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Magnachip Semiconductor Corp (MX): Pleasant Lake Partners Slightly Decreases Its Stake

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In a recent 13G filing with the Securities and Exchange Commission, Jonathan Lennon‘s Pleasant Lake Partners reported holding 3.47 million common shares of Magnachip Semiconductor Corp (NYSE:MX), which amass 9.99% of the company’s outstanding stock. This represents a slight decrease to its stake, as Pleasant Lake previously held 3.53 million shares, which accounted for 10.2% of the company’s float, according to its previous 13G filing on the company, reported in May.

Magnachip Semiconductor is a holding company engaged in producing mixed-signal and analog semiconductor products for a variety of applications. Year-to-date, the company’s stock is up by 39.7%. In its latest financial report for the second quarter of 2016, Magnachip Semiconductor reported a loss per share of $0.05 and revenue of $167.1 million, well above the EPS estimates of a loss per share of $0.25, but missing revenue expectations of $175.2 million.

The number of investors that we track which were bullish on Magnachip Semiconductor (NYSE:MX) increased during the first quarter, as there were 15 hedge funds long the stock at the end of March, up by one quarter-over-quarter. Among them, Marc Lasry’s Avenue Capital held the biggest position, worth close to $22.2 million, with the second-largest stake being disclosed by Glenn W. Welling’s Engaged Capital. Some other smart money managers with similar optimism included Thomas Ellis and Todd Hammer’s North Run Capital, and Don Morgan’s Brigade Capital.

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Investors who jumped into Magnachip Semiconductor Corp (NYSE:MX) headfirst during the first quarter included Mike Vranos’ Ellington, which had around $0.2 million invested in the company on March 31, and Israel Englander’s Millennium Management, which also held a $0.2 million position at that time. The only other fund with a new position in the stock was John Overdeck and David Siegel’s Two Sigma Advisors.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Pleasant Lake Partners 0 3,472,515 0 3,472,515 3,472,515 9.99%
P 0 3,472,515 0 3,472,515 3,472,515 9.99%
Pleasant Lake Onshore GP 0 3,472,515 0 3,472,515 3,472,515 9.99%
Pleasant Lake Offshore Master Fund 0 3,472,515 0 3,472,515 3,472,515 9.99%
Jonathan Lennon 0 3,472,515 0 3,472,515 3,472,515 9.99%

Jonathan Lennon
Jonathan Lennon
Pleasant Lake Partners

Page 1 of 8 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.  )*
MagnaChip Semiconductor Corporation
(Name of Issuer)
Common Stock
(Title of Class of Securities)
55933J203
(CUSIP Number)
August 4, 2016
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
[ ]            Rule 13d-1(b)
[x]            Rule 13d-1(c)
[ ]            Rule 13d-1(d)
___________________________________
*  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 the disclosures provided in a prior cover page.
The information required in 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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