Advisor Group Holdings Inc. boosted its stake in Magnachip Semiconductor Co. (NYSE:MX) by 904.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,192 shares of the semiconductor company’s stock after acquiring an additional 17,281 shares during the period. Advisor Group Holdings Inc.’s holdings in Magnachip Semiconductor were worth $458,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MX. Morgan Stanley grew its holdings in shares of Magnachip Semiconductor by 0.4% in the 1st quarter. Morgan Stanley now owns 2,594,531 shares of the semiconductor company’s stock worth $64,604,000 after acquiring an additional 9,341 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Magnachip Semiconductor by 6.5% during the 2nd quarter. Alliancebernstein L.P. now owns 1,598,915 shares of the semiconductor company’s stock worth $38,150,000 after purchasing an additional 97,842 shares during the period. Wasatch Advisors Inc. lifted its stake in shares of Magnachip Semiconductor by 178.0% during the 1st quarter. Wasatch Advisors Inc. now owns 1,575,384 shares of the semiconductor company’s stock worth $39,227,000 after purchasing an additional 1,008,606 shares during the period. Quinn Opportunity Partners LLC purchased a new position in shares of Magnachip Semiconductor during the 1st quarter worth $18,345,000. Finally, Ameriprise Financial Inc. lifted its stake in shares of Magnachip Semiconductor by 12.9% during the 1st quarter. Ameriprise Financial Inc. now owns 676,970 shares of the semiconductor company’s stock worth $16,858,000 after purchasing an additional 77,556 shares during the period. Institutional investors own 73.53% of the company’s stock.
MX has been the topic of a number of recent analyst reports. Zacks Investment Research lowered Magnachip Semiconductor from a “hold” rating to a “sell” rating in a research note on Saturday, August 14th. Needham & Company LLC dropped their price objective on Magnachip Semiconductor from C$30.00 to C$29.00 and set a “buy” rating for the company in a report on Monday, August 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $26.20.
Magnachip Semiconductor (NYSE:MX) last announced its quarterly earnings results on Thursday, August 5th. The semiconductor company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.06). Magnachip Semiconductor had a net margin of 65.76% and a return on equity of 9.06%. The company had revenue of $113.88 million during the quarter, compared to analyst estimates of $131.10 million. As a group, equities analysts predict that Magnachip Semiconductor Co. will post 0.6 earnings per share for the current fiscal year.
Magnachip Semiconductor Profile
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.
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