Maxim Integrated Products, Inc. (NASDAQ:MXIM) had its price objective boosted by Barclays PLC from $46.00 to $50.00 in a research note issued to investors on Wednesday, October 18th. Barclays PLC currently has an equal weight rating on the semiconductor company’s stock.
MXIM has been the subject of a number of other research reports. Drexel Hamilton reiterated a buy rating and set a $52.00 price target on shares of Maxim Integrated Products in a research report on Wednesday, September 6th. Loop Capital reiterated a buy rating and set a $53.00 price target on shares of Maxim Integrated Products in a research report on Thursday, August 31st. Morgan Stanley restated an underweight rating and issued a $40.00 price objective on shares of Maxim Integrated Products in a report on Wednesday, September 20th. Maxim Group restated a buy rating on shares of Maxim Integrated Products in a report on Wednesday, September 6th. Finally, B. Riley restated a hold rating and issued a $47.00 price objective on shares of Maxim Integrated Products in a report on Monday, October 16th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Maxim Integrated Products presently has a consensus rating of Hold and an average price target of $52.14.
Maxim Integrated Products (NASDAQ MXIM) traded up 0.06% on Wednesday, reaching $52.04. 1,253,422 shares of the company’s stock were exchanged. The stock has a market cap of $14.68 billion, a price-to-earnings ratio of 26.28 and a beta of 1.05. Maxim Integrated Products has a one year low of $37.32 and a one year high of $53.10. The firm has a 50 day moving average of $48.25 and a 200-day moving average of $46.43.
Maxim Integrated Products (NASDAQ:MXIM) last announced its quarterly earnings results on Thursday, October 19th. The semiconductor company reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.04. Maxim Integrated Products had a return on equity of 29.55% and a net margin of 25.48%. The company had revenue of $576.00 million during the quarter, compared to analyst estimates of $576.80 million. During the same quarter in the previous year, the firm posted $0.48 EPS. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. Equities research analysts forecast that Maxim Integrated Products will post $2.53 EPS for the current fiscal year.
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Maxim Integrated Products declared that its Board of Directors has authorized a stock repurchase program on Thursday, July 20th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to repurchase up to 7.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 14th. Shareholders of record on Thursday, November 30th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend is Wednesday, November 29th. Maxim Integrated Products’s payout ratio is currently 70.24%.
In other Maxim Integrated Products news, Director Robert Edward Grady sold 30,849 shares of the company’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $45.04, for a total value of $1,389,438.96. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Tunc Doluca sold 12,000 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $45.60, for a total value of $547,200.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 220,634 shares of company stock worth $10,635,788. Insiders own 1.11% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Proficio Capital Partners LLC increased its holdings in shares of Maxim Integrated Products by 51.4% during the 1st quarter. Proficio Capital Partners LLC now owns 2,251 shares of the semiconductor company’s stock valued at $106,000 after acquiring an additional 764 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Maxim Integrated Products by 16.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,371 shares of the semiconductor company’s stock valued at $106,000 after acquiring an additional 343 shares during the last quarter. Highstreet Asset Management Inc. acquired a new position in shares of Maxim Integrated Products during the 2nd quarter valued at about $115,000. Acrospire Investment Management LLC increased its holdings in shares of Maxim Integrated Products by 133.3% during the 2nd quarter. Acrospire Investment Management LLC now owns 2,800 shares of the semiconductor company’s stock valued at $126,000 after acquiring an additional 1,600 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in shares of Maxim Integrated Products during the 3rd quarter valued at about $128,000. 89.45% 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 caters to automotive, communications and data center, computing, consumer and industrial markets.
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