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Magnachip Semiconductor Corp (MX): Engaged Capital Cuts Stake

Published on January 15, 2017 at 3:19 pm by Insider Monkey Staff in Hedge Funds, News

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Glenn W. Welling‘s Engaged Capital is reducing its exposure to Magnachip Semiconductor Corp (NYSE:MX). The fund has recently cut its stake in the company to 3.5 million shares from the 3.85 million shares it held at the end of the third quarter of 2016. As a result, Engaged Capital now controls roughly 9.99% of Magnachip’s outstanding stock.

Magnachip Semiconductor Corp (NYSE:MX) designs and manufactures analog and mixed-signal semiconductor products for various applications. The company has a market cap of $293 million and does not pay a dividend. Although Magnachip’s stock suffered a major setback at the end of October, it still managed to end the year in the green, up by 19.2%. Shares are currently trading at an earnings multiplier of 6, while the industry average P/E is 75 according to Yahoo! Finance’s data. On January 10, Magnachip Semiconductor reported preliminary results for its fourth quarter of 2016. The company said revenue is estimated at $180 million, at the higher end of previous projections, while gross profit margin is in the region of 25%, ahead of previous estimates of 22% to 24%. Full financial results are expected to be released on February 9, after the closing bell.

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Hedge fund interest in Magnachip Semiconductor Corp (NYSE:MX) picked up during the third quarter, with the number of long hedge fund positions having increased to 24 at the end of September from 16 registered a quarter before. Together, those 24 funds held approximately 55% of the company’s common stock. Marc Lasry‘s Avenue Capital held the largest position in Magnachip Semiconductor among the funds in our database, having indicated ownership of 4.09 million shares in its 13F filing for the September quarter. North Run Capital, run by Thomas Ellis and Todd Hammer, also had a major stake in Magnachip at the end of September, consisting of 3.4 million shares.

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Ownership Summary Table

Name	Sole Voting Power	Shared Voting Power	Sole Dispositive Power	Shared Dispositive Power	Aggregate Amount Owned Power	Percent of Class
Engaged Capital Flagship Master Fund	3,153,300		3,153,300		3,153,300	9.00%
Engaged Capital Flagship Fund	3,153,300		3,153,300		3,153,300	9.00%
Engaged Capital Flagship Fund, Ltd	3,153,300		3,153,300		3,153,300	9.00%
Engaged Capital	3,501,150		3,501,150		3,501,150	9.99%
Engaged Capital Holdings	3,501,150		3,501,150		3,501,150	9.99%
Glenn W. Welling	3,501,150		3,501,150		3,501,150	9.99%

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Page 1 of 12 – SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 6)1

MagnaChip Semiconductor Corporation

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

55933J203

(CUSIP Number)

GLENN W. WELLING

ENGAGED CAPITAL, LLC

610 Newport Center Drive, Suite 250

Newport Beach, California 92660

(949) 734-7900

STEVE WOLOSKY

OLSHAN FROME WOLOSKY LLP

1325 Avenue of the Americas

New York, New York 10019

(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

January 11, 2017

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

_______________

1 The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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