Magnachip Semiconductor Corp (MX): Engaged Capital Presents Its Nominees to the Board

According to a newly-amended filing with the US SEC, Engaged Capital Master II has recently send a letter to Magnachip Semiconductor Corp (NYSE:MX) in which presents its nominees, Melvin L. Keating, Camillo Martino, Joseph Lash and Christopher B. Hetrick, for election to the board of directors at the 2016 annual meeting of stockholders. Glen W. Wellington‘s Engaged Capital owns 3.85 million shares of the company, which account for 11.1% of the total amount of shares.

Magnachip Semiconductor Corp (NYSE:MX) is a holding company that produces mixed-signal and analog semiconductor products for a plethora of applications such as industrial, computing and automotive to name a few. Since the beginning of the year, Magnachip Semiconductor’s stock has lost 6.81%. For the first quarter of 2016, the company has reported revenue of $148.11 million and a loss per share of $0.08, beating the estimates of $144 million and $0.18, respectively. Earlier this month, Needham & Company LLC reiterated its ‘hold’ rating on Magnachip Semiconductor’s stock, while Topeka Capital Markets boosted its price target to $6.00 from $5.00 with a ‘Buy’ rating.

At the end of March, among the hedge funds followed by Insider Monkey, Marc Lasry’s Avenue Capital reported the most valuable position in Magnachip Semiconductor Corp valued at $22.2 million, and the second biggest position was disclosed by Jonathan Lennon’s Pleasant Lake Partners, worth around $19.2 million. Remaining investors that are bullish on this stock are David Kowitz And Sheldon Kasowitz’s Indus Capital, Youlia Miteva’s Proxima Capital Management, Peter Rathjens, Bruce Clarke And John Campbell’s Arrowstreet Capital, and Manoneet Singh’s Kavi Asset Management.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Page 1 of 21 – SEC Filing