Magnachip Semiconductor (NYSE:MX) Downgraded by Zacks Research to Hold

Zacks Research cut shares of Magnachip Semiconductor (NYSE:MX) from a strong-buy rating to a hold rating in a research note issued to investors on Monday morning,Zacks.com reports.

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Magnachip Semiconductor in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Magnachip Semiconductor currently has a consensus rating of “Hold” and an average price target of $5.50.

Magnachip Semiconductor Stock Performance

Shares of Magnachip Semiconductor stock opened at $4.08 on Monday. Magnachip Semiconductor has a 1 year low of $2.18 and a 1 year high of $5.64. The firm’s 50-day moving average is $3.10 and its 200 day moving average is $2.90. The stock has a market cap of $147.63 million, a price-to-earnings ratio of -5.82 and a beta of 1.00. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.07 and a quick ratio of 3.29.

Magnachip Semiconductor (NYSE:MX) last issued its earnings results on Tuesday, April 28th. The semiconductor company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.11. The business had revenue of $46.21 million for the quarter, compared to the consensus estimate of $46.00 million. Magnachip Semiconductor had a negative return on equity of 4.57% and a negative net margin of 14.14%. Sell-side analysts anticipate that Magnachip Semiconductor will post -0.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Magnachip Semiconductor

Institutional investors and hedge funds have recently modified their holdings of the stock. Lepercq De Neuflize Asset Management LLC increased its stake in Magnachip Semiconductor by 162.3% in the 4th quarter. Lepercq De Neuflize Asset Management LLC now owns 2,694,527 shares of the semiconductor company’s stock worth $6,871,000 after acquiring an additional 1,667,434 shares during the last quarter. Marshall Wace LLP boosted its position in shares of Magnachip Semiconductor by 47.2% during the 4th quarter. Marshall Wace LLP now owns 1,285,832 shares of the semiconductor company’s stock valued at $3,279,000 after acquiring an additional 412,098 shares during the last quarter. Potomac Capital Management Inc. bought a new position in shares of Magnachip Semiconductor during the 4th quarter valued at approximately $987,000. First Wilshire Securities Management Inc. grew its holdings in shares of Magnachip Semiconductor by 53.8% in the fourth quarter. First Wilshire Securities Management Inc. now owns 732,857 shares of the semiconductor company’s stock valued at $1,869,000 after purchasing an additional 256,211 shares in the last quarter. Finally, FourWorld Capital Management LLC purchased a new position in shares of Magnachip Semiconductor in the fourth quarter valued at $551,000. Institutional investors own 74.26% of the company’s stock.

Magnachip Semiconductor Company Profile

Magnachip Semiconductor Inc is a fabless semiconductor company specializing in high-performance analog and mixed-signal solutions for the display, power management and lighting markets. Its core product portfolio includes display driver ICs for LCD and OLED panels, high-voltage MOSFETs, DC-DC converters, LED driver ICs and power management devices used in consumer electronics, mobile devices, industrial equipment and automotive applications.

Founded in 2004 as a spin-off from MagnaChip, Magnachip is incorporated in the United States with design and sales offices strategically located across North America, Europe and Asia.