Magnachip Semiconductor Co. (NYSE:MX) Sees Significant Decline in Short Interest

Magnachip Semiconductor Co. (NYSE:MX - Get Free Report) was the target of a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 521,500 shares, a drop of 28.6% from the March 15th total of 730,200 shares. Based on an average trading volume of 447,800 shares, the short-interest ratio is currently 1.2 days. Approximately 1.4% of the company's shares are sold short.

Institutional Trading of Magnachip Semiconductor

Several institutional investors have recently added to or reduced their stakes in the business. Alliancebernstein L.P. boosted its holdings in shares of Magnachip Semiconductor by 43.5% during the fourth quarter. Alliancebernstein L.P. now owns 3,190,906 shares of the semiconductor company's stock valued at $29,963,000 after acquiring an additional 967,906 shares during the period. Toronado Partners LLC boosted its holdings in shares of Magnachip Semiconductor by 2.3% during the first quarter. Toronado Partners LLC now owns 2,580,486 shares of the semiconductor company's stock valued at $43,636,000 after acquiring an additional 56,850 shares during the period. Systematic Financial Management LP boosted its holdings in shares of Magnachip Semiconductor by 25.2% during the fourth quarter. Systematic Financial Management LP now owns 2,187,452 shares of the semiconductor company's stock valued at $20,540,000 after acquiring an additional 440,416 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Magnachip Semiconductor by 16.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,748,974 shares of the semiconductor company's stock valued at $19,554,000 after acquiring an additional 252,858 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Magnachip Semiconductor by 3.1% during the third quarter. Vanguard Group Inc. now owns 1,029,817 shares of the semiconductor company's stock valued at $8,558,000 after acquiring an additional 30,750 shares during the period. Institutional investors own 74.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Needham & Company LLC dropped their price target on shares of Magnachip Semiconductor from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Thursday, February 29th. StockNews.com upgraded shares of Magnachip Semiconductor from a "sell" rating to a "hold" rating in a research note on Saturday, March 9th.

Magnachip Semiconductor Price Performance

Shares of NYSE:MX traded down $0.11 during midday trading on Friday, reaching $5.27. The company had a trading volume of 407,460 shares, compared to its average volume of 442,830. Magnachip Semiconductor has a one year low of $5.18 and a one year high of $11.68. The stock's fifty day moving average price is $5.90 and its 200-day moving average price is $6.79. The stock has a market capitalization of $201.63 million, a P/E ratio of -6.06 and a beta of 0.78.

Magnachip Semiconductor (NYSE:MX - Get Free Report) last released its earnings results on Wednesday, February 28th. The semiconductor company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.08. Magnachip Semiconductor had a negative net margin of 15.92% and a negative return on equity of 7.85%. The firm had revenue of $50.82 million during the quarter, compared to analyst estimates of $52.45 million. During the same quarter in the previous year, the firm earned ($0.39) earnings per share. As a group, sell-side analysts forecast that Magnachip Semiconductor will post -1.4 earnings per share for the current year.

Magnachip Semiconductor Company Profile

Magnachip Semiconductor Corporation, together with its subsidiaries, designs, manufactures, and supplies analog and mixed-signal semiconductor platform solutions for communications, the Internet of Things, consumer, computing, industrial, and automotive applications. It provides display solutions, including source and gate drivers, and timing controllers that cover a range of flat panel displays used in mobile communications, automotive, entertainment devices, monitors, notebook PCs, tablet PC and TVs applied with liquid crystal display, organic light emitting diodes (OLED), and micro light emitting diode (Micro LED) panel.