Zacks Investment Research Lowers Magnachip Semiconductor (NYSE:MX) to Sell

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Zacks Investment Research lowered shares of Magnachip Semiconductor (NYSE:MX) from a hold rating to a sell rating in a research note released on Thursday morning, Zacks.com reports.

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 issued research reports about the stock. ValuEngine upgraded shares of Magnachip Semiconductor from a hold rating to a buy rating in a report on Wednesday. TheStreet lowered shares of Magnachip Semiconductor from a c rating to a d+ rating in a research note on Friday, February 15th. Finally, Citigroup set a $9.00 price objective on shares of Magnachip Semiconductor and gave the company a hold rating in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $10.50.

MX traded down $0.01 during trading on Thursday, reaching $10.19. 200 shares of the stock traded hands, compared to its average volume of 236,409. The stock has a market capitalization of $338.82 million, a P/E ratio of 14.34 and a beta of 0.66. Magnachip Semiconductor has a 12 month low of $5.75 and a 12 month high of $13.06.

Magnachip Semiconductor (NYSE:MX) last announced its quarterly earnings data on Tuesday, April 30th. The semiconductor company reported ($0.58) earnings per share for the quarter, meeting the consensus estimate of ($0.58). Magnachip Semiconductor had a negative net margin of 5.49% and a negative return on equity of 20.36%. The firm had revenue of $157.40 million for the quarter, compared to analyst estimates of $152.50 million. During the same quarter in the prior year, the business earned $0.04 earnings per share. The business’s quarterly revenue was down 5.1% compared to the same quarter last year. As a group, research analysts forecast that Magnachip Semiconductor will post -0.87 EPS for the current fiscal year.

Several institutional investors have recently bought and sold shares of MX. Quantamental Technologies LLC purchased a new position in Magnachip Semiconductor in the 1st quarter worth $26,000. BlackRock Inc. bought a new stake in shares of Magnachip Semiconductor during the 4th quarter valued at about $41,000. PEAK6 Investments LLC bought a new stake in Magnachip Semiconductor during the fourth quarter worth about $79,000. Envestnet Asset Management Inc. bought a new stake in Magnachip Semiconductor during the first quarter worth about $173,000. Finally, James Investment Research Inc. bought a new stake in Magnachip Semiconductor during the first quarter worth about $386,000. Hedge funds and other institutional investors own 88.75% of the company’s stock.

About Magnachip Semiconductor

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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