Magnachip Semiconductor (NYSE:MX) Given Buy Rating at Needham & Company LLC

Magnachip Semiconductor (NYSE:MXGet Rating)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a report released on Wednesday, Marketbeat.com reports. They presently have a $25.00 price objective on the semiconductor company’s stock. Needham & Company LLC’s price target indicates a potential upside of 38.20% from the company’s previous close.

A number of other research analysts also recently commented on MX. StockNews.com initiated coverage on Magnachip Semiconductor in a research note on Thursday, March 31st. They issued a “buy” rating on the stock. Zacks Investment Research upgraded Magnachip Semiconductor from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 10th.

Shares of MX stock opened at $18.09 on Wednesday. Magnachip Semiconductor has a 1-year low of $14.66 and a 1-year high of $26.90. The company has a market capitalization of $812.06 million, a price-to-earnings ratio of 11.67, a P/E/G ratio of 0.82 and a beta of 0.95. The stock’s fifty day simple moving average is $16.72 and its 200-day simple moving average is $17.97.

Magnachip Semiconductor (NYSE:MXGet Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The semiconductor company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.04. Magnachip Semiconductor had a return on equity of 10.76% and a net margin of 16.19%. During the same quarter in the prior year, the business earned $0.18 EPS. On average, analysts anticipate that Magnachip Semiconductor will post 0.82 EPS for the current fiscal year.

In related news, insider Young-Joon Kim purchased 5,460 shares of Magnachip Semiconductor stock in a transaction on Thursday, February 24th. The stock was bought at an average price of $17.37 per share, with a total value of $94,840.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Woung Moo Lee sold 7,000 shares of the business’s stock in a transaction dated Tuesday, February 22nd. The stock was sold at an average price of $18.58, for a total value of $130,060.00. The disclosure for this sale can be found here. 4.10% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ancora Advisors LLC lifted its position in shares of Magnachip Semiconductor by 50.0% during the 3rd quarter. Ancora Advisors LLC now owns 3,000 shares of the semiconductor company’s stock worth $53,000 after purchasing an additional 1,000 shares during the last quarter. PenderFund Capital Management Ltd. acquired a new position in shares of Magnachip Semiconductor during the 4th quarter worth about $56,000. SkyView Investment Advisors LLC acquired a new position in shares of Magnachip Semiconductor during the 3rd quarter worth about $220,000. AlphaCrest Capital Management LLC acquired a new position in shares of Magnachip Semiconductor during the 3rd quarter worth about $221,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Magnachip Semiconductor during the 4th quarter worth about $230,000. 70.88% of the stock is owned by institutional investors and hedge funds.

Magnachip Semiconductor Company Profile (Get Rating)

Magnachip Semiconductor Corporation, together with its subsidiaries, designs, manufactures, and supplies analog and mixed-signal semiconductor platform solutions for communications, the Internet of Things, consumer, industrial, and automotive applications. It provides display solutions, including source and gate drivers, and timing controllers that cover a range of flat panel displays used in mobile communications, automotive, entertainment devices, notebook PCs, monitors and liquid crystal displays, and micro light-emitting diode (LED) televisions.

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