MagnaChip Semiconductor Corporation (NYSE:MX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage presently has a $13.00 price objective on the semiconductor company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 10.17% from the stock’s current price.

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. “

A number of other equities research analysts also recently issued reports on MX. TheStreet raised shares of MagnaChip Semiconductor Corporation from a “d” rating to a “c-” rating in a report on Thursday, May 4th. Citigroup Inc. started coverage on shares of MagnaChip Semiconductor Corporation in a report on Wednesday, May 10th. They issued a “neutral” rating and a $10.50 price target on the stock. ValuEngine raised shares of MagnaChip Semiconductor Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Needham & Company LLC reissued a “buy” rating and issued a $13.00 price target (up from $10.00) on shares of MagnaChip Semiconductor Corporation in a report on Thursday, July 13th. Finally, BidaskClub raised shares of MagnaChip Semiconductor Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 13th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $12.25.

Shares of MagnaChip Semiconductor Corporation (NYSE:MX) opened at 11.80 on Thursday. MagnaChip Semiconductor Corporation has a 52 week low of $5.20 and a 52 week high of $12.50. The firm has a 50-day moving average of $10.44 and a 200 day moving average of $8.95. The firm has a market cap of $399.85 million, a PE ratio of 68.21 and a beta of -0.29.

MagnaChip Semiconductor Corporation (NYSE:MX) last announced its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.17. The firm had revenue of $166.70 million during the quarter, compared to analysts’ expectations of $165 million. During the same period in the previous year, the company posted ($0.05) earnings per share. The company’s quarterly revenue was down .2% compared to the same quarter last year. Equities research analysts predict that MagnaChip Semiconductor Corporation will post $0.74 EPS for the current fiscal year.

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Hedge funds and other institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC boosted its position in MagnaChip Semiconductor Corporation by 713.9% in the fourth quarter. Renaissance Technologies LLC now owns 228,131 shares of the semiconductor company’s stock valued at $1,414,000 after buying an additional 200,100 shares during the period. Mckinley Capital Management LLC Delaware bought a new position in MagnaChip Semiconductor Corporation during the first quarter valued at $2,471,000. Evermore Global Advisors LLC bought a new position in MagnaChip Semiconductor Corporation during the first quarter valued at $15,162,000. Menta Capital LLC bought a new position in MagnaChip Semiconductor Corporation during the first quarter valued at $535,000. Finally, TFS Capital LLC bought a new position in MagnaChip Semiconductor Corporation during the first quarter valued at $713,000. Institutional investors own 91.88% of the company’s stock.

About MagnaChip Semiconductor Corporation

MagnaChip Semiconductor Corporation is a designer and manufacturer of analog and mixed-signal semiconductor products for consumer, computing, communication, industrial, automotive and Internet of Things (IoT) applications. The Company provides technology platforms for analog, mixed signal, power, high voltage, non-volatile memory and Radio Frequency (RF) applications.

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