Maxim Integrated Products (NASDAQ:MXIM) Board of Directors Announces Stock Repurchase Plan
Maxim Integrated Products (NASDAQ:MXIM) declared that its board has initiated a stock buyback plan, which authorizes the company to buyback $1.00 billion in outstanding shares on Thursday, July 20th, EventVestor reports. This buyback authorization authorizes the semiconductor company to reacquire up to 7.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
Several research firms have issued reports on MXIM. Morgan Stanley upped their target price on shares of Maxim Integrated Products from $37.00 to $40.00 and gave the company an “underweight” rating in a research note on Monday. B. Riley restated a “neutral” rating and set a $44.00 target price on shares of Maxim Integrated Products in a research note on Monday. BidaskClub upgraded shares of Maxim Integrated Products from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Jefferies Group LLC restated a “buy” rating on shares of Maxim Integrated Products in a research note on Tuesday, July 11th. Finally, Zacks Investment Research upgraded shares of Maxim Integrated Products from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $47.44.
Maxim Integrated Products (NASDAQ MXIM) traded down 5.9153% during midday trading on Friday, reaching $45.0101. 3,376,282 shares of the company traded hands. The stock has a market capitalization of $12.72 billion, a P/E ratio of 25.8679 and a beta of 1.04. Maxim Integrated Products has a 1-year low of $37.25 and a 1-year high of $49.70. The firm has a 50-day moving average of $46.55 and a 200-day moving average of $45.01.
Maxim Integrated Products (NASDAQ:MXIM) last announced its quarterly earnings results on Thursday, July 20th. The semiconductor company reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.01. Maxim Integrated Products had a return on equity of 26.73% and a net margin of 22.16%. The company had revenue of $602 million during the quarter, compared to the consensus estimate of $609.52 million. During the same period in the previous year, the company posted $0.49 earnings per share. Maxim Integrated Products’s revenue for the quarter was up 6.3% on a year-over-year basis. On average, analysts predict that Maxim Integrated Products will post $2.37 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 14th. Shareholders of record on Thursday, August 31st will be issued a $0.36 dividend. This is an increase from Maxim Integrated Products’s previous quarterly dividend of $0.33. This represents a $1.44 dividend on an annualized basis and a yield of 3.01%. Maxim Integrated Products’s payout ratio is presently 75.86%.
In other Maxim Integrated Products news, VP Christopher J. Neil sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $45.69, for a total value of $159,915.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph R. Bronson sold 18,300 shares of the business’s stock in a transaction that occurred on Tuesday, April 25th. The shares were sold at an average price of $45.08, for a total value of $824,964.00. The disclosure for this sale can be found here. Insiders sold 241,548 shares of company stock valued at $11,148,556 over the last three months. 1.30% of the stock is currently owned by corporate insiders.
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Maxim Integrated Products Company Profile
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 caters to automotive, communications and data center, computing, consumer and industrial markets.
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