Maxim Integrated Products (NASDAQ:MXIM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.
According to Zacks, “Maxim’s revenues from consumer segment are likely to get impacted by weakness in the smartphone market. Moreover, softness in communications infrastructure remains a concern. This will affect the company’s top-line growth negatively. Further, customer concentration remains a serious concern. High dependency on Samsung poses significant threat to the company’s growth trajectory. Additionally, foreign exchange rate fluctuations are headwinds. Howerver, Maxim’s diversified product portfolio provides flexibility and stability to the business. Additionally, its strength across automotive and industrial end markets remains positive. Notably, the shares of the company have outperformed the industry it belongs to in the past year.”
Other equities analysts have also recently issued research reports about the stock. ValuEngine upgraded shares of Maxim Integrated Products from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. BidaskClub cut shares of Maxim Integrated Products from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 21st. Loop Capital initiated coverage on shares of Maxim Integrated Products in a research report on Friday, June 22nd. They set a “buy” rating and a $70.00 price target on the stock. Maxim Group reiterated a “hold” rating on shares of Maxim Integrated Products in a research report on Thursday, June 14th. Finally, Citigroup reduced their price target on shares of Maxim Integrated Products from $59.00 to $56.00 and set a “neutral” rating on the stock in a research report on Monday, April 30th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company’s stock. Maxim Integrated Products currently has a consensus rating of “Hold” and an average target price of $58.19.
Shares of Maxim Integrated Products traded up $0.13, reaching $58.12, during mid-day trading on Thursday, MarketBeat.com reports. The stock had a trading volume of 49,462 shares, compared to its average volume of 2,137,848. Maxim Integrated Products has a 52-week low of $43.42 and a 52-week high of $74.94. The stock has a market capitalization of $16.62 billion, a price-to-earnings ratio of 27.47, a PEG ratio of 2.16 and a beta of 1.19. The company has a current ratio of 4.16, a quick ratio of 3.82 and a debt-to-equity ratio of 0.51.
Maxim Integrated Products (NASDAQ:MXIM) last released its quarterly earnings data on Thursday, April 26th. The semiconductor company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.03. Maxim Integrated Products had a net margin of 17.82% and a return on equity of 35.78%. The firm had revenue of $648.60 million for the quarter, compared to analysts’ expectations of $640.50 million. During the same quarter in the previous year, the company earned $0.56 earnings per share. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. equities analysts predict that Maxim Integrated Products will post 2.68 EPS for the current year.
In related news, Director Joseph R. Bronson sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 1st. The shares were sold at an average price of $54.08, for a total transaction of $270,400.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Tunc Doluca sold 29,000 shares of the business’s stock in a transaction dated Monday, April 2nd. The stock was sold at an average price of $58.29, for a total transaction of $1,690,410.00. Following the sale, the chief executive officer now directly owns 147,052 shares in the company, valued at approximately $8,571,661.08. The disclosure for this sale can be found here. Insiders have sold 62,755 shares of company stock worth $3,617,434 in the last three months. 1.11% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the stock. Renaissance Technologies LLC boosted its stake in Maxim Integrated Products by 38.8% during the fourth quarter. Renaissance Technologies LLC now owns 2,261,400 shares of the semiconductor company’s stock worth $118,226,000 after acquiring an additional 632,500 shares in the last quarter. Koch Industries Inc. lifted its stake in shares of Maxim Integrated Products by 57.9% in the fourth quarter. Koch Industries Inc. now owns 20,592 shares of the semiconductor company’s stock worth $1,077,000 after buying an additional 7,552 shares in the last quarter. BlueCrest Capital Management Ltd bought a new position in shares of Maxim Integrated Products in the fourth quarter worth approximately $5,040,000. Teachers Advisors LLC lifted its stake in shares of Maxim Integrated Products by 9.1% in the fourth quarter. Teachers Advisors LLC now owns 465,863 shares of the semiconductor company’s stock worth $24,355,000 after buying an additional 38,773 shares in the last quarter. Finally, Legg Mason Asset Management Japan Co. Ltd. bought a new position in shares of Maxim Integrated Products in the fourth quarter worth approximately $827,000. 90.65% of the stock is currently owned by institutional investors and hedge funds.
About Maxim Integrated Products
Maxim Integrated Products, Inc designs, develops, manufactures, and markets a range of linear and mixed-signal integrated circuits in the United States, China, rest of Asia, Europe, and internationally. The company also provides a range of high-frequency process technologies and capabilities for use in custom designs.
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