Maxim Integrated Products, Inc. (MXIM) Given “Buy” Rating at Maxim Group
Several other equities analysts also recently commented on MXIM. B. Riley restated a neutral rating and issued a $44.00 price objective on shares of Maxim Integrated Products in a research report on Monday, July 17th. Zacks Investment Research downgraded Maxim Integrated Products from a buy rating to a hold rating in a research report on Monday, May 29th. Loop Capital restated a buy rating and issued a $53.00 price objective on shares of Maxim Integrated Products in a research report on Thursday, August 31st. BidaskClub upgraded Maxim Integrated Products from a buy rating to a strong-buy rating in a research report on Saturday, June 10th. Finally, Raymond James Financial, Inc. restated a mkt perform rating on shares of Maxim Integrated Products in a research report on Friday, June 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company’s stock. Maxim Integrated Products currently has a consensus rating of Hold and an average price target of $48.06.
Maxim Integrated Products (NASDAQ:MXIM) traded down 0.54% during mid-day trading on Wednesday, hitting $46.31. The company’s stock had a trading volume of 616,083 shares. The stock has a market cap of $13.06 billion, a P/E ratio of 23.39 and a beta of 1.04. The company’s 50 day moving average is $45.31 and its 200-day moving average is $45.60. Maxim Integrated Products has a 52-week low of $37.25 and a 52-week high of $49.70.
Maxim Integrated Products (NASDAQ:MXIM) last announced its quarterly earnings data on Thursday, July 20th. The semiconductor company reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.01. Maxim Integrated Products had a return on equity of 28.26% and a net margin of 24.90%. The business had revenue of $602 million for the quarter, compared to the consensus estimate of $609.52 million. During the same period in the previous year, the business earned $0.49 earnings per share. The business’s revenue was up 6.3% on a year-over-year basis. On average, equities analysts predict that Maxim Integrated Products will post $2.34 EPS for the current fiscal year.
Maxim Integrated Products announced that its Board of Directors has initiated a share repurchase plan on Thursday, July 20th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to purchase up to 7.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Shareholders of record on Thursday, August 31st will be given a dividend of $0.36 per share. The ex-dividend date is Tuesday, August 29th. This is an increase from Maxim Integrated Products’s previous quarterly dividend of $0.33. This represents a $1.44 dividend on an annualized basis and a yield of 3.09%. Maxim Integrated Products’s dividend payout ratio is 72.36%.
In other Maxim Integrated Products news, insider Bryan Preeshl sold 1,234 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $45.71, for a total transaction of $56,406.14. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Tunc Doluca sold 21,000 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $46.88, for a total value of $984,480.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 163,529 shares of company stock worth $7,492,039. Company insiders own 1.30% of the company’s stock.
A number of hedge funds have recently modified their holdings of MXIM. Proficio Capital Partners LLC raised its position in Maxim Integrated Products by 51.4% during the first quarter. Proficio Capital Partners LLC now owns 2,251 shares of the semiconductor company’s stock valued at $106,000 after purchasing an additional 764 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in Maxim Integrated Products by 16.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,371 shares of the semiconductor company’s stock valued at $106,000 after purchasing an additional 343 shares during the period. Highstreet Asset Management Inc. purchased a new stake in Maxim Integrated Products during the second quarter valued at approximately $115,000. Acrospire Investment Management LLC raised its position in Maxim Integrated Products by 133.3% during the second quarter. Acrospire Investment Management LLC now owns 2,800 shares of the semiconductor company’s stock valued at $126,000 after purchasing an additional 1,600 shares during the period. Finally, TrimTabs Asset Management LLC raised its position in Maxim Integrated Products by 89.0% during the first quarter. TrimTabs Asset Management LLC now owns 2,854 shares of the semiconductor company’s stock valued at $128,000 after purchasing an additional 1,344 shares during the period. Institutional investors and hedge funds own 90.14% of the company’s stock.
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 caters to automotive, communications and data center, computing, consumer and industrial markets.
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