Maxim Integrated Products Price Target Raised to $35.00 at Needham & Company LLC (MXIM)
Research analysts at Needham & Company LLC boosted their price objective on shares of Maxim Integrated Products (NASDAQ:MXIM) from $33.00 to $35.00 in a report released on Tuesday. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 13.31% from the stock’s previous close.
Maxim Integrated Products (NASDAQ:MXIM) traded down 0.79% during mid-day trading on Tuesday, hitting $30.645. The stock had a trading volume of 1,177,839 shares. Maxim Integrated Products has a 1-year low of $27.40 and a 1-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 $8.701 billion and a P/E ratio of 25.11. Maxim Integrated Products also was the recipient of a significant growth in short interest during the month of August. As of August 15th, there was short interest totalling 7,487,002 shares, a growth 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. Approximately 2.7% of the company’s shares are short sold.
Maxim Integrated Products (NASDAQ:MXIM) last released its earnings data on Thursday, July 24th. The company reported $0.43 EPS for the quarter, missing the Thomson Reuters 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 prior year, the company posted $0.44 earnings per share. The company’s quarterly revenue was up 6.0% on a year-over-year basis. Analysts expect that Maxim Integrated Products will post $1.65 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, September 4th. Stockholders 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 boost from Maxim Integrated Products’s previous quarterly dividend of $0.26.
In other Maxim Integrated Products news, CTO Pirooz Parvarandeh unloaded 65,067 shares of the stock on the open market in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $30.86, for a total value of $2,007,967.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
MXIM has been the subject of a number of other 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 equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $34.16.
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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