B. Riley Reiterates Neutral Rating for Maxim Integrated Products, Inc. (MXIM)
Maxim Integrated Products, Inc. (NASDAQ:MXIM)‘s stock had its “neutral” rating reaffirmed by investment analysts at B. Riley in a research note issued to investors on Saturday. They currently have a $47.00 price target on the semiconductor company’s stock. B. Riley’s target price would suggest a potential upside of 4.21% from the stock’s previous close.
A number of other analysts have also commented on the company. BidaskClub lowered Maxim Integrated Products from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 17th. Maxim Group reiterated a “hold” rating on shares of Maxim Integrated Products in a report on Friday, April 21st. Loop Capital reissued a “buy” rating and issued a $51.00 target price (up from $50.00) on shares of Maxim Integrated Products in a research report on Friday, April 14th. Zacks Investment Research raised Maxim Integrated Products from a “hold” rating to a “buy” rating and set a $51.00 target price for the company in a research report on Tuesday, March 28th. Finally, Drexel Hamilton reissued a “buy” rating and issued a $52.00 target price (up from $46.00) on shares of Maxim Integrated Products in a research report on Friday, April 14th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $47.61.
Shares of Maxim Integrated Products (NASDAQ:MXIM) traded down 5.73% on Friday, reaching $45.10. The company’s stock had a trading volume of 7,633,005 shares. The stock has a market cap of $12.74 billion, a P/E ratio of 25.92 and a beta of 1.04. Maxim Integrated Products has a 52-week low of $37.25 and a 52-week high of $49.70. The firm’s 50 day moving average is $46.55 and its 200-day moving average is $45.01.
Maxim Integrated Products (NASDAQ:MXIM) last issued its quarterly earnings results on Thursday, July 20th. The semiconductor company reported $0.63 EPS for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.01. The business had revenue of $602 million for the quarter, compared to analyst estimates of $609.52 million. Maxim Integrated Products had a return on equity of 28.45% and a net margin of 24.90%. Maxim Integrated Products’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period last year, the company posted $0.49 earnings per share. On average, equities research analysts forecast that Maxim Integrated Products will post $2.37 EPS for the current year.
Maxim Integrated Products declared that its Board of Directors has authorized a stock buyback plan on Thursday, July 20th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 7.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
In other news, VP Vivek Jain sold 616 shares of Maxim Integrated Products stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $46.85, for a total value of $28,859.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph R. Bronson sold 18,300 shares of Maxim Integrated Products stock in a transaction 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. Over the last quarter, insiders sold 241,548 shares of company stock valued at $11,148,556. 1.30% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in MXIM. Janus Capital Management boosted its position in shares of Maxim Integrated Products by 144.0% in the third quarter. Janus Capital Management now owns 38,900 shares of the semiconductor company’s stock valued at $1,299,000 after buying an additional 22,956 shares during the period. ING Groep boosted its position in shares of Maxim Integrated Products by 11.7% in the third quarter. ING Groep now owns 530,590 shares of the semiconductor company’s stock valued at $17,716,000 after buying an additional 55,590 shares during the period. Stanley Laman Group Ltd. bought a new position in shares of Maxim Integrated Products during the fourth quarter valued at $3,997,000. CIBC World Markets bought a new position in shares of Maxim Integrated Products during the fourth quarter valued at $1,392,000. Finally, Commonwealth Equity Services boosted its position in shares of Maxim Integrated Products by 0.8% in the fourth quarter. Commonwealth Equity Services now owns 62,345 shares of the semiconductor company’s stock valued at $2,369,000 after buying an additional 493 shares during the period. Institutional investors own 89.40% of the company’s stock.
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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