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.
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.
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%|
|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%|
Page 1 of 8 – SEC Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Under the Securities Exchange Act of 1934
(Amendment No. )*
MagnaChip Semiconductor Corporation
(Name of Issuer)
(Title of Class of Securities)
August 4, 2016
(Date of Event which Requires Filing of this Statement)