Magnachip Semiconductor Corp (NYSE:MX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “MagnaChip Semiconductor Corporation operates as a designer and manufacturer of analog and mixed-signal semiconductor products for high-volume consumer applications. The Company operates through three key segments: Display Solutions, Power Solutions and Semiconductor Manufacturing Services. Products offered by MagnaChip through its Display Solutions segment includes source and gate drivers and timing controllers that cover a wide range of flat panel displays used in LCD, light emitting diode, or LED, and 3D televisions and displays, mobile PCs and mobile communications and entertainment devices. The Power Solutions products include discrete and integrated circuit solutions for power management in high-volume consumer applications. Semiconductor Manufacturing Services segment provides specialty analog and mixed-signal foundry services for fabless semiconductor companies. MagnaChip Semiconductor Corporation is headquartered in Chungbuk, South Korea. “

Several other research analysts have also issued reports on the stock. ValuEngine upgraded shares of Magnachip Semiconductor Corp from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Citigroup Inc. began coverage on shares of Magnachip Semiconductor Corp in a research report on Wednesday, May 10th. They issued a “neutral” rating and a $10.50 target price for the company. Finally, TheStreet upgraded shares of Magnachip Semiconductor Corp from a “d” rating to a “c-” rating in a research report on Thursday, May 4th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Magnachip Semiconductor Corp presently has an average rating of “Hold” and a consensus target price of $9.94.

Shares of Magnachip Semiconductor Corp (MX) traded up 4.21% on Wednesday, hitting $9.90. The stock had a trading volume of 304,090 shares. Magnachip Semiconductor Corp has a 1-year low of $5.20 and a 1-year high of $10.45. The company has a market capitalization of $335.47 million, a PE ratio of 57.23 and a beta of -0.31. The firm has a 50-day moving average of $9.08 and a 200 day moving average of $8.18.

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In other Magnachip Semiconductor Corp news, insider Young-Joon Kim sold 11,800 shares of the company’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $8.90, for a total transaction of $105,020.00. Following the completion of the sale, the insider now directly owns 59,075 shares in the company, valued at $525,767.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 3.80% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its position in shares of Magnachip Semiconductor Corp by 47.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 573,532 shares of the semiconductor company’s stock valued at $3,556,000 after buying an additional 185,625 shares during the period. Allianz Asset Management AG purchased a new position in shares of Magnachip Semiconductor Corp during the fourth quarter valued at approximately $1,792,000. Renaissance Technologies LLC increased its position in shares of Magnachip Semiconductor Corp by 713.9% in the fourth quarter. Renaissance Technologies LLC now owns 228,131 shares of the semiconductor company’s stock valued at $1,414,000 after buying an additional 200,100 shares during the period. Columbus Circle Investors purchased a new position in shares of Magnachip Semiconductor Corp during the first quarter valued at approximately $900,000. Finally, Essex Investment Management Co. LLC purchased a new position in shares of Magnachip Semiconductor Corp during the first quarter valued at approximately $128,000. 92.95% of the stock is owned by hedge funds and other institutional investors.

About Magnachip Semiconductor Corp

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.

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