BidaskClub Lowers Maxim Integrated Products, Inc. (NASDAQ:MXIM) to Hold

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

Several other brokerages have also issued reports on MXIM. Zacks Investment Research raised shares of Maxim Integrated Products from a hold rating to a buy rating and set a $55.00 price target for the company in a report on Friday, June 9th. Stifel Nicolaus reissued a buy rating and issued a $54.00 price target (up previously from $52.00) on shares of Maxim Integrated Products in a report on Friday, May 26th. B. Riley reissued a neutral rating and issued a $44.00 price target on shares of Maxim Integrated Products in a report on Monday, July 17th. Morgan Stanley boosted their price target on shares of Maxim Integrated Products from $37.00 to $40.00 and gave the company an underweight rating in a report on Monday, July 17th. Finally, Raymond James Financial, Inc. reaffirmed a mkt perform rating on shares of Maxim Integrated Products in a research note on Friday, June 16th. One investment 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 presently has a consensus rating of Hold and a consensus price target of $47.61.

Maxim Integrated Products (MXIM) traded down 0.27% during mid-day trading on Monday, reaching $43.87. The company’s stock had a trading volume of 2,190,850 shares. Maxim Integrated Products has a 52 week low of $37.25 and a 52 week high of $49.70. The firm has a market capitalization of $12.37 billion, a P/E ratio of 22.16 and a beta of 1.04. The firm’s 50 day moving average price is $45.47 and its 200 day moving average price is $45.54.

Maxim Integrated Products (NASDAQ:MXIM) last issued its earnings results on Thursday, July 20th. The semiconductor company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.62 by $0.01. The company had revenue of $602 million during the quarter, compared to analysts’ expectations of $609.52 million. Maxim Integrated Products had a net margin of 24.90% and a return on equity of 28.26%. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 EPS. On average, analysts anticipate that Maxim Integrated Products will post $2.34 EPS for the current fiscal year.

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The company also recently announced a quarterly dividend, which will be paid on Thursday, September 14th. Stockholders of record on Thursday, August 31st will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.28%. 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 dividend payout ratio is presently 66.33%.

Maxim Integrated Products announced that its Board of Directors has initiated a share buyback plan on Thursday, July 20th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to purchase up to 7.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

In other news, CEO Tunc Doluca sold 6,000 shares of the company’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 SEC, which can be accessed through this hyperlink. Also, VP Vivek Jain sold 616 shares of the 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 sold 176,082 shares of company stock worth $8,211,765. 1.30% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Proficio Capital Partners LLC boosted its position 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 valued at $106,000 after buying an additional 764 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position 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. boosted its position 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 position in Maxim Integrated Products during the second quarter valued at $115,000. Finally, Acrospire Investment Management LLC boosted its position 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. 90.20% of the stock is currently owned by hedge funds and other 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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