Zacks Investment Research cut shares of Maxim Integrated Products, Inc. (NASDAQ:MXIM) from a buy rating to a hold rating in a research note issued to investors on Monday morning.
According to Zacks, “Maxim is an OEM of analog and mixed signal ICs. The company's first-quarter earnings surpass the Zacks Consensus Estimate on the back of solid performances by industrial and automotive segments. On a year to date basis, the stock has outperformed the industry to which it belongs to. Maxim has a solid portfolio that generates steady design wins, a highly profitable and well-diversified core business, a policy of maintaining efficiency that has led to cost cutting measures and regular cash returns. Maxim’s exposure to the consumer and communications markets increases risks. However, the diversification of the consumer revenue across a variety of tablets, wearables, peripherals and smartphones is adding stability to the company’s business profile.”
Several other analysts have also commented on the stock. Citigroup Inc. increased their target price on shares of Maxim Integrated Products from $44.00 to $50.00 and gave the company a neutral rating in a research note on Monday, October 23rd. SunTrust Banks, Inc. boosted their price target on shares of Maxim Integrated Products to $53.00 and gave the company a hold rating in a report on Friday, October 20th. BMO Capital Markets boosted their price target on shares of Maxim Integrated Products from $47.00 to $50.00 and gave the company a market perform rating in a report on Friday, October 20th. Bank of America Corporation boosted their price target on shares of Maxim Integrated Products from $51.00 to $56.00 and gave the company a buy rating in a report on Friday, October 20th. Finally, KeyCorp boosted their price target on shares of Maxim Integrated Products from $49.00 to $57.00 and gave the company an overweight rating in a report on Friday, October 20th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have assigned a buy rating to the company’s stock. Maxim Integrated Products currently has an average rating of Hold and an average price target of $52.14.
Maxim Integrated Products (NASDAQ MXIM) traded up $0.32 during mid-day trading on Monday, reaching $53.54. 1,713,500 shares of the company traded hands, compared to its average volume of 2,083,135. Maxim Integrated Products has a fifty-two week low of $37.32 and a fifty-two week high of $55.43. The firm has a market capitalization of $14,980.72, a price-to-earnings ratio of 23.65, a PEG ratio of 2.10 and a beta of 1.11. The company has a current ratio of 14.14, a quick ratio of 13.09 and a debt-to-equity ratio of 0.68.
Maxim Integrated Products (NASDAQ:MXIM) last released its earnings results on Thursday, October 19th. The semiconductor company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.56 by $0.04. Maxim Integrated Products had a net margin of 25.48% and a return on equity of 29.55%. The business had revenue of $576.00 million during the quarter, compared to analyst estimates of $576.80 million. During the same period in the prior year, the business earned $0.48 earnings per share. The business’s quarterly revenue was up 2.6% on a year-over-year basis. equities analysts forecast that Maxim Integrated Products will post 2.48 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 14th. Investors of record on Thursday, November 30th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend is Wednesday, November 29th. Maxim Integrated Products’s dividend payout ratio is currently 70.24%.
Maxim Integrated Products announced that its board has initiated a stock buyback program on Thursday, July 20th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the semiconductor company to repurchase up to 7.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
In other Maxim Integrated Products news, VP Bruce E. Kiddoo sold 25,000 shares of the stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $51.71, for a total value of $1,292,750.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert Edward Grady sold 30,849 shares of the stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $45.04, for a total transaction of $1,389,438.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 230,913 shares of company stock valued at $11,671,910. 1.11% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Maxim Integrated Products by 13.4% in the 2nd quarter. BlackRock Inc. now owns 19,941,814 shares of the semiconductor company’s stock valued at $895,388,000 after buying an additional 2,358,743 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Maxim Integrated Products by 17.2% in the 3rd quarter. American Century Companies Inc. now owns 14,214,823 shares of the semiconductor company’s stock valued at $678,189,000 after buying an additional 2,087,911 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Maxim Integrated Products by 29.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 13,758,325 shares of the semiconductor company’s stock valued at $656,409,000 after buying an additional 3,164,871 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Maxim Integrated Products by 3.2% in the 3rd quarter. Ameriprise Financial Inc. now owns 10,144,296 shares of the semiconductor company’s stock valued at $484,652,000 after buying an additional 319,169 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Maxim Integrated Products by 0.7% in the 3rd quarter. Wells Fargo & Company MN now owns 6,570,282 shares of the semiconductor company’s stock valued at $313,467,000 after buying an additional 48,535 shares in the last quarter. Institutional investors own 90.94% of the company’s stock.
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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