Morgan Stanley Increases Maxim Integrated Products, Inc. (MXIM) Price Target to $42.00
Maxim Integrated Products, Inc. (NASDAQ:MXIM) had its price objective boosted by analysts at Morgan Stanley from $40.00 to $42.00 in a report released on Friday. The firm presently has an “underweight” rating on the semiconductor company’s stock. Morgan Stanley’s price objective points to a potential downside of 16.15% from the stock’s current price.
A number of other research analysts have also recently commented on MXIM. Jefferies Group LLC restated a “buy” rating on shares of Maxim Integrated Products in a research note on Tuesday, July 11th. BidaskClub upgraded Maxim Integrated Products from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. B. Riley restated a “neutral” rating and set a $44.00 price target on shares of Maxim Integrated Products in a research note on Monday, July 17th. Loop Capital restated a “buy” rating and set a $43.00 price target on shares of Maxim Integrated Products in a research note on Tuesday, August 22nd. Finally, Drexel Hamilton restated a “buy” rating and set a $52.00 price target on shares of Maxim Integrated Products in a research note on Wednesday, September 6th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. Maxim Integrated Products currently has a consensus rating of “Hold” and a consensus price target of $49.50.
Maxim Integrated Products (NASDAQ MXIM) opened at 50.09 on Friday. The firm’s 50-day moving average price is $47.70 and its 200 day moving average price is $46.20. Maxim Integrated Products has a 12-month low of $37.32 and a 12-month high of $50.23. The stock has a market capitalization of $14.13 billion, a P/E ratio of 25.30 and a beta of 1.05.
Maxim Integrated Products (NASDAQ:MXIM) last released its quarterly earnings results on Thursday, October 19th. The semiconductor company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.04. Maxim Integrated Products had a return on equity of 28.26% and a net margin of 24.90%. The company had revenue of $576.00 million for the quarter, compared to analysts’ expectations of $576.80 million. During the same period in the prior year, the firm earned $0.48 earnings per share. The firm’s revenue was up 2.6% compared to the same quarter last year. On average, equities analysts anticipate that Maxim Integrated Products will post $2.34 EPS for the current year.
Maxim Integrated Products declared that its board has approved a stock repurchase plan on Thursday, July 20th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 7.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
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In related news, CEO Tunc Doluca sold 15,000 shares of the stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $47.91, for a total value of $718,650.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert Edward Grady sold 30,849 shares of the stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $45.04, for a total value of $1,389,438.96. The disclosure for this sale can be found here. Insiders sold 136,443 shares of company stock worth $6,266,251 in the last three months. 1.11% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of the stock. Navellier & Associates Inc increased its holdings in Maxim Integrated Products by 3.3% in the second quarter. Navellier & Associates Inc now owns 41,353 shares of the semiconductor company’s stock valued at $1,857,000 after buying an additional 1,312 shares during the last quarter. WFG Advisors LP increased its holdings in Maxim Integrated Products by 201.1% in the second quarter. WFG Advisors LP now owns 3,962 shares of the semiconductor company’s stock valued at $178,000 after buying an additional 2,646 shares during the last quarter. Toronto Dominion Bank increased its holdings in Maxim Integrated Products by 12.1% in the second quarter. Toronto Dominion Bank now owns 3,474 shares of the semiconductor company’s stock valued at $156,000 after buying an additional 375 shares during the last quarter. WINTON GROUP Ltd purchased a new position in Maxim Integrated Products in the second quarter valued at $451,000. Finally, Koch Industries Inc. increased its holdings in Maxim Integrated Products by 17,243.5% in the second quarter. Koch Industries Inc. now owns 899,089 shares of the semiconductor company’s stock valued at $880,000 after buying an additional 893,905 shares during the last quarter. 89.49% of the stock is currently owned by hedge funds and other 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 caters to automotive, communications and data center, computing, consumer and industrial markets.
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