Potomac Capital Management Inc. Takes $987,000 Position in Magnachip Semiconductor Corp. $MX

Potomac Capital Management Inc. bought a new stake in Magnachip Semiconductor Corp. (NYSE:MX) during the 4th quarter, Holdings Channel reports. The fund bought 386,900 shares of the semiconductor company’s stock, valued at approximately $987,000. Magnachip Semiconductor makes up 0.8% of Potomac Capital Management Inc.’s holdings, making the stock its 29th largest position.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. lifted 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. Vanguard Group Inc. lifted its stake in Magnachip Semiconductor by 0.6% in the third quarter. Vanguard Group Inc. now owns 1,030,024 shares of the semiconductor company’s stock valued at $3,224,000 after buying an additional 6,519 shares during the period. Lepercq De Neuflize Asset Management LLC acquired a new position in Magnachip Semiconductor in the third quarter valued at about $3,215,000. Marshall Wace LLP lifted its stake in Magnachip Semiconductor by 70.3% in the second quarter. Marshall Wace LLP now owns 699,525 shares of the semiconductor company’s stock valued at $2,784,000 after buying an additional 288,664 shares during the period. Finally, Bridgeway Capital Management LLC lifted its stake in Magnachip Semiconductor by 11.9% in the third quarter. Bridgeway Capital Management LLC now owns 488,895 shares of the semiconductor company’s stock valued at $1,530,000 after buying an additional 52,000 shares during the period. Institutional investors and hedge funds own 74.26% of the company’s stock.

Analyst Ratings Changes

MX has been the topic of several analyst reports. Weiss Ratings raised Magnachip Semiconductor from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 4th. Zacks Research lowered Magnachip Semiconductor from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Finally, Wall Street Zen raised Magnachip Semiconductor from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $5.50.

Magnachip Semiconductor Stock Down 8.4%

Shares of Magnachip Semiconductor stock opened at $6.31 on Wednesday. Magnachip Semiconductor Corp. has a 1 year low of $2.18 and a 1 year high of $9.86. The business has a 50-day moving average of $4.63 and a two-hundred day moving average of $3.45. The company has a market capitalization of $229.90 million, a P/E ratio of -9.01 and a beta of 1.51. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.37 and a quick ratio of 1.91.

Magnachip Semiconductor (NYSE:MX) last announced its quarterly earnings results on Tuesday, April 28th. The semiconductor company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.11. Magnachip Semiconductor had a negative return on equity of 4.68% and a negative net margin of 14.14%.The company had revenue of $46.21 million during the quarter, compared to the consensus estimate of $46.00 million.

Magnachip Semiconductor 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.