BidaskClub Upgrades Maxim Integrated Products, Inc. (NASDAQ:MXIM) to Buy

BidaskClub upgraded shares of Maxim Integrated Products, Inc. (NASDAQ:MXIM) from a hold rating to a buy rating in a research report sent to investors on Wednesday, July 12th.

MXIM has been the subject of several other research reports. Zacks Investment Research upgraded Maxim Integrated Products from a hold rating to a buy rating and set a $51.00 price target for the company in a research note on Monday, April 24th. Stifel Nicolaus reiterated a buy rating and set a $50.00 price target (up previously from $44.00) on shares of Maxim Integrated Products in a research note on Friday, April 14th. Evercore ISI reiterated an in-line rating on shares of Maxim Integrated Products in a research note on Friday, April 21st. MKM Partners began coverage on Maxim Integrated Products in a research note on Friday, April 7th. They set a neutral rating and a $48.00 price target for the company. Finally, Drexel Hamilton restated a buy rating and issued a $52.00 target price (up previously from $46.00) on shares of Maxim Integrated Products in a research note on Friday, April 14th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $47.61.

Maxim Integrated Products (NASDAQ MXIM) traded up 1.12% during mid-day trading on Wednesday, reaching $44.39. 1,725,613 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $45.51 and a 200-day moving average price of $45.48. Maxim Integrated Products has a 1-year low of $37.25 and a 1-year high of $49.70. The stock has a market cap of $12.55 billion, a P/E ratio of 22.42 and a beta of 1.04.

Maxim Integrated Products (NASDAQ:MXIM) last released its quarterly earnings results on Thursday, July 20th. The semiconductor company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. Maxim Integrated Products had a return on equity of 28.45% and a net margin of 24.90%. The business had revenue of $602 million during the quarter, compared to analyst estimates of $609.52 million. During the same period in the prior year, the firm posted $0.49 EPS. Maxim Integrated Products’s quarterly revenue was up 6.3% compared to the same quarter last year. Equities research analysts anticipate that Maxim Integrated Products will post $2.34 EPS for the current fiscal year.

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Maxim Integrated Products announced that its board has authorized a stock buyback plan on Thursday, July 20th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to purchase up to 7.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

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

In other news, VP Vivek Jain sold 616 shares of the business’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $46.85, for a total value of $28,859.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Tunc Doluca sold 3,000 shares of the business’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $47.00, for a total value of $141,000.00. The disclosure for this sale can be found here. Insiders have sold 167,548 shares of company stock worth $7,870,211 over the last 90 days. 1.30% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the stock. Proficio Capital Partners LLC boosted its stake in Maxim Integrated Products by 51.4% in the first 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 during the period. Northwestern Mutual Wealth Management Co. raised its stake in Maxim Integrated Products by 16.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,371 shares of the semiconductor company’s stock valued at $106,000 after buying an additional 343 shares in the last quarter. Duncker Streett & Co. Inc. raised its stake in Maxim Integrated Products by 57.8% in the first quarter. Duncker Streett & Co. Inc. now owns 2,374 shares of the semiconductor company’s stock valued at $107,000 after buying an additional 870 shares in the last quarter. Highstreet Asset Management Inc. bought a new stake in Maxim Integrated Products during the second quarter valued at about $115,000. Finally, Acrospire Investment Management LLC raised its stake in Maxim Integrated Products by 133.3% in the second quarter. Acrospire Investment Management LLC now owns 2,800 shares of the semiconductor company’s stock valued at $126,000 after buying an additional 1,600 shares in the last quarter. Institutional investors own 89.73% of the company’s stock.

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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