy” Rating from Needham & Company LLC
Needham & Company LLC reaffirmed their buy rating on shares of MagnaChip Semiconductor Corporation (NYSE:MX) in a research report sent to investors on Friday morning. The brokerage currently has a $15.00 target price on the semiconductor company’s stock.
Other equities analysts have also issued research reports about the company. Citigroup Inc. raised their price target on MagnaChip Semiconductor Corporation from $10.50 to $11.00 and gave the company a neutral rating in a research note on Monday, August 7th. Zacks Investment Research upgraded MagnaChip Semiconductor Corporation from a hold rating to a buy rating and set a $13.00 price target on the stock in a research note on Thursday, August 10th. BidaskClub lowered MagnaChip Semiconductor Corporation from a buy rating to a hold rating in a research note on Monday, August 14th. Finally, ValuEngine upgraded MagnaChip Semiconductor Corporation from a sell rating to a hold rating in a research note on Friday, June 2nd. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. MagnaChip Semiconductor Corporation has an average rating of Buy and a consensus price target of $12.25.
Shares of MagnaChip Semiconductor Corporation (MX) opened at 11.30 on Friday. The stock has a market capitalization of $384.61 million, a P/E ratio of 24.67 and a beta of -0.37. The stock has a 50 day moving average of $11.24 and a 200-day moving average of $9.52. MagnaChip Semiconductor Corporation has a 52-week low of $5.20 and a 52-week high of $12.75.
MagnaChip Semiconductor Corporation (NYSE:MX) last announced its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.04 by $0.17. The firm had revenue of $166.70 million for the quarter, compared to analysts’ expectations of $165 million. The business’s quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.05) EPS. Analysts predict that MagnaChip Semiconductor Corporation will post $0.78 EPS for the current fiscal year.
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In related news, Director Tavakoli Nader bought 39,100 shares of the business’s stock in a transaction on Friday, August 11th. The shares were bought at an average price of $10.67 per share, for a total transaction of $417,197.00. Following the completion of the purchase, the director now directly owns 67,686 shares of the company’s stock, valued at $722,209.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Marc Lasry sold 4,088,978 shares of MagnaChip Semiconductor Corporation stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $10.98, for a total value of $44,896,978.44. The disclosure for this sale can be found here. 3.80% of the stock is owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Mckinley Capital Management LLC Delaware purchased a new position in MagnaChip Semiconductor Corporation in the first quarter valued at about $2,471,000. Evermore Global Advisors LLC purchased a new position in MagnaChip Semiconductor Corporation in the first quarter valued at about $15,162,000. Menta Capital LLC purchased a new position in MagnaChip Semiconductor Corporation in the first quarter valued at about $535,000. TFS Capital LLC purchased a new position in MagnaChip Semiconductor Corporation in the first quarter valued at about $713,000. Finally, ClariVest Asset Management LLC purchased a new position in MagnaChip Semiconductor Corporation in the first quarter valued at about $783,000. Institutional investors own 93.50% of the company’s stock.
MagnaChip Semiconductor Corporation Company Profile
MagnaChip Semiconductor Corporation is a designer and manufacturer of analog and mixed-signal semiconductor products for consumer, computing, communication, industrial, automotive and Internet of Things (IoT) applications. The Company provides technology platforms for analog, mixed signal, power, high voltage, non-volatile memory and Radio Frequency (RF) applications.
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