Zacks Investment Research Downgrades Semiconductor Manufacturing International Corporation (SMI) to Sell

Semiconductor Manufacturing International Corporation (NYSE:SMI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.

According to Zacks, “SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION is one of the leading semiconductor foundries in the world and the largest and most advanced foundry in Mainland China, providing integrated circuit manufacturing service at 0.35 micron to 65 nanometer and finer line technologies. Headquartered in Shanghai, China, SMIC has a 300-millimeter wafer fabrication facility (fab) and three 200 mm wafer fabs in its Shanghai mega-fab, two 300 mm wafer fabs in its Beijing mega-fab, a 200 mm wafer fab in Tianjin, and an in-house assembly and testing facility in Chengdu. SMIC also has customer service and marketing offices in the U.S., Europe, and Japan, and a representative office in Hong Kong. In addition, SMIC manages and operates a 200 mm wafer fab in Chengdu owned by Cension Semiconductor Manufacturing Corporation and a 300 mm wafer fab under construction in Wuhan owned by Wuhan Xinxin Semiconductor Manufacturing Corporation. “

SMI has been the subject of several other reports. BidaskClub cut shares of Semiconductor Manufacturing International Corporation from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Macquarie upgraded shares of Semiconductor Manufacturing International Corporation from a “neutral” rating to an “outperform” rating in a research report on Tuesday, June 13th. ValuEngine upgraded shares of Semiconductor Manufacturing International Corporation from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 25th. Citigroup Inc. cut shares of Semiconductor Manufacturing International Corporation from a “buy” rating to a “neutral” rating in a research report on Thursday. Finally, BNP Paribas cut shares of Semiconductor Manufacturing International Corporation from a “hold” rating to a “reduce” rating in a research report on Wednesday. Six equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $7.97.

Semiconductor Manufacturing International Corporation (NYSE:SMI) opened at 4.69 on Friday. The company’s 50 day moving average is $5.50 and its 200-day moving average is $6.02. The stock has a market cap of $5.16 billion, a PE ratio of 14.43 and a beta of 0.21. Semiconductor Manufacturing International Corporation has a 1-year low of $4.49 and a 1-year high of $7.74.

Semiconductor Manufacturing International Corporation (NYSE:SMI) last released its quarterly earnings data on Tuesday, August 8th. The semiconductor company reported $0.04 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by $0.01. Semiconductor Manufacturing International Corporation had a return on equity of 5.73% and a net margin of 10.33%. The firm had revenue of $751.19 million for the quarter, compared to analyst estimates of $757 million. During the same quarter in the previous year, the business posted $0.11 earnings per share. Equities research analysts forecast that Semiconductor Manufacturing International Corporation will post $0.09 earnings per share for the current fiscal year.

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Several large investors have recently made changes to their positions in SMI. FNY Partners Fund LP bought a new stake in shares of Semiconductor Manufacturing International Corporation during the second quarter worth $114,000. K.J. Harrison & Partners Inc boosted its stake in shares of Semiconductor Manufacturing International Corporation by 25.0% in the first quarter. K.J. Harrison & Partners Inc now owns 25,000 shares of the semiconductor company’s stock worth $157,000 after buying an additional 5,000 shares in the last quarter. Capstone Asset Management Co. boosted its stake in shares of Semiconductor Manufacturing International Corporation by 28.4% in the first quarter. Capstone Asset Management Co. now owns 38,740 shares of the semiconductor company’s stock worth $243,000 after buying an additional 8,570 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Semiconductor Manufacturing International Corporation by 4.2% in the second quarter. Northern Trust Corp now owns 46,976 shares of the semiconductor company’s stock worth $267,000 after buying an additional 1,908 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of Semiconductor Manufacturing International Corporation by 8.0% in the first quarter. Bank of America Corp DE now owns 46,484 shares of the semiconductor company’s stock worth $292,000 after buying an additional 3,437 shares in the last quarter. Institutional investors and hedge funds own 0.68% of the company’s stock.

About Semiconductor Manufacturing International Corporation

Semiconductor Manufacturing International Corporation is an investment holding company principally engaged in the computer-aided design, manufacture, packaging and trading of integrated circuits (IC), as well as the provision of other semiconductor services. The Company is also involved in the design and manufacture of semiconductor masks.

Analyst Recommendations for Semiconductor  Manufacturing International Corporation (NYSE:SMI)

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