Is Magnachip Semiconductor Corp (MX) A Good Stock To Buy?

Now, specific money managers have jumped into Magnachip Semiconductor Corp (NYSE:MX) headfirst. North Run Capital, managed by Thomas Ellis and Todd Hammer, assembled the most outsized position in Magnachip Semiconductor Corp (NYSE:MX). North Run Capital had $8.6 million invested in the company at the end of the quarter. Stephen V. Raneri’s LionEye Capital Management also made a $8 million investment in the stock during the quarter. The other funds with new positions in the stock are Josh Goldberg’s G2 Investment Partners Management, Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital, and Chao Ku’s Nine Chapters Capital Management.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Magnachip Semiconductor Corp (NYSE:MX) but similarly valued. We will take a look at Xactly Corp (NYSE:XTLY), Credit Suisse High Yield Bond Fund (ETF) (NYSEMKT:DHY), Black Box Corporation (NASDAQ:BBOX), and Strattec Security Corp. (NASDAQ:STRT). All of these stocks’ market caps are similar to MX’s market cap.

As you can see these stocks had an average of 6 hedge funds with bullish positions and the average amount invested in these stocks was $19 million. That figure was $130 million in MX’s case. Black Box Corporation (NASDAQ:BBOX) is the most popular stock in this table. On the other hand Xactly Corp (NYSE:XTLY) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks Magnachip Semiconductor Corp (NYSE:MX) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.