Shares of MagnaChip Semiconductor Corporation (NYSE:MX) dropped 9.1% on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $7.00 and last traded at $7.45, with a volume of 2,302,416 shares traded. The stock had previously closed at $8.20.
The company reported $0.04 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by $0.03. The company earned $180.50 million during the quarter, compared to analyst estimates of $180 million. MagnaChip Semiconductor Corporation had a net margin of 6.52% and a negative return on equity of 44.29%. MagnaChip Semiconductor Corporation’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.15 EPS.
Several equities analysts have issued reports on the company. Zacks Investment Research upgraded MagnaChip Semiconductor Corporation from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a research report on Saturday, October 29th. Needham & Company LLC upgraded MagnaChip Semiconductor Corporation from a “hold” rating to a “buy” rating and set a $10.00 price objective for the company in a research report on Friday, January 13th.
In other news, insider Engaged Capital Llc sold 400,000 shares of the business’s stock in a transaction on Wednesday, January 11th. The stock was sold at an average price of $6.35, for a total transaction of $2,540,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.20% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its stake in MagnaChip Semiconductor Corporation by 123.9% in the third quarter. Tower Research Capital LLC TRC now owns 12,189 shares of the company’s stock worth $101,000 after buying an additional 6,745 shares during the last quarter. Nine Chapters Capital Management LLC purchased a new stake in MagnaChip Semiconductor Corporation during the third quarter worth $105,000. Columbus Circle Investors purchased a new stake in MagnaChip Semiconductor Corporation during the third quarter worth $168,000. State Street Corp increased its stake in MagnaChip Semiconductor Corporation by 2.7% in the fourth quarter. State Street Corp now owns 38,616 shares of the company’s stock worth $239,000 after buying an additional 998 shares during the last quarter. Finally, Micawber Capital LLC purchased a new stake in MagnaChip Semiconductor Corporation during the fourth quarter worth $318,000. Institutional investors own 78.27% of the company’s stock.
The stock has a market capitalization of $260.74 million, a P/E ratio of 6.06 and a beta of 0.30. The firm has a 50 day moving average price of $7.51 and a 200-day moving average price of $7.34.
MagnaChip Semiconductor Corporation Company Profile
MagnaChip Semiconductor Corporation is a holding company, which designs and manufactures analog and mixed-signal semiconductor products for consumer, computing, communication, industrial, automotive and Internet of things (IoT) applications. The Company provides technology platforms for analog, mixed-signal, power, high voltage, non-volatile memory and radio frequency applications.
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