Evermore Global Advisors LLC decreased its position in Magnachip Semiconductor Corp (NYSE:MX) by 27.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,436,529 shares of the semiconductor company’s stock after selling 918,527 shares during the quarter. Magnachip Semiconductor comprises approximately 10.2% of Evermore Global Advisors LLC’s holdings, making the stock its largest position. Evermore Global Advisors LLC owned approximately 0.07% of Magnachip Semiconductor worth $24,122,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Point72 Asset Management L.P. lifted its holdings in shares of Magnachip Semiconductor by 97.4% in the second quarter. Point72 Asset Management L.P. now owns 509,000 shares of the semiconductor company’s stock valued at $5,217,000 after buying an additional 251,200 shares during the period. Federated Investors Inc. PA lifted its holdings in shares of Magnachip Semiconductor by 87.7% in the second quarter. Federated Investors Inc. PA now owns 760,200 shares of the semiconductor company’s stock valued at $7,792,000 after buying an additional 355,200 shares during the period. Millennium Management LLC acquired a new stake in shares of Magnachip Semiconductor in the second quarter valued at $2,649,000. Sensato Investors LLC acquired a new stake in shares of Magnachip Semiconductor in the second quarter valued at $393,000. Finally, Clearline Capital LP acquired a new stake in shares of Magnachip Semiconductor in the second quarter valued at $2,384,000. Institutional investors and hedge funds own 92.94% of the company’s stock.

Several brokerages have recently weighed in on MX. Citigroup cut their price objective on Magnachip Semiconductor from $12.00 to $9.40 and set a “neutral” rating for the company in a report on Thursday, November 1st. Roth Capital cut their price objective on Magnachip Semiconductor from $18.00 to $13.00 and set a “buy” rating for the company in a report on Tuesday, October 23rd. ValuEngine lowered Magnachip Semiconductor from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. Finally, Zacks Investment Research raised Magnachip Semiconductor from a “sell” rating to a “hold” rating in a research report on Tuesday, August 14th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $12.47.

Shares of Magnachip Semiconductor stock opened at $7.27 on Thursday. The firm has a market cap of $260.01 million, a PE ratio of 9.57 and a beta of 0.51. Magnachip Semiconductor Corp has a 12-month low of $7.21 and a 12-month high of $13.40.

Magnachip Semiconductor (NYSE:MX) last announced its earnings results on Tuesday, October 30th. The semiconductor company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.06. The company had revenue of $206.00 million for the quarter, compared to analyst estimates of $205.00 million. Magnachip Semiconductor had a negative return on equity of 108.44% and a net margin of 5.65%. Magnachip Semiconductor’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.28 earnings per share. Research analysts anticipate that Magnachip Semiconductor Corp will post 0.44 EPS for the current fiscal year.

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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.

Further Reading: What is a Market Correction?

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Institutional Ownership by Quarter for Magnachip Semiconductor (NYSE:MX)

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