Traders Sell Shares of Maxim Integrated Products Inc. (MXIM) on Strength Following Insider Selling
Traders sold shares of Maxim Integrated Products Inc. (NASDAQ:MXIM) on strength during trading hours on Thursday after an insider sold shares in the company. $7.59 million flowed into the stock on the tick-up and $45.16 million flowed out of the stock on the tick-down, for a money net flow of $37.57 million out of the stock. Of all companies tracked, Maxim Integrated Products had the 0th highest net out-flow for the day. Maxim Integrated Products traded up $0.32 for the day and closed at $40.07Specifically, CEO Tunc Doluca sold 20,500 shares of Maxim Integrated Products stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $40.03, for a total value of $820,615.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Bruce E. Kiddoo sold 25,000 shares of Maxim Integrated Products stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $41.43, for a total value of $1,035,750.00. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
MXIM has been the subject of a number of recent analyst reports. Maxim Group initiated coverage on Maxim Integrated Products in a research report on Tuesday, September 20th. They issued a “positive” rating and a $50.00 price objective for the company. MKM Partners lifted their price objective on Maxim Integrated Products from $38.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, July 22nd. Zacks Investment Research downgraded Maxim Integrated Products from a “hold” rating to a “sell” rating in a research report on Wednesday, September 21st. RBC Capital Markets reaffirmed a “sector perform” rating and issued a $40.00 price objective on shares of Maxim Integrated Products in a research report on Wednesday, September 7th. They noted that the move was a valuation call. Finally, Pacific Crest reaffirmed an “overweight” rating on shares of Maxim Integrated Products in a research report on Thursday, September 15th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company’s stock. Maxim Integrated Products presently has a consensus rating of “Hold” and an average price target of $41.10.
The firm has a market cap of $11.40 billion, a price-to-earnings ratio of 50.89 and a beta of 1.14. The company has a 50-day moving average of $39.78 and a 200-day moving average of $38.01.
Maxim Integrated Products (NASDAQ:MXIM) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.01. Maxim Integrated Products had a net margin of 10.36% and a return on equity of 22.15%. The business had revenue of $566 million for the quarter, compared to the consensus estimate of $575.46 million. On average, equities analysts forecast that Maxim Integrated Products Inc. will post $1.96 EPS for the current year.
Several institutional investors have recently bought and sold shares of MXIM. Vanguard Group Inc. increased its position in Maxim Integrated Products by 4.5% in the second quarter. Vanguard Group Inc. now owns 24,392,190 shares of the company’s stock worth $870,558,000 after buying an additional 1,054,328 shares during the period. FMR LLC increased its position in Maxim Integrated Products by 0.3% in the second quarter. FMR LLC now owns 21,422,164 shares of the company’s stock worth $764,557,000 after buying an additional 71,389 shares during the period. American Century Companies Inc. increased its position in Maxim Integrated Products by 18.1% in the second quarter. American Century Companies Inc. now owns 9,717,183 shares of the company’s stock worth $346,806,000 after buying an additional 1,486,323 shares during the period. Goldman Sachs Group Inc. increased its position in Maxim Integrated Products by 16.9% in the first quarter. Goldman Sachs Group Inc. now owns 8,587,243 shares of the company’s stock worth $315,838,000 after buying an additional 1,244,517 shares during the period. Finally, Ameriprise Financial Inc. increased its position in Maxim Integrated Products by 2.9% in the second quarter. Ameriprise Financial Inc. now owns 8,284,543 shares of the company’s stock worth $294,834,000 after buying an additional 230,631 shares during the period. 90.23% of the stock is currently owned by institutional investors and hedge funds.
About Maxim Integrated Products
Maxim Integrated Products, Inc is engaged in designing, developing, manufacturing and marketing a range of linear and mixed-signal integrated circuits, referred to as analog circuits. The Company also provides a range of high-frequency process technologies and capabilities for use in custom designs. The Company’s products include switching regulators, charge pumps, linear regulators, light-emitting diode drivers, power switching, transceivers, level translators, broadband switches, current loop products, real-time clocks, data loggers and microcontrollers.
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