Charles Davidson Bolsters Portfolio With These New Stock Picks

A position in Magnachip Semiconductor Corp (NYSE:MX) was initiated in Wexford’s portfolio during the second quarter and contained nearly 1.48 million shares valued at $11.42 million at the end of it. The stake amassed almost 4% of the company’s outstanding shares. Another struggling company, Magnachip Semiconductor Corp (NYSE:MX)’s stock price is down by almost 30% so far this year, with most of the slide coming in February when the company finished restating its financial results, which presented a very grim outlook. However, its management has been making promising changes within the company since then and the stock has been recovering. Magnachip Semiconductor Corp (NYSE:MX)’s net share per loss of $0.32 for the second quarter was $0.08 above the estimates, while revenues of $162 million also came in $1.9 million higher than expectations. Marc Lasry’s Avenue Capital is the largest shareholder of Magnachip Semiconductor Corp (NYSE:MX) within our database as of March 31, holding some 4.09 million shares valued at $22.37 million.

During the second trimester Wexford acquired about 301,000 shares of Synchrony Financial (NYSE:SYF) valued at $9.91 million. The stock of the $29.15 billion financial company has appreciated by more than 18% on a year-to-date basis. Synchrony Financial (NYSE:SYF) beat both the top and bottom line estimates in its financial results for the second quarter. Peter Rathjens, Bruce Clarke and John Campbell‘s Arrowstreet Capital holds 522,759 shares of Synchrony Financial as of June 30, having increased its position by 18% during the second quarter.

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