HighTower Advisors LLC Takes Position in Magnachip Semiconductor Co. (NYSE:MX)

HighTower Advisors LLC purchased a new stake in shares of Magnachip Semiconductor Co. (NYSE:MX) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 35,061 shares of the semiconductor company’s stock, valued at approximately $836,000. HighTower Advisors LLC owned about 0.08% of Magnachip Semiconductor as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Grantham Mayo Van Otterloo & Co. LLC bought a new position in shares of Magnachip Semiconductor during the 1st quarter valued at approximately $473,000. Credit Suisse AG grew its stake in shares of Magnachip Semiconductor by 29.0% during the 1st quarter. Credit Suisse AG now owns 73,655 shares of the semiconductor company’s stock valued at $1,834,000 after acquiring an additional 16,562 shares during the period. Union Square Park Capital Management LLC bought a new position in shares of Magnachip Semiconductor during the 1st quarter valued at approximately $1,683,000. Brinker Capital Investments LLC bought a new position in shares of Magnachip Semiconductor during the 1st quarter valued at approximately $568,000. Finally, BNP Paribas Arbitrage SA bought a new position in shares of Magnachip Semiconductor during the 1st quarter valued at approximately $5,910,000. 73.53% of the stock is owned by hedge funds and other institutional investors.

MX stock opened at $17.72 on Tuesday. The business’s fifty day simple moving average is $19.66 and its two-hundred day simple moving average is $22.53. Magnachip Semiconductor Co. has a twelve month low of $12.51 and a twelve month high of $26.98. The firm has a market cap of $823.11 million, a price-to-earnings ratio of 2.48, a PEG ratio of 1.11 and a beta of 1.05.

Magnachip Semiconductor (NYSE:MX) last released its earnings results on Thursday, August 5th. The semiconductor company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.06). Magnachip Semiconductor had a return on equity of 9.06% and a net margin of 65.76%. The business had revenue of $113.88 million during the quarter, compared to analysts’ expectations of $131.10 million. As a group, equities research analysts forecast that Magnachip Semiconductor Co. will post 0.6 earnings per share for the current fiscal year.

Several research firms have weighed in on MX. Needham & Company LLC dropped their price target on Magnachip Semiconductor from C$30.00 to C$29.00 and set a “buy” rating for the company in a research note on Monday, August 23rd. Zacks Investment Research downgraded Magnachip Semiconductor from a “hold” rating to a “sell” rating in a research note on Saturday, August 14th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $26.20.

About Magnachip Semiconductor

MagnaChip Semiconductor Corp. engages in the design and manufacture of analog and mixed-signal platform solutions for communications, Internet of Things (IoT) applications, consumer, industrial and automotive applications. It provides a range of standard products to customers worldwide. The company was founded on November 26, 2003 and is headquartered in Luxembourg.

Further Reading: Liquidity

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Institutional Ownership by Quarter for Magnachip Semiconductor (NYSE:MX)

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