Maxim Integrated Products, Inc. (MXIM) Given New $50.00 Price Target at Wells Fargo & Company
Maxim Integrated Products, Inc. (NASDAQ:MXIM) had its price target upped by Wells Fargo & Company from $44.00 to $50.00 in a research report sent to investors on Friday morning. The firm currently has a market perform rating on the semiconductor company’s stock.
Several other analysts have also weighed in on MXIM. Jefferies Group LLC reissued a buy rating on shares of Maxim Integrated Products in a report on Tuesday, July 11th. BidaskClub raised Maxim Integrated Products from a hold rating to a buy rating in a report on Wednesday, July 12th. B. Riley reissued a neutral rating and set a $44.00 price objective on shares of Maxim Integrated Products in a report on Monday, July 17th. Morgan Stanley lifted their price objective on Maxim Integrated Products from $37.00 to $40.00 and gave the stock an underweight rating in a report on Monday, July 17th. Finally, Loop Capital reissued a buy rating and set a $43.00 price objective on shares of Maxim Integrated Products in a report on Tuesday, August 22nd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the stock. Maxim Integrated Products has an average rating of Hold and a consensus target price of $51.55.
Maxim Integrated Products (NASDAQ:MXIM) traded up 3.99% during trading on Friday, hitting $52.09. The stock had a trading volume of 4,541,274 shares. The firm has a market cap of $14.69 billion, a PE ratio of 26.31 and a beta of 1.05. Maxim Integrated Products has a 52 week low of $37.32 and a 52 week high of $53.10. The company’s 50-day moving average is $47.85 and its 200 day moving average is $46.26.
Maxim Integrated Products (NASDAQ:MXIM) last announced its quarterly earnings data on Thursday, October 19th. The semiconductor company reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.04. Maxim Integrated Products had a return on equity of 29.64% and a net margin of 25.48%. The company had revenue of $576.00 million for the quarter, compared to analyst estimates of $576.80 million. During the same quarter last year, the firm earned $0.48 EPS. Maxim Integrated Products’s revenue for the quarter was up 2.6% compared to the same quarter last year. Equities analysts expect that Maxim Integrated Products will post $2.35 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 14th. Shareholders of record on Thursday, November 30th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.76%. Maxim Integrated Products’s dividend payout ratio is currently 70.24%.
Maxim Integrated Products declared that its board has approved a share repurchase program on Thursday, July 20th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 7.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
In other Maxim Integrated Products news, CEO Tunc Doluca sold 15,000 shares of the business’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $47.91, for a total value of $718,650.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Christopher J. Neil sold 3,500 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $45.67, for a total value of $159,845.00. The disclosure for this sale can be found here. In the last three months, insiders sold 136,443 shares of company stock worth $6,266,251. Insiders own 1.11% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Proficio Capital Partners LLC boosted its stake in Maxim Integrated Products by 51.4% in 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 in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Maxim Integrated Products by 16.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,371 shares of the semiconductor company’s stock worth $106,000 after purchasing an additional 343 shares in the last quarter. Highstreet Asset Management Inc. acquired a new position in Maxim Integrated Products in the second quarter worth $115,000. Acrospire Investment Management LLC boosted its stake in Maxim Integrated Products by 133.3% in the second quarter. Acrospire Investment Management LLC now owns 2,800 shares of the semiconductor company’s stock worth $126,000 after purchasing an additional 1,600 shares in the last quarter. Finally, Duncker Streett & Co. Inc. boosted its stake in Maxim Integrated Products by 21.1% in 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 in the last quarter. 89.49% of the stock is currently owned by institutional investors.
Maxim Integrated Products Company Profile
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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