Analysts Anticipate Maxim Integrated Products, Inc. (MXIM) Will Announce Quarterly Sales of $575.02 Million
Wall Street brokerages expect Maxim Integrated Products, Inc. (NASDAQ:MXIM) to announce sales of $575.02 million for the current quarter, according to Zacks. Nine analysts have made estimates for Maxim Integrated Products’ earnings. The highest sales estimate is $575.50 million and the lowest is $574.72 million. Maxim Integrated Products reported sales of $561.40 million during the same quarter last year, which would suggest a positive year over year growth rate of 2.4%. The business is scheduled to announce its next quarterly earnings results on Thursday, October 19th.
On average, analysts expect that Maxim Integrated Products will report full year sales of $575.02 million for the current fiscal year, with estimates ranging from $2.31 billion to $2.42 billion. For the next financial year, analysts expect that the firm will post sales of $2.47 billion per share, with estimates ranging from $2.38 billion to $2.54 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Maxim Integrated Products.
Maxim Integrated Products (NASDAQ:MXIM) last posted its quarterly earnings data on Thursday, July 20th. The semiconductor company reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.01. Maxim Integrated Products had a return on equity of 28.45% and a net margin of 24.90%. The firm had revenue of $602 million during the quarter, compared to the consensus estimate of $609.52 million. During the same period in the prior year, the company earned $0.49 EPS. The firm’s revenue was up 6.3% compared to the same quarter last year.
MXIM has been the topic of a number of research analyst reports. Zacks Investment Research downgraded Maxim Integrated Products from a “buy” rating to a “hold” rating in a research report on Wednesday, March 29th. Macquarie initiated coverage on Maxim Integrated Products in a research report on Friday, March 31st. They set an “outperform” rating and a $52.00 target price on the stock. MKM Partners initiated coverage on Maxim Integrated Products in a research report on Friday, April 7th. They set a “neutral” rating and a $48.00 target price on the stock. Drexel Hamilton reiterated a “buy” rating and set a $52.00 target price (up from $46.00) on shares of Maxim Integrated Products in a research report on Friday, April 14th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $50.00 price objective (up from $44.00) on shares of Maxim Integrated Products in a research report on Friday, April 14th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company’s stock. Maxim Integrated Products presently has a consensus rating of “Hold” and an average price target of $47.61.
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In other Maxim Integrated Products news, CEO Tunc Doluca sold 6,000 shares of the company’s stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $49.00, for a total transaction of $294,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Christopher J. Neil sold 51,000 shares of the company’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $44.24, for a total value of $2,256,240.00. The disclosure for this sale can be found here. Insiders sold 223,248 shares of company stock valued at $10,323,592 over the last quarter. Insiders own 1.30% of the company’s stock.
Large investors have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Maxim Integrated Products by 2,247.2% in the first quarter. BlackRock Inc. now owns 17,583,071 shares of the semiconductor company’s stock valued at $790,536,000 after buying an additional 16,833,967 shares in the last quarter. OppenheimerFunds Inc. raised its stake in shares of Maxim Integrated Products by 33.7% in the first quarter. OppenheimerFunds Inc. now owns 11,693,483 shares of the semiconductor company’s stock valued at $525,738,000 after buying an additional 2,948,722 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Maxim Integrated Products by 10.6% in the first quarter. American Century Companies Inc. now owns 12,156,414 shares of the semiconductor company’s stock valued at $546,552,000 after buying an additional 1,168,581 shares in the last quarter. MARSHALL WACE ASIA Ltd purchased a new stake in shares of Maxim Integrated Products during the first quarter valued at approximately $41,874,000. Finally, Marshall Wace North America L.P. purchased a new stake in shares of Maxim Integrated Products during the first quarter valued at approximately $41,874,000. Institutional investors own 89.44% of the company’s stock.
Maxim Integrated Products (NASDAQ:MXIM) traded up 0.33% on Thursday, reaching $45.34. The company had a trading volume of 1,940,104 shares. The company’s 50-day moving average is $46.14 and its 200-day moving average is $45.15. Maxim Integrated Products has a 52-week low of $37.25 and a 52-week high of $49.70. The company has a market capitalization of $12.82 billion, a PE ratio of 22.90 and a beta of 1.04.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 14th. Investors of record on Thursday, August 31st will be paid a $0.36 dividend. This is a positive change from Maxim Integrated Products’s previous quarterly dividend of $0.33. This represents a $1.44 annualized dividend and a yield of 3.19%. The ex-dividend date is Tuesday, August 29th. Maxim Integrated Products’s dividend payout ratio is presently 66.33%.
Maxim Integrated Products declared that its board has approved a stock buyback plan on Thursday, July 20th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the semiconductor company to purchase up to 7.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
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 caters to automotive, communications and data center, computing, consumer and industrial markets.
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