Maxim Integrated Products CTO Unloads $2,007,968 in Stock (MXIM)
Maxim Integrated Products (NASDAQ:MXIM) CTO Pirooz Parvarandeh sold 65,067 shares of Maxim Integrated Products stock on the open market in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $30.86, for a total value of $2,007,967.62. Following the sale, the chief technology officer now directly owns 116,968 shares of the company’s stock, valued at approximately $3,609,632. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Shares of Maxim Integrated Products (NASDAQ:MXIM) traded down 0.80% during mid-day trading on Friday, hitting $30.89. 2,879,689 shares of the company’s stock traded hands. Maxim Integrated Products has a one year low of $27.40 and a one year high of $35.76. The stock has a 50-day moving average of $31.31 and a 200-day moving average of $32.53. The company has a market cap of $8.771 billion and a P/E ratio of 25.32. Maxim Integrated Products also was the recipient of a significant increase in short interest during the month of August. As of August 15th, there was short interest totalling 7,487,002 shares, an increase of 20.1% from the July 31st total of 6,232,695 shares. Based on an average daily volume of 2,302,546 shares, the short-interest ratio is currently 3.3 days. Currently, 2.7% of the shares of the company are short sold.
Maxim Integrated Products (NASDAQ:MXIM) last announced its earnings results on Thursday, July 24th. The company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by $0.05. The company had revenue of $642.50 million for the quarter, compared to the consensus estimate of $650.45 million. During the same quarter in the previous year, the company posted $0.44 earnings per share. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, analysts predict that Maxim Integrated Products will post $1.65 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, September 4th. Shareholders of record on Thursday, August 21st will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.63%. The ex-dividend date is Tuesday, August 19th. This is a positive change from Maxim Integrated Products’s previous quarterly dividend of $0.26.
MXIM has been the subject of a number of recent research reports. Analysts at Goldman Sachs downgraded shares of Maxim Integrated Products from a “conviction-buy” rating to a “buy” rating in a research note on Monday, August 18th. Separately, analysts at Morgan Stanley downgraded shares of Maxim Integrated Products from an “equal weight” rating to an “underweight” rating in a research note on Wednesday, July 30th. Finally, analysts at Nomura reiterated a “neutral” rating on shares of Maxim Integrated Products in a research note on Friday, July 25th. They now have a $28.00 price target on the stock, down previously from $31.00. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $34.11.
Maxim Integrated Products, Inc (NASDAQ:MXIM) designs, develops, manufactures and markets a range of linear and mixed-signal integrated circuits, commonly referred to as analog circuits, for a number of customers in diverse geographical locations.
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