Connor Clark & Lunn Investment Management Ltd. Takes $1.95 Million Position in Magnachip Semiconductor Corp. $MX

Key Points

• Connor Clark & Lunn Investment Management acquired 412,849 Magnachip Semiconductor shares worth approximately $1.95 million, giving it a 1.13% stake. Institutional investors and hedge funds collectively own 74.26% of the company.
• Analyst sentiment remains cautious: Magnachip has an average “Reduce” rating, with one analyst at “Hold” and another at “Sell.”
• Magnachip reported a quarterly loss of $0.13 per share, better than the expected $0.22 loss, but revenue of $44.7 million missed expectations and the company posted negative margins and return on equity.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Magnachip Semiconductor Corp. (NYSE:MX - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 412,849 shares of the semiconductor company's stock, valued at approximately $1,953,000. Connor Clark & Lunn Investment Management Ltd. owned about 1.13% of Magnachip Semiconductor at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Lepercq De Neuflize Asset Management LLC grew its holdings in Magnachip Semiconductor by 162.3% during the fourth quarter. Lepercq De Neuflize Asset Management LLC now owns 2,694,527 shares of the semiconductor company's stock worth $6,871,000 after purchasing an additional 1,667,434 shares during the period. FourWorld Capital Management LLC raised its stake in Magnachip Semiconductor by 667.1% in the first quarter. FourWorld Capital Management LLC now owns 1,657,701 shares of the semiconductor company's stock valued at $4,642,000 after buying an additional 1,441,593 shares during the period. Ameriprise Financial Inc. raised its stake in Magnachip Semiconductor by 17.0% in the third quarter. Ameriprise Financial Inc. now owns 1,432,843 shares of the semiconductor company's stock valued at $4,485,000 after buying an additional 208,417 shares during the period. Marshall Wace LLP lifted its position in shares of Magnachip Semiconductor by 47.2% in the fourth quarter. Marshall Wace LLP now owns 1,285,832 shares of the semiconductor company's stock valued at $3,279,000 after buying an additional 412,098 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Magnachip Semiconductor by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 1,030,024 shares of the semiconductor company's stock worth $3,224,000 after acquiring an additional 6,519 shares during the period. 74.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MX has been the topic of a number of recent analyst reports. Wall Street Zen raised Magnachip Semiconductor from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Magnachip Semiconductor in a report on Friday, July 31st. Finally, Zacks Research cut shares of Magnachip Semiconductor from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 4th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce".

Magnachip Semiconductor Stock Performance

NYSE:MX opened at $3.16 on Friday. The stock has a 50 day simple moving average of $3.81 and a 200 day simple moving average of $3.97. The stock has a market cap of $115.37 million, a P/E ratio of -3.76 and a beta of 1.63. Magnachip Semiconductor Corp. has a 1-year low of $2.18 and a 1-year high of $9.86. The company has a current ratio of 2.43, a quick ratio of 1.93 and a debt-to-equity ratio of 0.07.

Magnachip Semiconductor (NYSE:MX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The semiconductor company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.09. Magnachip Semiconductor had a negative return on equity of 5.84% and a negative net margin of 17.26%.The firm had revenue of $44.70 million for the quarter, compared to analysts' expectations of $46.50 million.

Magnachip Semiconductor Company Profile

Magnachip Semiconductor Inc is a fabless semiconductor company specializing in high-performance analog and mixed-signal solutions for the display, power management and lighting markets. Its core product portfolio includes display driver ICs for LCD and OLED panels, high-voltage MOSFETs, DC-DC converters, LED driver ICs and power management devices used in consumer electronics, mobile devices, industrial equipment and automotive applications.

Founded in 2004 as a spin-off from MagnaChip, Magnachip is incorporated in the United States with design and sales offices strategically located across North America, Europe and Asia.

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