Zacks Investment Research Downgrades Semiconductor Manufacturing International Corporation (SMI) to Sell

Semiconductor Manufacturing International Corporation (NYSE:SMI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday.

According to Zacks, “SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION is one of the leading semiconductor foundries in the world and the largest and most advanced foundry in Mainland China, providing integrated circuit manufacturing service at 0.35 micron to 65 nanometer and finer line technologies. Headquartered in Shanghai, China, SMIC has a 300-millimeter wafer fabrication facility (fab) and three 200 mm wafer fabs in its Shanghai mega-fab, two 300 mm wafer fabs in its Beijing mega-fab, a 200 mm wafer fab in Tianjin, and an in-house assembly and testing facility in Chengdu. SMIC also has customer service and marketing offices in the U.S., Europe, and Japan, and a representative office in Hong Kong. In addition, SMIC manages and operates a 200 mm wafer fab in Chengdu owned by Cension Semiconductor Manufacturing Corporation and a 300 mm wafer fab under construction in Wuhan owned by Wuhan Xinxin Semiconductor Manufacturing Corporation. “

Several other research firms have also recently issued reports on SMI. J P Morgan Chase & Co cut Semiconductor Manufacturing International Corporation from an “overweight” rating to a “neutral” rating in a research note on Thursday, May 11th. ValuEngine cut Semiconductor Manufacturing International Corporation from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 1st. Sanford C. Bernstein cut Semiconductor Manufacturing International Corporation from a “market perform” rating to an “underperform” rating in a research note on Thursday. BNP Paribas cut Semiconductor Manufacturing International Corporation from a “hold” rating to a “reduce” rating in a research note on Wednesday. Finally, Citigroup Inc. cut Semiconductor Manufacturing International Corporation from a “buy” rating to a “neutral” rating in a research note on Thursday. Six equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $7.97.

Shares of Semiconductor Manufacturing International Corporation (NYSE SMI) opened at 4.70 on Friday. The company has a market cap of $5.17 billion, a price-to-earnings ratio of 14.46 and a beta of 0.21. Semiconductor Manufacturing International Corporation has a 12 month low of $4.49 and a 12 month high of $7.74. The company’s 50 day moving average price is $5.53 and its 200 day moving average price is $6.04.

Semiconductor Manufacturing International Corporation (NYSE:SMI) last posted its earnings results on Tuesday, August 8th. The semiconductor company reported $0.04 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by $0.01. The business had revenue of $751.19 million during the quarter, compared to the consensus estimate of $757 million. Semiconductor Manufacturing International Corporation had a return on equity of 5.73% and a net margin of 10.33%. During the same period in the previous year, the business earned $0.11 earnings per share. On average, equities analysts expect that Semiconductor Manufacturing International Corporation will post $0.09 EPS for the current fiscal year.

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Hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC boosted its stake in Semiconductor Manufacturing International Corporation by 4.8% in the first quarter. Renaissance Technologies LLC now owns 2,570,400 shares of the semiconductor company’s stock valued at $16,142,000 after buying an additional 118,800 shares during the last quarter. First Trust Advisors LP purchased a new stake in Semiconductor Manufacturing International Corporation during the second quarter valued at $1,976,000. Parametric Portfolio Associates LLC boosted its stake in Semiconductor Manufacturing International Corporation by 41.3% in the first quarter. Parametric Portfolio Associates LLC now owns 213,534 shares of the semiconductor company’s stock valued at $1,341,000 after buying an additional 62,416 shares during the last quarter. Bank of Montreal Can purchased a new stake in Semiconductor Manufacturing International Corporation during the second quarter valued at $1,211,000. Finally, Navellier & Associates Inc purchased a new stake in Semiconductor Manufacturing International Corporation during the first quarter valued at $738,000. 0.68% of the stock is currently owned by institutional investors and hedge funds.

About Semiconductor Manufacturing International Corporation

Semiconductor Manufacturing International Corporation is an investment holding company principally engaged in the computer-aided design, manufacture, packaging and trading of integrated circuits (IC), as well as the provision of other semiconductor services. The Company is also involved in the design and manufacture of semiconductor masks.

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Analyst Recommendations for Semiconductor  Manufacturing International Corporation (NYSE:SMI)

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