Maxim Integrated Products, Inc. (MXIM) Given New $57.00 Price Target at Stifel Nicolaus
Maxim Integrated Products, Inc. (NASDAQ:MXIM) had its target price hoisted by Stifel Nicolaus from $54.00 to $57.00 in a report released on Friday. The firm currently has a buy rating on the semiconductor company’s stock.
Several other analysts have also recently issued reports on the stock. Loop Capital reissued a buy rating and set a $43.00 price objective on shares of Maxim Integrated Products in a research note on Tuesday, August 22nd. Maxim Group reissued a buy rating on shares of Maxim Integrated Products in a research note on Wednesday, September 6th. Drexel Hamilton reissued a buy rating and set a $52.00 price objective on shares of Maxim Integrated Products in a research note on Wednesday, September 6th. Morgan Stanley boosted their price objective on shares of Maxim Integrated Products from $37.00 to $40.00 and gave the company an underweight rating in a research note on Monday, July 17th. Finally, Jefferies Group LLC reissued a buy rating on shares of Maxim Integrated Products in a research note on Tuesday, July 11th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $51.55.
Maxim Integrated Products (NASDAQ:MXIM) traded up 3.99% on Friday, reaching $52.09. The company had a trading volume of 4,541,274 shares. The stock has a 50 day moving average price of $47.85 and a 200 day moving average price of $46.26. The stock has a market capitalization of $14.69 billion, a PE ratio of 26.31 and a beta of 1.05. Maxim Integrated Products has a 52-week low of $37.32 and a 52-week high of $53.10.
Maxim Integrated Products (NASDAQ:MXIM) last released its earnings results on Thursday, October 19th. The semiconductor company reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.04. The firm had revenue of $576.00 million during the quarter, compared to analysts’ expectations of $576.80 million. Maxim Integrated Products had a net margin of 25.48% and a return on equity of 29.64%. Maxim Integrated Products’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.48 EPS. Analysts expect that Maxim Integrated Products will post $2.35 EPS for the current year.
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Maxim Integrated Products declared that its Board of Directors has approved a share 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 buy up to 7.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced 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 2.76%. Maxim Integrated Products’s payout ratio is 70.24%.
In other Maxim Integrated Products news, CEO Tunc Doluca sold 12,000 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $45.60, for a total value of $547,200.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Christopher J. Neil sold 3,500 shares of the business’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $47.50, for a total transaction of $166,250.00. The disclosure for this sale can be found here. Insiders sold a total of 136,443 shares of company stock worth $6,266,251 in the last quarter. 1.11% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of MXIM. Proficio Capital Partners LLC lifted its holdings in Maxim Integrated Products by 51.4% in the 1st quarter. Proficio Capital Partners LLC now owns 2,251 shares of the semiconductor company’s stock worth $106,000 after buying an additional 764 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Maxim Integrated Products by 16.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,371 shares of the semiconductor company’s stock worth $106,000 after buying an additional 343 shares in the last quarter. Highstreet Asset Management Inc. acquired a new position in Maxim Integrated Products in the 2nd quarter worth $115,000. Acrospire Investment Management LLC lifted its holdings in Maxim Integrated Products by 133.3% in the 2nd quarter. Acrospire Investment Management LLC now owns 2,800 shares of the semiconductor company’s stock worth $126,000 after buying an additional 1,600 shares in the last quarter. Finally, Duncker Streett & Co. Inc. lifted its holdings in Maxim Integrated Products by 21.1% in the 2nd quarter. Duncker Streett & Co. Inc. now owns 2,874 shares of the semiconductor company’s stock worth $129,000 after buying an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 89.49% 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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