Maxim Integrated Products, Inc. (NASDAQ:MXIM) had its target price raised by stock analysts at Maxim Group to $60.00 in a research report issued on Friday. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Maxim Group’s price target points to a potential upside of 15.19% from the company’s current price.

The analysts wrote, “MXIM reported upside results Thursday, with F1Q (Sept.) $576M/$0.66 roughly in line with the Street, while F2Q (Dec.) guidance of $620M/$0.64 was easily ahead of consensus $584M/$0.57E. Outlook was above seasonal even after a one-time positive $20M distributor sell-in change. Following two qrtrs where mgmt flagged auto softness, tone shifted with the segment up 13% Y/Y and expected up strongly in F2Q. GM came in 60bps above expectations as mgmt executes on initiatives outlined during its September presentation. Mgmt highlighted steady lead times and little sign of double-ordering while channel inventory appears in line. We view this initial read- through from an HPA bellwether as positive for the group.””

Several other equities analysts also recently weighed in on the stock. Loop Capital reaffirmed a “buy” rating and set a $43.00 price target on shares of Maxim Integrated Products in a report on Tuesday, August 22nd. Drexel Hamilton reaffirmed a “buy” rating and set a $52.00 price target on shares of Maxim Integrated Products in a report on Wednesday, September 6th. Morgan Stanley lifted their price target on shares of Maxim Integrated Products from $37.00 to $40.00 and gave the company an “underweight” rating in a report on Monday, July 17th. Jefferies Group LLC reaffirmed a “buy” rating on shares of Maxim Integrated Products in a report on Tuesday, July 11th. Finally, B. Riley reaffirmed a “hold” rating and set a $47.00 price target on shares of Maxim Integrated Products in a report on Monday, October 16th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $51.55.

Shares of Maxim Integrated Products (NASDAQ MXIM) traded up 3.99% during mid-day trading on Friday, hitting $52.09. 4,541,274 shares of the company were exchanged. Maxim Integrated Products has a 52 week low of $37.32 and a 52 week high of $53.10. The company has a 50 day moving average of $47.85 and a 200 day moving average of $46.26. The company has a market capitalization of $14.69 billion, a P/E ratio of 26.31 and a beta of 1.05.

Maxim Integrated Products (NASDAQ:MXIM) last posted its quarterly earnings data on Thursday, October 19th. The semiconductor company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.04. The company had revenue of $576.00 million for the quarter, compared to the consensus estimate of $576.80 million. Maxim Integrated Products had a net margin of 25.48% and a return on equity of 29.64%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.48 earnings per share. Equities analysts anticipate that Maxim Integrated Products will post $2.35 earnings per share for the current year.

Maxim Integrated Products declared that its board has authorized a share buyback plan on Thursday, July 20th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to buy up to 7.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

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In other news, VP Christopher J. Neil sold 3,500 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $45.67, for a total transaction of $159,845.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Vivek Jain sold 10,000 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $45.21, for a total transaction of $452,100.00. The disclosure for this sale can be found here. Insiders have sold 136,443 shares of company stock worth $6,266,251 in the last quarter. Company insiders own 1.11% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of MXIM. Proficio Capital Partners LLC boosted its stake in shares of Maxim Integrated Products by 51.4% during the first quarter. Proficio Capital Partners LLC now owns 2,251 shares of the semiconductor company’s stock valued at $106,000 after purchasing an additional 764 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Maxim Integrated Products by 16.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,371 shares of the semiconductor company’s stock valued at $106,000 after purchasing an additional 343 shares during the period. Highstreet Asset Management Inc. purchased a new stake in shares of Maxim Integrated Products during the second quarter valued at $115,000. Acrospire Investment Management LLC boosted its stake in shares of Maxim Integrated Products by 133.3% during the second quarter. Acrospire Investment Management LLC now owns 2,800 shares of the semiconductor company’s stock valued at $126,000 after purchasing an additional 1,600 shares during the period. Finally, Duncker Streett & Co. Inc. boosted its stake in shares of Maxim Integrated Products by 21.1% during the second quarter. Duncker Streett & Co. Inc. now owns 2,874 shares of the semiconductor company’s stock valued at $129,000 after purchasing an additional 500 shares during the period. 89.49% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Maxim Integrated Products (NASDAQ:MXIM)

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