Magnachip Semiconductor (NYSE:MX) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of Magnachip Semiconductor (NYSE:MX) from a hold rating to a strong-buy rating in a report released on Monday morning,Zacks.com reports.

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Magnachip Semiconductor in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $5.50.

Magnachip Semiconductor Trading Down 5.0%

NYSE:MX opened at $2.78 on Monday. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.07 and a quick ratio of 3.50. Magnachip Semiconductor has a one year low of $2.18 and a one year high of $4.57. The company has a market cap of $101.12 million, a PE ratio of -3.43 and a beta of 1.02. The firm has a 50-day moving average of $2.88 and a 200-day moving average of $2.87.

Magnachip Semiconductor (NYSE:MX) last announced its quarterly earnings results on Wednesday, March 4th. The semiconductor company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.32) by $0.24. The business had revenue of $40.57 million for the quarter, compared to analysts’ expectations of $40.50 million. Magnachip Semiconductor had a negative net margin of 16.62% and a negative return on equity of 4.56%. As a group, equities research analysts expect that Magnachip Semiconductor will post -1.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Magnachip Semiconductor

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC lifted its position in shares of Magnachip Semiconductor by 22.9% during the 1st quarter. Cubist Systematic Strategies LLC now owns 60,638 shares of the semiconductor company’s stock worth $208,000 after buying an additional 11,298 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Magnachip Semiconductor during the first quarter valued at approximately $115,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Magnachip Semiconductor during the second quarter worth $81,000. ProShare Advisors LLC bought a new stake in Magnachip Semiconductor during the second quarter worth $73,000. Finally, American Century Companies Inc. boosted its position in Magnachip Semiconductor by 4.7% in the second quarter. American Century Companies Inc. now owns 76,312 shares of the semiconductor company’s stock worth $304,000 after purchasing an additional 3,451 shares during the last quarter. Hedge funds and other 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.