Magnachip Semiconductor (NYSE:MX) Rating Increased to Buy at StockNews.com

Magnachip Semiconductor (NYSE:MX – Get Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report released on Wednesday.

Other equities analysts have also recently issued research reports about the company. Roth Capital reissued a “buy” rating on shares of Magnachip Semiconductor in a research report on Wednesday, May 4th. Zacks Investment Research upgraded shares of Magnachip Semiconductor from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Magnachip Semiconductor in a report on Wednesday, May 4th.

MX traded up $0.30 during trading on Wednesday, reaching $19.80. 266,157 shares of the company’s stock were exchanged, compared to its average volume of 625,556. The stock has a market capitalization of $888.90 million, a P/E ratio of 12.77, a price-to-earnings-growth ratio of 1.09 and a beta of 0.95. The company’s fifty day simple moving average is $17.21 and its 200-day simple moving average is $17.95. Magnachip Semiconductor has a 1 year low of $14.66 and a 1 year high of $26.90.

Magnachip Semiconductor (NYSE:MX – Get Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The semiconductor company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.03. The business had revenue of $104.09 million during the quarter, compared to the consensus estimate of $106.15 million. Magnachip Semiconductor had a return on equity of 10.61% and a net margin of 16.19%. During the same period in the prior year, the company earned $0.18 earnings per share. As a group, analysts predict that Magnachip Semiconductor will post 0.67 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of MX. Philosophy Capital Management LLC boosted its position in Magnachip Semiconductor by 226.0% during the 1st quarter. Philosophy Capital Management LLC now owns 597,119 shares of the semiconductor company’s stock valued at $10,097,000 after purchasing an additional 413,955 shares during the period. Clearline Capital LP boosted its stake in shares of Magnachip Semiconductor by 44.0% during the 1st quarter. Clearline Capital LP now owns 1,204,553 shares of the semiconductor company’s stock worth $20,369,000 after acquiring an additional 367,983 shares in the last quarter. Oaktree Capital Management LP grew its position in Magnachip Semiconductor by 14.6% during the 4th quarter. Oaktree Capital Management LP now owns 2,300,000 shares of the semiconductor company’s stock worth $48,231,000 after acquiring an additional 293,463 shares during the last quarter. Inherent Group LP raised its position in shares of Magnachip Semiconductor by 124.5% during the fourth quarter. Inherent Group LP now owns 507,196 shares of the semiconductor company’s stock worth $10,636,000 after acquiring an additional 281,323 shares during the last quarter. Finally, Norges Bank bought a new stake in Magnachip Semiconductor during the 4th quarter worth about $5,591,000. 70.88% of the stock is currently 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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