Millennium Management LLC boosted its holdings in shares of Magnachip Semiconductor Co. (NYSE:MX – Free Report) by 9.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 562,094 shares of the semiconductor company’s stock after purchasing an additional 49,670 shares during the quarter. Millennium Management LLC owned approximately 1.47% of Magnachip Semiconductor worth $2,737,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Allspring Global Investments Holdings LLC boosted its position in Magnachip Semiconductor by 177.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,686 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 2,994 shares during the period. Founders Capital Management acquired a new position in Magnachip Semiconductor during the 2nd quarter worth $29,000. American Century Companies Inc. boosted its position in Magnachip Semiconductor by 13.4% during the 2nd quarter. American Century Companies Inc. now owns 57,173 shares of the semiconductor company’s stock worth $278,000 after acquiring an additional 6,777 shares during the period. Quantbot Technologies LP boosted its position in Magnachip Semiconductor by 28.8% during the 1st quarter. Quantbot Technologies LP now owns 43,326 shares of the semiconductor company’s stock worth $242,000 after acquiring an additional 9,686 shares during the period. Finally, Empowered Funds LLC boosted its position in Magnachip Semiconductor by 8.1% during the 1st quarter. Empowered Funds LLC now owns 190,573 shares of the semiconductor company’s stock worth $1,063,000 after acquiring an additional 14,350 shares during the period. 74.26% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several analysts have recently weighed in on MX shares. StockNews.com upgraded Magnachip Semiconductor from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. Barclays raised Magnachip Semiconductor to a “hold” rating in a research report on Tuesday, September 10th. Finally, Needham & Company LLC cut their target price on Magnachip Semiconductor from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st.
Magnachip Semiconductor Stock Up 0.4 %
Shares of MX opened at $4.76 on Tuesday. Magnachip Semiconductor Co. has a one year low of $4.25 and a one year high of $8.16. The company has a market cap of $182.16 million, a P/E ratio of -6.10 and a beta of 0.64. The company has a debt-to-equity ratio of 0.09, a current ratio of 5.03 and a quick ratio of 4.34. The firm has a 50 day simple moving average of $4.75 and a two-hundred day simple moving average of $4.93.
Magnachip Semiconductor (NYSE:MX – Get Free Report) last posted its earnings results on Wednesday, July 31st. The semiconductor company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.13. Magnachip Semiconductor had a negative net margin of 18.49% and a negative return on equity of 10.29%. The company had revenue of $53.17 million for the quarter, compared to analyst estimates of $51.45 million. Research analysts forecast that Magnachip Semiconductor Co. will post -1.13 EPS for the current fiscal year.
Magnachip Semiconductor Profile
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, computing, 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, monitors, notebook PCs, tablet PC and TVs applied with liquid crystal display, organic light emitting diodes (OLED), and micro light emitting diode (Micro LED) panel.
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