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.”
Other research analysts have also recently issued research reports about the company. Maxim Group cut Maxim Integrated Products from an “outperform” rating to a “sector perform” rating in a research report on Thursday, September 8th. Barclays PLC lifted their target price on Maxim Integrated Products from $35.00 to $42.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 31st. Pacific Crest reiterated an “overweight” rating on shares of Maxim Integrated Products in a research report on Thursday, September 15th. 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. Finally, Jefferies Group reiterated 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 equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the stock. Maxim Integrated Products has an average rating of “Hold” and an average price target of $40.14.
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Shares of Maxim Integrated Products (NASDAQ:MXIM) traded down 0.47% during mid-day trading on Wednesday, hitting $38.48. 692,787 shares of the company were exchanged. Maxim Integrated Products has a 12-month low of $30.28 and a 12-month high of $42.37. The firm has a 50 day moving average of $40.23 and a 200 day moving average of $37.59. The company has a market capitalization of $10.91 billion, a price-to-earnings ratio of 48.71 and a beta of 1.02.
Maxim Integrated Products (NASDAQ:MXIM) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.49 EPS for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.01. Maxim Integrated Products had a return on equity of 22.15% and a net margin of 10.36%. The company had revenue of $566 million for the quarter, compared to analysts’ expectations of $575.46 million. Equities research analysts forecast that Maxim Integrated Products will post $1.96 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Thursday, August 18th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.41%. This is a positive change from Maxim Integrated Products’s previous quarterly dividend of $0.30. The ex-dividend date was Tuesday, August 16th. Maxim Integrated Products’s dividend payout ratio is presently 169.23%.
In other news, CEO Tunc Doluca sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $35.53, for a total transaction of $355,300.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William D. Watkins sold 60,786 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $41.08, for a total value of $2,497,088.88. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Gulf International Bank UK Ltd raised its position in shares of Maxim Integrated Products by 5.1% in the second quarter. Gulf International Bank UK Ltd now owns 82,384 shares of the company’s stock worth $2,940,000 after buying an additional 4,000 shares during the last quarter. National Pension Service increased its stake in shares of Maxim Integrated Products by 4.6% in the first quarter. National Pension Service now owns 207,359 shares of the company’s stock valued at $7,627,000 after buying an additional 9,056 shares during the period. NN Investment Partners Holdings N.V. increased its stake in shares of Maxim Integrated Products by 1,822.3% in the second quarter. NN Investment Partners Holdings N.V. now owns 30,641 shares of the company’s stock valued at $1,094,000 after buying an additional 29,047 shares during the period. Moore Capital Management LP bought a new stake in shares of Maxim Integrated Products during the first quarter valued at about $3,678,000. Finally, Aviva PLC increased its stake in shares of Maxim Integrated Products by 14.9% in the second quarter. Aviva PLC now owns 191,660 shares of the company’s stock valued at $6,842,000 after buying an additional 24,813 shares during the period. 90.28% of the stock is currently owned by institutional investors.
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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