Maxim Integrated Products (MXIM) Cut to “Hold” at Zacks Investment Research
Maxim Integrated Products (NASDAQ:MXIM) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Maxim’s strengthening position in data centers, automotive and industrial end markets continue to drive its top-line growth. Strong momentum in infotainment and medical contents also remains positive. Moreover, robust 100G optical products will continue to aid the company’s revenues in consumer and communication markets. We believe Maxim’s diversified product portfolio will provide flexibility and stability to the business. Moreover, shifting to advanced node process technology development poses growth opportunities. Notably, shares of Maxim have outperformed the industry it belongs to over a year. However, softness in communications infrastructure remains a concern. Further, high dependence on Samsung poses significant threat to Maxim’s growth trajectory.”
A number of other analysts have also recently weighed in on the stock. KeyCorp assumed coverage on shares of Maxim Integrated Products in a research note on Tuesday. They set a “sector weight” rating and a $68.00 price target for the company. Stifel Nicolaus cut shares of Maxim Integrated Products from a “buy” rating to a “hold” rating and decreased their price target for the stock from $75.00 to $65.00 in a research note on Wednesday, September 12th. ValuEngine cut shares of Maxim Integrated Products from a “buy” rating to a “hold” rating in a research note on Friday, September 7th. BidaskClub cut shares of Maxim Integrated Products from a “buy” rating to a “hold” rating in a research note on Thursday, August 16th. Finally, Citigroup increased their price target on shares of Maxim Integrated Products from $56.00 to $61.00 and gave the stock a “neutral” rating in a research note on Monday, July 30th. Seventeen research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $61.06.
Maxim Integrated Products (NASDAQ:MXIM) last issued its quarterly earnings results on Thursday, July 26th. The semiconductor company reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.03. The firm had revenue of $633.10 million during the quarter, compared to analysts’ expectations of $630.39 million. Maxim Integrated Products had a net margin of 18.84% and a return on equity of 38.37%. Maxim Integrated Products’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.63 EPS. research analysts expect that Maxim Integrated Products will post 3.1 earnings per share for the current fiscal year.
In other news, VP Bruce E. Kiddoo sold 25,000 shares of the stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $63.00, for a total value of $1,575,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mary Ann Wright sold 440 shares of the stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $60.43, for a total transaction of $26,589.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,379 shares of company stock valued at $3,473,981. 1.11% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Kiwi Wealth Investments Limited Partnership purchased a new position in shares of Maxim Integrated Products in the 2nd quarter valued at about $5,876,000. Stanley Laman Group Ltd. increased its holdings in shares of Maxim Integrated Products by 15.5% in the 2nd quarter. Stanley Laman Group Ltd. now owns 15,819 shares of the semiconductor company’s stock valued at $928,000 after purchasing an additional 2,122 shares in the last quarter. Krane Funds Advisors LLC increased its holdings in shares of Maxim Integrated Products by 20.8% in the 2nd quarter. Krane Funds Advisors LLC now owns 10,882 shares of the semiconductor company’s stock valued at $638,000 after purchasing an additional 1,876 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Maxim Integrated Products by 1.4% in the 2nd quarter. Van ECK Associates Corp now owns 696,612 shares of the semiconductor company’s stock valued at $40,863,000 after purchasing an additional 9,596 shares in the last quarter. Finally, Tower Research Capital LLC TRC purchased a new position in shares of Maxim Integrated Products in the 2nd quarter valued at about $578,000. Institutional investors and hedge funds own 90.68% of the company’s stock.
Maxim Integrated Products Company Profile
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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