SunTrust Banks Cuts Maxim Integrated Products (MXIM) Price Target to $51.00

Maxim Integrated Products (NASDAQ:MXIM) had its target price reduced by SunTrust Banks to $51.00 in a research note issued to investors on Wednesday morning, The Fly reports. They currently have a hold rating on the semiconductor company’s stock. SunTrust Banks also issued estimates for Maxim Integrated Products’ Q2 2019 earnings at $0.62 EPS, Q3 2019 earnings at $0.67 EPS, Q4 2019 earnings at $0.73 EPS, FY2019 earnings at $2.77 EPS, Q1 2020 earnings at $0.74 EPS and Q2 2020 earnings at $0.70 EPS.

A number of other analysts have also recently issued reports on the stock. Morgan Stanley reduced their target price on shares of Maxim Integrated Products from $60.00 to $59.00 and set an equal weight rating for the company in a research note on Wednesday, October 3rd. Stifel Nicolaus cut shares of Maxim Integrated Products from a buy rating to a hold rating and reduced their target price for the company from $75.00 to $65.00 in a research note on Wednesday, September 12th. Zacks Investment Research cut shares of Maxim Integrated Products from a hold rating to a sell rating in a research note on Wednesday, October 10th. ValuEngine cut shares of Maxim Integrated Products from a buy rating to a hold rating in a research note on Friday, September 7th. Finally, BidaskClub cut shares of Maxim Integrated Products from a hold rating to a sell rating in a research note on Tuesday, October 9th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $60.76.

NASDAQ MXIM traded down $1.21 during trading on Wednesday, reaching $51.91. The company’s stock had a trading volume of 4,175,894 shares, compared to its average volume of 3,358,878. Maxim Integrated Products has a 1-year low of $46.85 and a 1-year high of $74.94.

Maxim Integrated Products (NASDAQ:MXIM) last posted its earnings results on Tuesday, October 30th. The semiconductor company reported $0.75 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.75. The business had revenue of $638.50 million during the quarter, compared to analyst estimates of $635.19 million. Maxim Integrated Products’s revenue was up 10.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.60 earnings per share.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 13th. Stockholders of record on Thursday, November 29th will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date of this dividend is Wednesday, November 28th.

In other news, Director Mary Ann Wright sold 440 shares of the business’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $60.43, for a total value of $26,589.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Bruce E. Kiddoo sold 25,000 shares of the business’s stock in a transaction on Tuesday, August 7th. The stock was 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. Insiders sold 54,379 shares of company stock valued at $3,339,696 over the last 90 days. 0.85% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the stock. WINTON GROUP Ltd increased its position in Maxim Integrated Products by 90.4% during the third quarter. WINTON GROUP Ltd now owns 13,558 shares of the semiconductor company’s stock worth $765,000 after acquiring an additional 6,437 shares during the period. Cadence Capital Management LLC increased its position in Maxim Integrated Products by 97.1% during the third quarter. Cadence Capital Management LLC now owns 50,642 shares of the semiconductor company’s stock worth $2,856,000 after acquiring an additional 24,943 shares during the period. Markel Corp increased its position in Maxim Integrated Products by 4.1% during the third quarter. Markel Corp now owns 251,000 shares of the semiconductor company’s stock worth $14,154,000 after acquiring an additional 10,000 shares during the period. WESPAC Advisors LLC bought a new position in Maxim Integrated Products during the third quarter worth $1,648,000. Finally, Commerce Bank increased its position in Maxim Integrated Products by 64.4% during the third quarter. Commerce Bank now owns 10,888 shares of the semiconductor company’s stock worth $614,000 after acquiring an additional 4,265 shares during the period. 90.87% 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, 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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