Trading Report: The Magnachip Semiconductor Corp. (MX) Posts Earnings Results, Misses Estimates By $0.07 EPS

The Magnachip Semiconductor Corp. (MX) Posts  Earnings Results, Misses Estimates By $0.07 EPS

Magnachip Semiconductor Corp. (NYSE:MX) issued its quarterly earnings data on Thursday. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by $0.07. Magnachip Semiconductor Corp. had a net margin of 6.52% and a negative return on equity of 44.44%. The business had revenue of $192.30 million for the quarter, compared to analyst estimates of $183 million. The business’s revenue was up 24.5% on a year-over-year basis.

Magnachip Semiconductor Corp. (NYSE:MX) opened at 6.20 on Monday. The stock has a 50 day moving average price of $8.21 and a 200 day moving average price of $6.63. Magnachip Semiconductor Corp. has a 12 month low of $3.10 and a 12 month high of $9.17. The firm has a market cap of $216.92 million, a price-to-earnings ratio of 5.00 and a beta of 0.39.

In other Magnachip Semiconductor Corp. news, major shareholder Pleasant Lake Partners Llc sold 58,000 shares of the business’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $7.49, for a total value of $434,420.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 4.20% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the company. Picton Mahoney Asset Management bought a new stake in shares of Magnachip Semiconductor Corp. during the second quarter worth $133,000. State Street Corp boosted its stake in shares of Magnachip Semiconductor Corp. by 2.4% in the second quarter. State Street Corp now owns 38,950 shares of the company’s stock worth $220,000 after buying an additional 915 shares in the last quarter. Barclays PLC boosted its stake in shares of Magnachip Semiconductor Corp. by 257.7% in the second quarter. Barclays PLC now owns 141,377 shares of the company’s stock worth $800,000 after buying an additional 101,850 shares in the last quarter. Bridgeway Capital Management Inc. bought a new stake in shares of Magnachip Semiconductor Corp. during the second quarter worth $884,000. Finally, Kavi Asset Management LP boosted its stake in shares of Magnachip Semiconductor Corp. by 56.8% in the second quarter. Kavi Asset Management LP now owns 197,655 shares of the company’s stock worth $1,119,000 after buying an additional 71,600 shares in the last quarter. 76.35% of the stock is owned by institutional investors.

A number of equities research analysts have weighed in on the company. Zacks Investment Research upgraded Magnachip Semiconductor Corp. from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a research note on Saturday. Roth Capital assumed coverage on Magnachip Semiconductor Corp. in a research note on Wednesday, September 28th. They set a “buy” rating and a $10.00 price objective for the company.

Magnachip Semiconductor Corp. Company Profile

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