Maxim Integrated Products, Inc. (MXIM) Shares Sold by Westpac Banking Corp
Westpac Banking Corp decreased its stake in shares of Maxim Integrated Products, Inc. (NASDAQ:MXIM) by 94.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,608 shares of the semiconductor company’s stock after selling 309,217 shares during the period. Westpac Banking Corp’s holdings in Maxim Integrated Products were worth $746,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Proficio Capital Partners LLC increased 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 worth $106,000 after purchasing an additional 764 shares during the last quarter. Highstreet Asset Management Inc. acquired a new position in Maxim Integrated Products during the second quarter worth approximately $115,000. TrimTabs Asset Management LLC increased 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 worth $128,000 after purchasing an additional 1,344 shares during the last quarter. Duncker Streett & Co. Inc. increased its position in Maxim Integrated Products by 21.1% during the second quarter. Duncker Streett & Co. Inc. now owns 2,874 shares of the semiconductor company’s stock worth $129,000 after purchasing an additional 500 shares during the last quarter. Finally, Toronto Dominion Bank increased its position in Maxim Integrated Products by 26.1% during the first quarter. Toronto Dominion Bank now owns 3,099 shares of the semiconductor company’s stock worth $139,000 after purchasing an additional 642 shares during the last quarter. 90.14% of the stock is owned by hedge funds and other institutional investors.
In other Maxim Integrated Products news, insider Bryan Preeshl sold 1,234 shares of the business’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Tunc Doluca sold 12,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $44.72, for a total value of $536,640.00. The disclosure for this sale can be found here. Insiders have sold a total of 132,883 shares of company stock valued at $6,051,983 over the last three months. Company insiders own 1.30% of the company’s stock.
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Shares of Maxim Integrated Products, Inc. (MXIM) opened at 46.52 on Tuesday. The firm has a market capitalization of $13.12 billion, a price-to-earnings ratio of 23.49 and a beta of 1.04. Maxim Integrated Products, Inc. has a 12-month low of $37.25 and a 12-month high of $49.70. The company’s 50-day moving average is $45.23 and its 200-day moving average is $45.62.
Maxim Integrated Products (NASDAQ:MXIM) last announced its quarterly earnings data on Thursday, July 20th. The semiconductor company reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.01. The firm had revenue of $602 million during the quarter, compared to analysts’ expectations of $609.52 million. Maxim Integrated Products had a return on equity of 28.26% and a net margin of 24.90%. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.49 EPS. On average, equities analysts forecast that Maxim Integrated Products, Inc. will post $2.34 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Shareholders of record on Thursday, August 31st will be issued a dividend of $0.36 per share. This is a boost from Maxim Integrated Products’s previous quarterly dividend of $0.33. This represents a $1.44 annualized dividend and a yield of 3.10%. The ex-dividend date is Tuesday, August 29th. Maxim Integrated Products’s payout ratio is currently 72.36%.
Maxim Integrated Products announced that its Board of Directors has approved a share repurchase plan on Thursday, July 20th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the semiconductor company to purchase up to 7.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.
MXIM has been the subject of several research analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $54.00 price target (up previously from $52.00) on shares of Maxim Integrated Products in a research report on Friday, May 26th. Zacks Investment Research lowered shares of Maxim Integrated Products from a “buy” rating to a “hold” rating in a research report on Monday, May 29th. BidaskClub raised shares of Maxim Integrated Products from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 10th. Raymond James Financial, Inc. reaffirmed a “mkt perform” rating on shares of Maxim Integrated Products in a research report on Friday, June 16th. Finally, Maxim Group initiated coverage on shares of Maxim Integrated Products in a research report on Friday, June 16th. They set a “market perform” rating for the company. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $48.06.
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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