Maxim Integrated Products, Inc. (NASDAQ:MXIM) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Monday. The firm currently has a $58.00 target price on the semiconductor company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.35% from the company’s current price.

According to Zacks, “Maxim is an OEM of analog and mixed signal ICs. The company's first-quarter earnings surpass the Zacks Consensus Estimate on the back of solid performances by industrial and automotive segments. On a year to date basis, the stock has outperformed the industry to which it belongs to. Maxim has a solid portfolio that generates steady design wins, a highly profitable and well-diversified core business, a policy of maintaining efficiency that has led to cost cutting measures and regular cash returns.  Maxim’s exposure to the consumer and communications markets increases risks. However, the diversification of the consumer revenue across a variety of tablets, wearables, peripherals and smartphones is adding stability to the company’s business profile.”

MXIM has been the subject of several other research reports. Jefferies Group LLC reaffirmed a “buy” rating on shares of Maxim Integrated Products in a report on Tuesday, July 11th. Wells Fargo & Company lifted their price objective on Maxim Integrated Products from $44.00 to $50.00 and gave the stock a “market perform” rating in a report on Friday. BMO Capital Markets lifted their price objective on Maxim Integrated Products from $47.00 to $50.00 and gave the stock a “market perform” rating in a report on Friday. BidaskClub raised Maxim Integrated Products from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, B. Riley reaffirmed a “hold” rating and issued a $47.00 price objective on shares of Maxim Integrated Products in a report on Monday, October 16th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Maxim Integrated Products currently has a consensus rating of “Hold” and a consensus price target of $52.14.

Shares of Maxim Integrated Products (MXIM) traded up 0.52% on Monday, hitting $52.36. The stock had a trading volume of 943,063 shares. The stock has a 50 day moving average of $47.85 and a 200-day moving average of $46.26. The stock has a market cap of $14.77 billion, a PE ratio of 26.44 and a beta of 1.05. Maxim Integrated Products has a 12 month low of $37.32 and a 12 month high of $53.10.

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

Maxim Integrated Products announced that its board has approved a stock 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 reacquire up to 7.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

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In other news, VP Vivek Jain sold 10,000 shares of Maxim Integrated Products stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $45.21, for a total transaction of $452,100.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Tunc Doluca sold 12,000 shares of Maxim Integrated Products stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $45.60, for a total transaction of $547,200.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 136,443 shares of company stock worth $6,266,251. Corporate insiders own 1.11% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Fiera Capital Corp raised its position in shares of Maxim Integrated Products by 0.7% during the 2nd quarter. Fiera Capital Corp now owns 15,596 shares of the semiconductor company’s stock valued at $700,000 after buying an additional 107 shares during the period. Gateway Investment Advisers LLC raised its position in shares of Maxim Integrated Products by 2.1% during the 2nd quarter. Gateway Investment Advisers LLC now owns 8,871 shares of the semiconductor company’s stock valued at $398,000 after buying an additional 181 shares during the period. Ropes Wealth Advisors LLC raised its position in shares of Maxim Integrated Products by 5.8% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 4,248 shares of the semiconductor company’s stock valued at $191,000 after buying an additional 234 shares during the period. Weaver C. Barksdale & Associates Inc. raised its position in shares of Maxim Integrated Products by 0.8% during the 2nd quarter. Weaver C. Barksdale & Associates Inc. now owns 31,651 shares of the semiconductor company’s stock valued at $1,421,000 after buying an additional 240 shares during the period. Finally, Xact Kapitalforvaltning AB raised its position in shares of Maxim Integrated Products by 1.0% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 30,734 shares of the semiconductor company’s stock valued at $1,380,000 after buying an additional 315 shares during the period. 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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