MagnaChip Semiconductor Corporation (MX) Posts Earnings Results, Beats Expectations By $0.09 EPS

MagnaChip Semiconductor Corporation (NYSE:MX) posted its earnings results on Wednesday. The semiconductor company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.09, Briefing.com reports. The firm had revenue of $176.70 million during the quarter, compared to analysts’ expectations of $173.50 million. MagnaChip Semiconductor Corporation’s quarterly revenue was down 8.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.04) earnings per share.

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MX has been the topic of a number of research analyst reports. Zacks Investment Research upgraded MagnaChip Semiconductor Corporation from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a research report on Thursday, August 10th. BidaskClub upgraded MagnaChip Semiconductor Corporation from a “hold” rating to a “buy” rating in a research report on Friday, August 25th. ValuEngine downgraded MagnaChip Semiconductor Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 target price (up from $10.00) on shares of MagnaChip Semiconductor Corporation in a research report on Thursday, July 13th. Finally, Citigroup Inc. upped their price objective on MagnaChip Semiconductor Corporation from $10.50 to $11.00 and gave the company a “neutral” rating in a research report on Monday, August 7th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $13.00.

In other MagnaChip Semiconductor Corporation news, Director Camillo Martino bought 10,000 shares of the firm’s stock in a transaction on Monday, August 14th. The shares were acquired at an average cost of $10.25 per share, with a total value of $102,500.00. Following the purchase, the director now directly owns 31,916 shares of the company’s stock, valued at approximately $327,139. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Marc Lasry sold 4,088,978 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $10.98, for a total transaction of $44,896,978.44. The disclosure for this sale can be found here. Company insiders own 3.80% of the company’s stock.

An institutional investor recently raised its position in MagnaChip Semiconductor Corporation stock. State Street Corp increased its position in shares of MagnaChip Semiconductor Corporation (NYSE:MX) by 1.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 40,222 shares of the semiconductor company’s stock after buying an additional 606 shares during the quarter. State Street Corp owned about 0.12% of MagnaChip Semiconductor Corporation worth $394,000 at the end of the most recent reporting period. 94.17% of the stock is owned by institutional investors.

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.

Earnings History for MagnaChip Semiconductor Corporation (NYSE:MX)

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