Zacks Investment Research upgraded shares of Magnachip Semiconductor (NYSE:MX) from a hold rating to a buy rating in a report released on Friday. Zacks Investment Research currently has $8.00 price target on the semiconductor company’s stock.

According to Zacks, “MagnaChip Semiconductor Corporation operates as a designer and manufacturer of analog and mixed-signal semiconductor products for high-volume consumer applications. The Company operates through three key segments: Display Solutions, Power Solutions and Semiconductor Manufacturing Services. Products offered by MagnaChip through its Display Solutions segment includes source and gate drivers and timing controllers that cover a wide range of flat panel displays used in LCD, light emitting diode, or LED, and 3D televisions and displays, mobile PCs and mobile communications and entertainment devices. The Power Solutions products include discrete and integrated circuit solutions for power management in high-volume consumer applications. Semiconductor Manufacturing Services segment provides specialty analog and mixed-signal foundry services for fabless semiconductor companies. MagnaChip Semiconductor Corporation is headquartered in Chungbuk, South Korea. “

MX has been the topic of several other reports. Roth Capital reduced their target price on Magnachip Semiconductor from $18.00 to $13.00 and set a buy rating on the stock in a research note on Tuesday, October 23rd. ValuEngine lowered Magnachip Semiconductor from a sell rating to a strong sell rating in a research report on Monday, November 26th. Citigroup dropped their price target on Magnachip Semiconductor from $12.00 to $9.40 and set a neutral rating on the stock in a research report on Thursday, November 1st. Finally, Needham & Company LLC restated a buy rating and set a $10.00 price target on shares of Magnachip Semiconductor in a research report on Thursday, January 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. Magnachip Semiconductor currently has an average rating of Hold and an average target price of $10.10.

Shares of NYSE MX opened at $6.81 on Friday. The stock has a market cap of $235.78 million, a P/E ratio of 8.96 and a beta of 0.35. Magnachip Semiconductor has a 1-year low of $5.75 and a 1-year high of $13.06.

In related news, major shareholder Brigade Capital Management, Lp purchased 515,000 shares of Magnachip Semiconductor stock in a transaction on Thursday, December 13th. The stock was acquired at an average price of $7.00 per share, for a total transaction of $3,605,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders have bought 561,000 shares of company stock worth $3,908,000. Corporate insiders own 5.40% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC bought a new position in Magnachip Semiconductor during the second quarter valued at approximately $2,649,000. Bank of Montreal Can lifted its stake in shares of Magnachip Semiconductor by 29.5% in the 3rd quarter. Bank of Montreal Can now owns 148,900 shares of the semiconductor company’s stock valued at $1,474,000 after purchasing an additional 33,900 shares during the last quarter. Engineers Gate Manager LP bought a new stake in shares of Magnachip Semiconductor in the 3rd quarter valued at approximately $206,000. Trexquant Investment LP bought a new stake in shares of Magnachip Semiconductor in the 3rd quarter valued at approximately $125,000. Finally, GSA Capital Partners LLP lifted its stake in shares of Magnachip Semiconductor by 24.1% in the 3rd quarter. GSA Capital Partners LLP now owns 141,100 shares of the semiconductor company’s stock valued at $1,397,000 after purchasing an additional 27,400 shares during the last quarter. 86.86% of the stock is owned by hedge funds and other institutional investors.

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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