Maxim Integrated Products’ (MXIM) “Underweight” Rating Reaffirmed at Morgan Stanley

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.

Analyst Recommendations for Maxim Integrated Products (NASDAQ:MXIM)

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