Rubric Capital Management LP recently announced the acquisition of new stake in MagnaChip Semiconductor Corporation (NYSE:MX). The institutional investor has increased its shareholding in the Technology company by 3.98% to 2.61 million shares with purchase of 100000.0 shares. This fresh investment now brings its stake to 7.45% valued currently at $29.73 million. In addition, Federated Global Investment Manag.. raised its holdings by 0.31 million to 2.12 million shares. And Systematic Financial Management L.. has lifted its position by 29.07% or 0.39 million shares – to 1.74 million shares.
With over 1.27 million MagnaChip Semiconductor Corporation (MX) shares trading Tuesday and a closing price of $13.21 on the day, the dollar volume was approximately $16.77 million. The shares have shown a positive weekly performance of 7.57% and its price on 09/01/20 gained nearly 10.08%. Currently, there are 35.09M common shares owned by the public and among those 34.04M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for MX have a consensus price objective of $17.25. The analysts have set the share’s price value over the next 12 months at a high of $20.00 and a low of $13.75 should the stock experience a downside. The average price target is 23.42% above its last price level and an upside to the estimated low will see the stock gain 3.93% over that period. But an upside of 33.95% will see the stock hit the forecast high price target while mean target price for the stock is $18.00.
Insiders at the company have transacted a total of 89 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 22 of these insider trades were purchases, accounting for 396,899 shares. Insider sales of the common stock occurred on 67 occasions, with total insider shares sold totaling 1,661,331 shares.
The top 3 mutual fund holders in MagnaChip Semiconductor Corporation are Evermore Global Value fund, Federated Hermes Kaufmann Small C, and Royce Smaller Companies Growth Fu. Evermore Global Value fund owns 2.18 million shares of the company’s stock, all valued at over $24.76 million. The company bought an additional 67828.0 shares recently to bring their total holdings to about 6.20% of the shares outstanding. Federated Hermes Kaufmann Small C bought 0.31 million shares to see its total holdings expand to 2.12 million shares valued at over $24.07 million and representing 6.03% of the shares outstanding. Royce Smaller Companies Growth Fu bought 88000.0 shares to bring its total holdings to over 0.4 million shares at a value of $4.59 million. Royce Smaller Companies Growth Fu now owns shares totaling to 1.15% of the shares outstanding.
Shares of MagnaChip Semiconductor Corporation (NYSE: MX) opened at $12.55, up $0.55 from a prior closing price of $12.00. However, the script later closed the day at $13.21, up 10.08%. The company’s stock has a 5-day price change of 7.57% and 11.57% over the past three months. MX shares are trading 13.78% year to date (YTD), with the 12-month market performance up to 31.70% higher. It has a 12-month low price of $6.30 and touched a high of $16.06 over the same period. Currently, 1.27 million shares have been traded, compared to an average intraday trading volume of 374.01K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 9.70%, 18.45%, and 14.23% respectively.
Institutional ownership of MagnaChip Semiconductor Corporation (NYSE: MX) shares accounts for 96.40% of the company’s 35.09M shares outstanding. Mutual fund holders own 42.90%, while other institutional holders and individual stakeholders account for 75.31% and 20.12% respectively.
It has a market capitalization of $453.76M and a beta (3y monthly) value of 1.13. The earnings-per-share (ttm) stands at -$0.01. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.70% over the week and 2.95% over the month.
Analysts forecast that MagnaChip Semiconductor Corporation (MX) will achieve an EPS of $0.07 for the current quarter, $0.03 for the next quarter and $0.81 for 2021. The lowest estimate earnings-per-share for the quarter is $0.06 while analysts give the company a high EPS estimate of $0.08. Comparatively, EPS for the current quarter was $0.49 a year ago. Earnings per share for the fiscal year are expected to decrease by -461.90%, and 208.71% over the next financial year. EPS should shrink at an annualized rate of -7.90% over the next five years, compared to 28.70% over the past 5-year period.
Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 1 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the MX, a number of firms have released research notes about the stock. Citigroup stated their Neutral rating for the stock in a research note on August 07, 2017, with the firm’s price target at $10.50-$11. Citigroup coverage for the MagnaChip Semiconductor Corporation (MX) stock in a research note released on May 10, 2017 offered a Neutral rating with a price target of. Needham was of a view on January 13, 2017 that the stock is Buy, while ROTH Capital gave the stock Buy rating on September 29, 2016, issuing a price target of. Topeka Capital Markets on their part issued Buy rating on May 06, 2016.