Loop Capital Lowers Maxim Integrated Products (MXIM) Price Target to $59.00

Maxim Integrated Products (NASDAQ:MXIM) had its target price reduced by stock analysts at Loop Capital to $59.00 in a report released on Wednesday, The Fly reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Loop Capital’s price objective suggests a potential upside of 11.07% from the stock’s previous close.

Several other analysts have also recently weighed in on MXIM. BMO Capital Markets raised their price objective on shares of Maxim Integrated Products from $55.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, July 27th. Maxim Group restated a “hold” rating on shares of Maxim Integrated Products in a research report on Friday, July 27th. BidaskClub upgraded shares of Maxim Integrated Products from a “hold” rating to a “buy” rating in a research report on Friday, August 10th. Barclays lowered their price objective on shares of Maxim Integrated Products from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 23rd. Finally, Citigroup lowered their price objective on shares of Maxim Integrated Products from $61.00 to $50.00 and set a “hold” rating on the stock in a research report on Wednesday. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $60.76.

Maxim Integrated Products stock opened at $53.12 on Wednesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 3.67 and a current ratio of 4.03. The firm has a market cap of $13.82 billion, a PE ratio of 19.60, a P/E/G ratio of 1.41 and a beta of 1.18. Maxim Integrated Products has a fifty-two week low of $46.85 and a fifty-two week high of $74.94.

Maxim Integrated Products (NASDAQ:MXIM) last posted its quarterly earnings data on Tuesday, October 30th. The semiconductor company reported $0.75 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.75. The firm had revenue of $638.50 million for the quarter, compared to analysts’ expectations of $635.19 million. Maxim Integrated Products had a net margin of 20.06% and a return on equity of 41.60%. The business’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the company posted $0.60 EPS. As a group, equities analysts forecast that Maxim Integrated Products will post 2.89 earnings per share for the current year.

In other Maxim Integrated Products news, CEO Tunc Doluca sold 5,000 shares of the business’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $56.80, for a total value of $284,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Bruce E. Kiddoo sold 25,000 shares of the business’s stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $63.00, for a total transaction of $1,575,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,379 shares of company stock worth $3,339,696. 0.85% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in MXIM. Voya Investment Management LLC increased its position in shares of Maxim Integrated Products by 279.5% in the second quarter. Voya Investment Management LLC now owns 707,834 shares of the semiconductor company’s stock valued at $41,521,000 after acquiring an additional 521,306 shares during the period. Ardevora Asset Management LLP increased its position in shares of Maxim Integrated Products by 804.5% in the second quarter. Ardevora Asset Management LLP now owns 580,078 shares of the semiconductor company’s stock valued at $34,027,000 after acquiring an additional 515,948 shares during the period. First Trust Advisors LP increased its position in shares of Maxim Integrated Products by 25.4% in the second quarter. First Trust Advisors LP now owns 2,088,408 shares of the semiconductor company’s stock valued at $122,506,000 after acquiring an additional 422,378 shares during the period. Worldquant Millennium Quantitative Strategies LLC purchased a new position in shares of Maxim Integrated Products in the second quarter valued at about $22,169,000. Finally, Robecosam AG increased its position in shares of Maxim Integrated Products by 29.8% in the second quarter. Robecosam AG now owns 1,350,000 shares of the semiconductor company’s stock valued at $78,651,000 after acquiring an additional 310,000 shares during the period. Hedge funds and other institutional investors own 90.87% of the company’s stock.

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, the 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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