Magnachip Semiconductor (NYSE:MX) Rating Increased to Hold at Barclays

Magnachip Semiconductor (NYSE:MX) was upgraded by equities research analysts at Barclays to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

Separately, Needham & Company LLC cut their price target on shares of Magnachip Semiconductor from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, August 1st.

Magnachip Semiconductor Stock Up 2.8 %

Shares of NYSE:MX opened at $4.48 on Tuesday. The company has a market cap of $171.44 million, a price-to-earnings ratio of -5.74 and a beta of 0.64. Magnachip Semiconductor has a 12 month low of $4.25 and a 12 month high of $8.50. The company has a current ratio of 5.03, a quick ratio of 4.34 and a debt-to-equity ratio of 0.09. The company has a 50-day moving average price of $4.92 and a 200 day moving average price of $5.10.

Magnachip Semiconductor (NYSE:MX) last released its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.13. The company had revenue of $53.17 million for the quarter, compared to analyst estimates of $51.45 million. Magnachip Semiconductor had a negative return on equity of 10.29% and a negative net margin of 18.49%. As a group, equities research analysts predict that Magnachip Semiconductor will post -1.13 earnings per share for the current year.

Hedge Funds Weigh In On Magnachip Semiconductor

A number of large investors have recently made changes to their positions in MX. Clearline Capital LP increased its holdings in shares of Magnachip Semiconductor by 37.5% during the second quarter. Clearline Capital LP now owns 1,683,676 shares of the semiconductor company’s stock valued at $8,200,000 after acquiring an additional 459,365 shares in the last quarter. Grizzlyrock Capital LLC acquired a new position in Magnachip Semiconductor during the 4th quarter valued at approximately $2,462,000. Bank of Montreal Can purchased a new position in shares of Magnachip Semiconductor in the second quarter worth $518,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Magnachip Semiconductor during the fourth quarter worth $374,000. Finally, Millennium Management LLC grew its holdings in shares of Magnachip Semiconductor by 9.7% during the second quarter. Millennium Management LLC now owns 562,094 shares of the semiconductor company’s stock valued at $2,737,000 after buying an additional 49,670 shares during the last quarter. 74.26% of the stock is owned by institutional investors and hedge funds.

About Magnachip Semiconductor

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.