IndexIQ Advisors LLC Decreases Stake in Magnachip Semiconductor Co. (NYSE:MX)

IndexIQ Advisors LLC cut its stake in Magnachip Semiconductor Co. (NYSE:MX) by 1.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 171,314 shares of the semiconductor company’s stock after selling 1,647 shares during the quarter. IndexIQ Advisors LLC owned about 0.37% of Magnachip Semiconductor worth $3,043,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of MX. Glazer Capital LLC acquired a new position in Magnachip Semiconductor in the 2nd quarter valued at about $109,000. Skandinaviska Enskilda Banken AB publ acquired a new position in Magnachip Semiconductor during the second quarter worth approximately $239,000. S. Muoio & CO. LLC acquired a new position in Magnachip Semiconductor during the second quarter worth approximately $297,000. Cubist Systematic Strategies LLC acquired a new position in shares of Magnachip Semiconductor in the second quarter valued at approximately $310,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Magnachip Semiconductor in the second quarter valued at approximately $316,000. 74.15% of the stock is owned by institutional investors and hedge funds.

MX opened at $19.95 on Friday. Magnachip Semiconductor Co. has a 12 month low of $16.77 and a 12 month high of $26.98. The stock has a market cap of $927.08 million, a P/E ratio of 13.39, a P/E/G ratio of 0.81 and a beta of 1.00. The stock’s 50 day moving average price is $18.84 and its 200 day moving average price is $19.30.

Magnachip Semiconductor (NYSE:MX) last issued its earnings results on Sunday, October 24th. The semiconductor company reported $0.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.22. The business had revenue of $127.00 million for the quarter, compared to analysts’ expectations of $131.55 million. Magnachip Semiconductor had a return on equity of 11.38% and a net margin of 13.75%. As a group, equities analysts predict that Magnachip Semiconductor Co. will post 0.76 EPS for the current fiscal year.

A number of research analysts recently weighed in on the company. Zacks Investment Research lowered Magnachip Semiconductor from a “hold” rating to a “sell” rating in a report on Wednesday. Needham & Company LLC reiterated a “buy” rating and set a $29.00 target price on shares of Magnachip Semiconductor in a research report on Wednesday, December 22nd. One investment 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $25.00.

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

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