Maxim Integrated Products, Inc. (MXIM) Receives $47.00 Consensus Target Price from Brokerages
Maxim Integrated Products, Inc. (NASDAQ:MXIM) has been given a consensus rating of “Hold” by the eighteen research firms that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $47.00.
A number of brokerages have commented on MXIM. BidaskClub lowered Maxim Integrated Products from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 17th. Jefferies Group LLC reiterated a “buy” rating on shares of Maxim Integrated Products in a research report on Tuesday, July 11th. Zacks Investment Research raised Maxim Integrated Products from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a report on Friday, June 9th. Loop Capital reissued a “buy” rating and set a $43.00 target price on shares of Maxim Integrated Products in a report on Tuesday, August 22nd. Finally, Drexel Hamilton reissued a “buy” rating and issued a $52.00 target price on shares of Maxim Integrated Products in a research report on Wednesday, September 6th.
In other Maxim Integrated Products news, CEO Tunc Doluca sold 21,000 shares of the business’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $46.88, for a total transaction of $984,480.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Mary Ann Wright sold 560 shares of the business’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $46.29, for a total transaction of $25,922.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 121,443 shares of company stock worth $5,541,266. Company insiders own 1.30% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. grew its position in Maxim Integrated Products by 28.2% during the 1st quarter. Russell Investments Group Ltd. now owns 102,517 shares of the semiconductor company’s stock worth $4,612,000 after acquiring an additional 22,534 shares during the last quarter. TD Asset Management Inc. raised its position in Maxim Integrated Products by 5.2% in the first quarter. TD Asset Management Inc. now owns 26,456 shares of the semiconductor company’s stock valued at $1,189,000 after purchasing an additional 1,300 shares during the last quarter. State of Tennessee Treasury Department bought a new position in Maxim Integrated Products in the first quarter valued at about $2,248,000. Oxford Asset Management bought a new position in Maxim Integrated Products in the first quarter valued at about $1,450,000. Finally, Baird Financial Group Inc. raised its position in Maxim Integrated Products by 11.7% in the first quarter. Baird Financial Group Inc. now owns 13,269 shares of the semiconductor company’s stock valued at $597,000 after purchasing an additional 1,394 shares during the last quarter. Institutional investors own 89.39% of the company’s stock.
Shares of Maxim Integrated Products (NASDAQ:MXIM) traded up 0.44% on Wednesday, hitting $47.92. The company had a trading volume of 2,014,715 shares. Maxim Integrated Products has a 12-month low of $37.25 and a 12-month high of $49.70. The company has a market capitalization of $13.52 billion, a P/E ratio of 24.20 and a beta of 1.05. The firm has a 50-day moving average price of $45.58 and a 200 day moving average price of $45.73.
Maxim Integrated Products (NASDAQ:MXIM) last announced its earnings results on Thursday, July 20th. The semiconductor company reported $0.63 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.01. The company had revenue of $602.00 million for the quarter, compared to analyst estimates of $609.52 million. Maxim Integrated Products had a return on equity of 28.26% and a net margin of 24.90%. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.49 earnings per share. Equities analysts expect that Maxim Integrated Products will post $2.34 EPS for the current year.
Maxim Integrated Products declared that its board has initiated a share buyback plan on Thursday, July 20th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 7.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 14th. Shareholders of record on Thursday, August 31st were given a dividend of $0.36 per share. This is an increase from Maxim Integrated Products’s previous quarterly dividend of $0.33. This represents a $1.44 annualized dividend and a yield of 3.01%. The ex-dividend date was Tuesday, August 29th. Maxim Integrated Products’s payout ratio is currently 72.36%.
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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