MagnaChip Semiconductor Corporation (NYSE:MX) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday.

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. “

Other equities research analysts have also recently issued research reports about the stock. BidaskClub raised shares of MagnaChip Semiconductor Corporation from a “hold” rating to a “buy” rating in a research report on Friday, August 25th. Needham & Company LLC restated a “buy” rating and issued a $13.00 price target (up from $10.00) on shares of MagnaChip Semiconductor Corporation in a research note on Thursday, July 13th. Finally, Citigroup Inc. raised their price target on shares of MagnaChip Semiconductor Corporation from $10.50 to $11.00 and gave the stock a “neutral” rating in a research report on Monday, August 7th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $13.00.

Shares of MagnaChip Semiconductor Corporation (MX) opened at 11.40 on Wednesday. MagnaChip Semiconductor Corporation has a one year low of $5.20 and a one year high of $12.75. The company has a market capitalization of $388.01 million, a P/E ratio of 24.89 and a beta of -0.33. The firm has a 50-day moving average of $11.22 and a 200-day moving average of $9.96.

MagnaChip Semiconductor Corporation (NYSE:MX) last released its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $0.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.17. The firm had revenue of $166.70 million during the quarter, compared to the consensus estimate of $165.00 million. During the same quarter last year, the firm earned ($0.05) earnings per share. The business’s revenue for the quarter was down .2% compared to the same quarter last year. Equities research analysts expect that MagnaChip Semiconductor Corporation will post $0.78 EPS for the current fiscal year.

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In other MagnaChip Semiconductor Corporation news, Director Marc Lasry sold 4,088,978 shares of MagnaChip Semiconductor Corporation stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $10.98, for a total value of $44,896,978.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Camillo Martino acquired 10,000 shares of the company’s stock in a transaction on Monday, August 14th. The stock was bought at an average cost of $10.25 per share, with a total value of $102,500.00. Following the completion of the acquisition, the director now directly owns 31,916 shares in the company, valued at $327,139. The disclosure for this purchase can be found here. Corporate insiders own 3.80% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Suntrust Banks Inc. acquired a new stake in shares of MagnaChip Semiconductor Corporation during the 1st quarter worth $101,000. Northern Trust Corp bought a new stake in MagnaChip Semiconductor Corporation during the second quarter worth about $111,000. Highbridge Capital Management LLC bought a new stake in MagnaChip Semiconductor Corporation during the first quarter worth about $127,000. Goldman Sachs Group Inc. bought a new stake in MagnaChip Semiconductor Corporation during the second quarter worth about $148,000. Finally, Columbia Pacific Advisors LLC bought a new stake in MagnaChip Semiconductor Corporation during the first quarter worth about $382,000. Hedge funds and other institutional investors own 93.50% 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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