Maxim Integrated Products Inc. (MXIM) Stock Rating Lowered by Zacks Investment Research
Maxim Integrated Products Inc. (NASDAQ:MXIM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “Maxim is an OEM of analog and mixed signal ICs. The fiscal fourth-quarter earnings of the company were a penny above the Zacks Consensus Estimate. Maxim has a solid portfolio that generates steady design wins, a highly profitable and well-diversified core business, a policy of maintaining efficiency that has led to cost cutting measures and regular cash returns. However, its exposure to the consumer and communications markets increases risks. The concentration of its mobility revenues at Samsung further adds to the risks. This could, however, be mitigated once the diversification strategy takes off.”
Several other research firms have also weighed in on MXIM. RBC Capital Markets reissued an “outperform” rating and set a $40.00 price objective on shares of Maxim Integrated Products in a research note on Monday, August 15th. Barclays PLC raised their target price on Maxim Integrated Products from $35.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 31st. Royal Bank Of Canada cut Maxim Integrated Products from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, September 7th. Maxim Group cut Maxim Integrated Products from an “outperform” rating to a “sector perform” rating in a research report on Thursday, September 8th. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $42.00 target price (up previously from $41.00) on shares of Maxim Integrated Products in a research report on Tuesday, July 26th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $40.14.
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Shares of Maxim Integrated Products (NASDAQ:MXIM) traded down 0.44% during midday trading on Wednesday, reaching $38.49. The company’s stock had a trading volume of 716,817 shares. The stock has a market capitalization of $10.91 billion, a PE ratio of 48.72 and a beta of 1.02. The stock has a 50-day moving average price of $40.23 and a 200 day moving average price of $37.59. Maxim Integrated Products has a 52 week low of $30.28 and a 52 week high of $42.37.
Maxim Integrated Products (NASDAQ:MXIM) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.01. The business earned $566 million during the quarter, compared to analyst estimates of $575.46 million. Maxim Integrated Products had a return on equity of 22.15% and a net margin of 10.36%. Equities analysts forecast that Maxim Integrated Products will post $1.96 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Thursday, August 18th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 3.41%. This is an increase from Maxim Integrated Products’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Tuesday, August 16th. Maxim Integrated Products’s payout ratio is presently 169.23%.
In other news, Director William D. Watkins sold 60,786 shares of Maxim Integrated Products stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $41.08, for a total value of $2,497,088.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Edwin Medlin sold 26,552 shares of Maxim Integrated Products stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $40.07, for a total transaction of $1,063,938.64. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Global X Management Co. LLC boosted its position in Maxim Integrated Products by 87.8% in the second quarter. Global X Management Co. LLC now owns 2,824 shares of the company’s stock worth $101,000 after buying an additional 1,320 shares during the period. IFP Advisors Inc boosted its position in Maxim Integrated Products by 31.3% in the second quarter. IFP Advisors Inc now owns 2,874 shares of the company’s stock worth $103,000 after buying an additional 685 shares during the period. Advisor Group Inc. purchased a new position in Maxim Integrated Products during the second quarter worth about $110,000. Tower Research Capital LLC TRC boosted its position in Maxim Integrated Products by 432.4% in the second quarter. Tower Research Capital LLC TRC now owns 3,897 shares of the company’s stock worth $139,000 after buying an additional 3,165 shares during the period. Finally, Mizuho Asset Management Co. Ltd. boosted its position in Maxim Integrated Products by 125.3% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 4,233 shares of the company’s stock worth $151,000 after buying an additional 2,354 shares during the period. Institutional investors own 90.28% of the company’s stock.
About Maxim Integrated Products
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’s products include switching regulators, charge pumps, linear regulators, light-emitting diode drivers, power switching, transceivers, level translators, broadband switches, current loop products, real-time clocks, data loggers and microcontrollers.
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