Zacks Investment Research upgraded shares of Maxim Integrated Products (NASDAQ:MXIM) from a sell rating to a hold rating in a report issued on Thursday.
According to Zacks, “Maxim’s solid momentum across the automotive market remains a major positive. Further, the company remains optimistic about its flexible manufacturing strategy which is expected to aid margin expansion. Notably, the stock has outperformed the industry it belongs to over a year. However, Maxim's high dependence on Samsung is a risk to its growth trajectory. Also, the company is suffering from sluggish bookings and weakening momentum across its customers. These are affecting the company’s position in the industrial market. Further, it is experiencing seasonal fluctuations in the consumer market which remains an overhang. Also, slowing shipment of 100G optical module is likely to impact the company’s performance in data center market.”
Other research analysts also recently issued reports about the company. Jefferies Financial Group reduced their target price on Maxim Integrated Products from $68.00 to $60.00 and set a buy rating for the company in a research note on Wednesday, October 31st. Loop Capital reduced their target price on Maxim Integrated Products to $59.00 and set a buy rating for the company in a research note on Wednesday, October 31st. Deutsche Bank reduced their target price on Maxim Integrated Products from $63.00 to $60.00 and set a buy rating for the company in a research note on Wednesday, October 31st. Barclays reduced their target price on Maxim Integrated Products from $60.00 to $55.00 and set an equal weight rating for the company in a research note on Tuesday, October 23rd. Finally, Morgan Stanley reduced their target price on Maxim Integrated Products from $60.00 to $59.00 and set an equal weight rating for the company in a research note on Wednesday, October 3rd. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and five have assigned a buy rating to the company. Maxim Integrated Products presently has a consensus rating of Hold and an average price target of $60.71.
Maxim Integrated Products (NASDAQ:MXIM) last announced its quarterly earnings results on Tuesday, October 30th. The semiconductor company reported $0.75 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.75. Maxim Integrated Products had a return on equity of 41.83% and a net margin of 20.06%. The company had revenue of $638.50 million during the quarter, compared to the consensus estimate of $635.19 million. During the same period in the previous year, the company posted $0.60 earnings per share. Maxim Integrated Products’s revenue for the quarter was up 10.9% on a year-over-year basis. Equities research analysts predict that Maxim Integrated Products will post 2.69 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 13th. Investors of record on Thursday, November 29th were paid a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 3.48%. The ex-dividend date of this dividend was Wednesday, November 28th. Maxim Integrated Products’s dividend payout ratio is currently 67.90%.
In related news, Director James R. Bergman sold 4,400 shares of the stock in a transaction on Friday, November 16th. The stock was sold at an average price of $53.24, for a total value of $234,256.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Sumeet Gagneja sold 517 shares of the stock in a transaction on Monday, December 3rd. The shares were sold at an average price of $56.72, for a total value of $29,324.24. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,671 shares of company stock valued at $2,448,005. 0.85% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. State of Alaska Department of Revenue grew its holdings in Maxim Integrated Products by 11.7% in the 4th quarter. State of Alaska Department of Revenue now owns 106,569 shares of the semiconductor company’s stock valued at $5,417,000 after buying an additional 11,134 shares in the last quarter. Retirement Systems of Alabama purchased a new stake in Maxim Integrated Products in the 4th quarter valued at $6,523,000. Avitas Wealth Management LLC grew its holdings in Maxim Integrated Products by 4.5% in the 3rd quarter. Avitas Wealth Management LLC now owns 57,193 shares of the semiconductor company’s stock valued at $3,225,000 after buying an additional 2,454 shares in the last quarter. IMS Capital Management purchased a new stake in Maxim Integrated Products in the 3rd quarter valued at $28,000. Finally, Plimoth Trust Co. LLC grew its holdings in shares of Maxim Integrated Products by 2.5% during the 3rd quarter. Plimoth Trust Co. LLC now owns 7,925 shares of the semiconductor company’s stock worth $446,000 after purchasing an additional 190 shares during the period. 91.77% of the stock is owned by hedge funds and other institutional investors.
Maxim Integrated Products Company Profile
Maxim Integrated Products, Inc designs, develops, manufactures, and markets a range of linear and mixed-signal integrated circuits in the United States, China, the rest of Asia, Europe, and internationally. The company also provides a range of high-frequency process technologies and capabilities for use in custom designs.
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