6.1% Stake of MagnaChip Semiconductor Corporation (NYSE:MX) Held by Engaged Capital LLC

Engaged Capital LLC

stated that they own 6.1% of MagnaChip Semiconductor Corporation (NYSE:MX) in a Form 13D/A disclosure that was filed with the Securities and Exchange Commission on Monday, July 17th. The investor owns 2,107,005 shares of the stock worth $23,177,055. The reporting parties listed on the disclosure included Engaged Capital Flagship Master Fund, LP, Engaged Capital Flagship Fund, LP, Engaged Capital Flagship Fund, Ltd, Engaged Capital, LLC, Engaged Capital Holdings, LLC and Glenn W Welling. The filing is available through Edgar at this link.

Engaged Capital LLC

provided the following explanation of their ownership:

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Several other large investors also recently made changes to their positions in the company. Suntrust Banks Inc. bought a new stake in shares of MagnaChip Semiconductor Corporation during the first quarter worth about $101,000. Highbridge Capital Management LLC bought a new stake in shares of MagnaChip Semiconductor Corporation during the first quarter worth about $127,000. Essex Investment Management Co. LLC bought a new stake in shares of MagnaChip Semiconductor Corporation during the first quarter worth about $128,000. Granite Point Capital Management L.P. bought a new stake in shares of MagnaChip Semiconductor Corporation during the first quarter worth about $287,000. Finally, Columbia Pacific Advisors LLC bought a new stake in shares of MagnaChip Semiconductor Corporation during the first quarter worth about $382,000. 92.95% of the stock is currently owned by institutional investors.

Shares of MagnaChip Semiconductor Corporation (NYSE MX) remained flat at $11.00 on Monday. 679,859 shares of the stock were exchanged. The stock has a market cap of $372.75 million, a P/E ratio of 63.58 and a beta of -0.31. The company has a 50-day moving average of $9.08 and a 200 day moving average of $8.18. MagnaChip Semiconductor Corporation has a 52-week low of $5.20 and a 52-week high of $11.65.

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A number of brokerages have recently weighed in on MX. Needham & Company LLC reiterated a “buy” rating and set a $13.00 price target (up previously from $10.00) on shares of MagnaChip Semiconductor Corporation in a report on Thursday. Zacks Investment Research downgraded MagnaChip Semiconductor Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, July 5th. BidaskClub upgraded MagnaChip Semiconductor Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday. ValuEngine upgraded MagnaChip Semiconductor Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, TheStreet upgraded MagnaChip Semiconductor Corporation from a “d” rating to a “c-” rating in a report on Thursday, May 4th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. MagnaChip Semiconductor Corporation has an average rating of “Buy” and a consensus price target of $10.69.

In other MagnaChip Semiconductor Corporation news, insider Young-Joon Kim sold 11,800 shares of MagnaChip Semiconductor Corporation stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $8.90, for a total value of $105,020.00. Following the sale, the insider now owns 59,075 shares of the company’s stock, valued at approximately $525,767.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.80% of the company’s stock.

About MagnaChip Semiconductor Corporation

MagnaChip Semiconductor Corporation is a designer and manufacturer of 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 (RF) applications.

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Institutional Ownership by Quarter for MagnaChip Semiconductor Corporation (NYSE:MX)

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