Magnachip Semiconductor (NYSE:MX) Upgraded to “Hold” by Barclays

Barclays upgraded shares of Magnachip Semiconductor (NYSE:MX) to a hold rating in a report released on Tuesday morning, Zacks.com reports.

Separately, Needham & Company LLC dropped their target price on Magnachip Semiconductor from $8.00 to $7.00 and set a buy rating for the company in a report on Thursday, August 1st.

Magnachip Semiconductor Stock Performance

NYSE MX opened at $4.75 on Tuesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 5.03 and a quick ratio of 4.34. Magnachip Semiconductor has a 1-year low of $4.25 and a 1-year high of $8.50. The business has a 50 day simple moving average of $4.91 and a two-hundred day simple moving average of $5.09. The stock has a market capitalization of $177.94 million, a PE ratio of -6.09 and a beta of 0.64.

Magnachip Semiconductor (NYSE:MX) last posted its earnings results on Wednesday, July 31st. The semiconductor company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.13. Magnachip Semiconductor had a negative return on equity of 10.29% and a negative net margin of 18.49%. The firm had revenue of $53.17 million during the quarter, compared to the consensus estimate of $51.45 million. On average, research analysts predict that Magnachip Semiconductor will post -1.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Clearline Capital LP boosted its stake 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 purchasing an additional 459,365 shares during the period. Grizzlyrock Capital LLC purchased a new stake in Magnachip Semiconductor in the 4th quarter valued at about $2,462,000. Bank of Montreal Can purchased a new stake in Magnachip Semiconductor in the 2nd quarter valued at about $518,000. Dynamic Technology Lab Private Ltd bought a new position in Magnachip Semiconductor in the 4th quarter worth about $374,000. Finally, Millennium Management LLC increased its position 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 worth $2,737,000 after acquiring an additional 49,670 shares during the period. Hedge funds and other institutional investors own 74.26% of the company’s stock.

Magnachip Semiconductor Company 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.