IndexIQ Advisors LLC Sells 1,647 Shares of Magnachip Semiconductor Co. (NYSE:MX)

IndexIQ Advisors LLC cut its position in shares of Magnachip Semiconductor Co. (NYSE:MX) by 1.0% during the 3rd quarter, Holdings Channel reports. The firm owned 171,314 shares of the semiconductor company’s stock after selling 1,647 shares during the quarter. IndexIQ Advisors LLC’s holdings in Magnachip Semiconductor were worth $3,043,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in MX. Water Island Capital LLC bought a new stake in Magnachip Semiconductor during the 2nd quarter worth approximately $12,972,000. Qube Research & Technologies Ltd purchased a new stake in shares of Magnachip Semiconductor in the 2nd quarter valued at $2,044,000. Alpine Associates Management Inc. boosted its stake in shares of Magnachip Semiconductor by 26.2% in the 2nd quarter. Alpine Associates Management Inc. now owns 634,700 shares of the semiconductor company’s stock valued at $15,145,000 after purchasing an additional 131,700 shares in the last quarter. Legal & General Group Plc boosted its position in Magnachip Semiconductor by 9,693.6% during the 2nd quarter. Legal & General Group Plc now owns 278,824 shares of the semiconductor company’s stock valued at $6,653,000 after buying an additional 275,977 shares during the period. Finally, Alpine Global Management LLC purchased a new stake in Magnachip Semiconductor during the 2nd quarter valued at $3,627,000. Institutional investors and hedge funds own 74.15% of the company’s stock.

MX has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $29.00 target price on shares of Magnachip Semiconductor in a research report on Wednesday, December 22nd. Zacks Investment Research lowered shares of Magnachip Semiconductor from a “hold” rating to a “sell” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $25.00.

Magnachip Semiconductor stock opened at $19.95 on Friday. The stock has a market cap of $927.08 million, a P/E ratio of 13.39, a PEG ratio of 0.81 and a beta of 1.00. Magnachip Semiconductor Co. has a 1 year low of $16.77 and a 1 year high of $26.98. The firm’s 50 day moving average price is $18.84 and its 200-day moving average price is $19.30.

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

About Magnachip Semiconductor

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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