Magnachip Semiconductor Corp (NYSE:MX) was the recipient of a significant decrease in short interest during the month of July. As of July 31st, there was short interest totalling 513,600 shares, a decrease of 11.6% from the June 30th total of 580,700 shares. Based on an average trading volume of 309,600 shares, the days-to-cover ratio is currently 1.7 days. Currently, 1.5% of the shares of the stock are sold short.
A number of large investors have recently modified their holdings of MX. Quantamental Technologies LLC purchased a new stake in shares of Magnachip Semiconductor during the first quarter worth approximately $26,000. BlackRock Inc. purchased a new stake in shares of Magnachip Semiconductor during the fourth quarter worth approximately $41,000. Acadian Asset Management LLC purchased a new stake in shares of Magnachip Semiconductor during the second quarter worth approximately $367,000. James Investment Research Inc. purchased a new position in Magnachip Semiconductor in the first quarter valued at approximately $386,000. Finally, RMB Capital Management LLC purchased a new position in Magnachip Semiconductor in the second quarter valued at approximately $424,000. Institutional investors own 87.48% of the company’s stock.
Several research firms have commented on MX. Citigroup set a $11.00 price objective on shares of Magnachip Semiconductor and gave the company a “hold” rating in a research report on Wednesday, July 31st. Roth Capital set a $17.00 price objective on shares of Magnachip Semiconductor and gave the company a “buy” rating in a research report on Wednesday, July 31st. ValuEngine upgraded shares of Magnachip Semiconductor from a “hold” rating to a “buy” rating in a report on Friday, July 19th. Finally, Zacks Investment Research lowered shares of Magnachip Semiconductor from a “buy” rating to a “hold” rating in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $12.25.
Magnachip Semiconductor (NYSE:MX) last announced its quarterly earnings data on Tuesday, July 30th. The semiconductor company reported $0.08 EPS for the quarter, beating the consensus estimate of ($0.09) by $0.17. Magnachip Semiconductor had a negative net margin of 3.85% and a negative return on equity of 20.36%. The business had revenue of $205.15 million during the quarter, compared to analysts’ expectations of $194.00 million. During the same period in the previous year, the business posted $0.23 EPS. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, analysts anticipate that Magnachip Semiconductor will post -0.29 earnings per share for the current year.
Magnachip Semiconductor Company Profile
MagnaChip Semiconductor Corporation, together with its subsidiaries, designs, manufactures, and sells analog and mixed-signal semiconductor platform solutions for communications, Internet of Things, consumer, industrial, and automotive applications. The company operates through two segments, Foundry Services Group and Standard Products Group.
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