Maxim Integrated Products, Inc. (NASDAQ:MXIM)‘s stock had its “underweight” rating restated by Morgan Stanley in a report released on Wednesday. They presently have a $40.00 price target on the semiconductor company’s stock. Morgan Stanley’s target price would indicate a potential downside of 13.87% from the company’s current price.
A number of other research firms also recently issued reports on MXIM. Zacks Investment Research upgraded shares of Maxim Integrated Products from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research report on Friday, June 9th. Stifel Nicolaus restated a “buy” rating and set a $54.00 target price (up from $52.00) on shares of Maxim Integrated Products in a research report on Friday, May 26th. B. Riley restated a “neutral” rating and set a $44.00 target price on shares of Maxim Integrated Products in a research report on Monday, July 17th. BidaskClub upgraded shares of Maxim Integrated Products from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 10th. Finally, Maxim Group assumed coverage on shares of Maxim Integrated Products in a research report on Friday, June 16th. They set a “market perform” rating for the company. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. Maxim Integrated Products presently has an average rating of “Hold” and a consensus price target of $48.06.
Maxim Integrated Products (NASDAQ MXIM) traded down 1.53% during midday trading on Wednesday, hitting $46.44. The stock had a trading volume of 2,099,160 shares. The firm has a 50-day moving average of $45.58 and a 200 day moving average of $45.73. The firm has a market capitalization of $13.10 billion, a P/E ratio of 23.45 and a beta of 1.04. Maxim Integrated Products has a 52-week low of $37.25 and a 52-week high of $49.70.
Maxim Integrated Products (NASDAQ:MXIM) last posted its earnings results on Thursday, July 20th. The semiconductor company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. The company had revenue of $602.00 million during the quarter, compared to the consensus estimate of $609.52 million. Maxim Integrated Products had a net margin of 24.90% and a return on equity of 28.26%. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.49 earnings per share. On average, equities analysts forecast that Maxim Integrated Products will post $2.34 EPS for the current year.
Maxim Integrated Products announced that its board has approved a share repurchase program on Thursday, July 20th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the semiconductor company to reacquire up to 7.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
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In other news, Director Mary Ann Wright sold 560 shares of the business’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $46.29, for a total transaction of $25,922.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Christopher J. Neil sold 3,500 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $46.76, for a total transaction of $163,660.00. The disclosure for this sale can be found here. Insiders have sold 133,443 shares of company stock valued at $6,077,906 in the last three months. Corporate insiders own 1.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in MXIM. BlackRock Inc. grew its stake in Maxim Integrated Products by 2,247.2% during the 1st quarter. BlackRock Inc. now owns 17,583,071 shares of the semiconductor company’s stock valued at $790,536,000 after acquiring an additional 16,833,967 shares in the last quarter. OppenheimerFunds Inc. grew its stake in Maxim Integrated Products by 33.7% during the 1st quarter. OppenheimerFunds Inc. now owns 11,693,483 shares of the semiconductor company’s stock valued at $525,738,000 after acquiring an additional 2,948,722 shares in the last quarter. Principal Financial Group Inc. grew its stake in Maxim Integrated Products by 483.2% during the 2nd quarter. Principal Financial Group Inc. now owns 2,236,143 shares of the semiconductor company’s stock valued at $100,403,000 after acquiring an additional 1,852,730 shares in the last quarter. Artisan Partners Limited Partnership purchased a new stake in Maxim Integrated Products during the 2nd quarter valued at about $73,792,000. Finally, JPMorgan Chase & Co. grew its stake in Maxim Integrated Products by 98.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,258,111 shares of the semiconductor company’s stock valued at $101,387,000 after acquiring an additional 1,122,327 shares in the last quarter. 89.38% 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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