Maxim Integrated Products, Inc. (NASDAQ:MXIM) Cut to “Hold” at BidaskClub

BidaskClub lowered shares of Maxim Integrated Products, Inc. (NASDAQ:MXIM) from a buy rating to a hold rating in a research note published on Monday, July 24th.

MXIM has been the topic of a number of other research reports. Maxim Group reaffirmed a hold rating on shares of Maxim Integrated Products in a research note on Friday, April 21st. Zacks Investment Research upgraded shares of Maxim Integrated Products from a hold rating to a buy rating and set a $55.00 price objective on the stock in a report on Friday, June 9th. Citigroup Inc. reiterated a neutral rating and issued a $44.00 price objective (up from $41.00) on shares of Maxim Integrated Products in a report on Tuesday, April 25th. Jefferies Group LLC reiterated a buy rating on shares of Maxim Integrated Products in a report on Tuesday, July 11th. Finally, B. Riley reiterated a neutral rating and issued a $44.00 price objective on shares of Maxim Integrated Products in a report on Friday, April 21st. One analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $47.61.

Maxim Integrated Products (NASDAQ:MXIM) opened at 44.39 on Monday. The firm has a market cap of $12.55 billion, a price-to-earnings ratio of 22.42 and a beta of 1.04. The firm has a 50-day moving average of $45.51 and a 200 day moving average of $45.48. Maxim Integrated Products has a 1-year low of $37.25 and a 1-year high of $49.70.

Maxim Integrated Products (NASDAQ:MXIM) last announced its quarterly earnings results on Thursday, July 20th. The semiconductor company reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.01. Maxim Integrated Products had a net margin of 24.90% and a return on equity of 28.45%. The firm had revenue of $602 million for the quarter, compared to analyst estimates of $609.52 million. During the same quarter in the previous year, the firm posted $0.49 earnings per share. The business’s revenue was up 6.3% on a year-over-year basis. Analysts expect that Maxim Integrated Products will post $2.34 earnings per share for the current fiscal year.

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Maxim Integrated Products declared that its board has approved a share buyback program on Thursday, July 20th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the semiconductor company to purchase up to 7.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Shareholders of record on Thursday, August 31st will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 3.24%. This is a boost from Maxim Integrated Products’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Tuesday, August 29th. Maxim Integrated Products’s payout ratio is 66.33%.

In other news, CEO Tunc Doluca sold 6,000 shares of the business’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $49.00, for a total value of $294,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Vivek Jain sold 616 shares of the business’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $46.85, for a total transaction of $28,859.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 167,548 shares of company stock valued at $7,870,211. Company insiders own 1.30% of the company’s stock.

Several large investors have recently made changes to their positions in MXIM. Shell Asset Management Co. boosted its stake in shares of Maxim Integrated Products by 0.3% in the first quarter. Shell Asset Management Co. now owns 18,656 shares of the semiconductor company’s stock worth $839,000 after buying an additional 54 shares during the last quarter. Fiera Capital Corp boosted its stake in shares of Maxim Integrated Products by 0.7% in the second quarter. Fiera Capital Corp now owns 15,596 shares of the semiconductor company’s stock worth $700,000 after buying an additional 107 shares during the last quarter. Gateway Investment Advisers LLC boosted its stake in shares of Maxim Integrated Products by 2.1% in the second quarter. Gateway Investment Advisers LLC now owns 8,871 shares of the semiconductor company’s stock worth $398,000 after buying an additional 181 shares during the last quarter. Ropes Wealth Advisors LLC boosted its stake in shares of Maxim Integrated Products by 5.8% in the second quarter. Ropes Wealth Advisors LLC now owns 4,248 shares of the semiconductor company’s stock worth $191,000 after buying an additional 234 shares during the last quarter. Finally, Weaver C. Barksdale & Associates Inc. boosted its stake in shares of Maxim Integrated Products by 0.8% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 31,651 shares of the semiconductor company’s stock worth $1,421,000 after buying an additional 240 shares during the last quarter. 89.73% of the stock is owned by institutional investors.

Maxim Integrated Products Company Profile

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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