Stifel Nicolaus Downgrades Maxim Integrated Products (MXIM) to Hold

Stifel Nicolaus lowered shares of Maxim Integrated Products (NASDAQ:MXIM) from a buy rating to a hold rating in a research report report published on Wednesday, September 12th, The Fly reports. They currently have $65.00 target price on the semiconductor company’s stock, down from their prior target price of $75.00.

Several other brokerages have also recently issued reports on MXIM. Maxim Group reissued a hold rating on shares of Maxim Integrated Products in a research note on Thursday, June 14th. ValuEngine cut shares of Maxim Integrated Products from a buy rating to a hold rating in a research note on Friday, September 7th. Loop Capital started coverage on shares of Maxim Integrated Products in a report on Friday, June 22nd. They set a buy rating and a $70.00 target price on the stock. KeyCorp lifted their target price on shares of Maxim Integrated Products from $65.00 to $68.00 and gave the company an overweight rating in a report on Friday, July 27th. Finally, BidaskClub lowered shares of Maxim Integrated Products from a strong-buy rating to a buy rating in a report on Friday, June 8th. Seventeen investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Maxim Integrated Products presently has a consensus rating of Hold and an average price target of $61.89.

Shares of NASDAQ MXIM traded down $2.30 during trading on Wednesday, hitting $53.41. 3,317,239 shares of the company traded hands, compared to its average volume of 2,463,683. Maxim Integrated Products has a 1 year low of $48.27 and a 1 year high of $74.94. The stock has a market capitalization of $15.68 billion, a PE ratio of 19.71, a P/E/G ratio of 1.56 and a beta of 1.19. The company has a quick ratio of 3.67, a current ratio of 4.03 and a debt-to-equity ratio of 0.51.

Maxim Integrated Products (NASDAQ:MXIM) last announced its quarterly earnings data on Thursday, July 26th. The semiconductor company reported $0.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.03. Maxim Integrated Products had a net margin of 18.84% and a return on equity of 37.83%. The company had revenue of $633.10 million during the quarter, compared to analysts’ expectations of $630.39 million. During the same period in the previous year, the company earned $0.63 EPS. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. Equities research analysts expect that Maxim Integrated Products will post 3.1 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 13th. Shareholders of record on Thursday, August 30th were issued a $0.46 dividend. The ex-dividend date was Wednesday, August 29th. This represents a $1.84 dividend on an annualized basis and a yield of 3.45%. This is a positive change from Maxim Integrated Products’s previous quarterly dividend of $0.42. Maxim Integrated Products’s payout ratio is currently 67.90%.

In other news, CEO Tunc Doluca sold 5,000 shares of the business’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $56.80, for a total value of $284,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Bruce E. Kiddoo sold 25,000 shares of the business’s stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $63.00, for a total transaction of $1,575,000.00. The disclosure for this sale can be found here. Insiders sold a total of 57,879 shares of company stock worth $3,553,301 in the last quarter. 1.11% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MXIM. Wells Fargo & Company MN increased its position in shares of Maxim Integrated Products by 1.7% in the 1st quarter. Wells Fargo & Company MN now owns 6,884,714 shares of the semiconductor company’s stock worth $414,597,000 after purchasing an additional 118,293 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Maxim Integrated Products by 15.7% in the 1st quarter. Prudential Financial Inc. now owns 43,785 shares of the semiconductor company’s stock worth $2,637,000 after purchasing an additional 5,951 shares during the last quarter. State of Wisconsin Investment Board increased its position in shares of Maxim Integrated Products by 10.5% in the 1st quarter. State of Wisconsin Investment Board now owns 329,336 shares of the semiconductor company’s stock worth $19,833,000 after purchasing an additional 31,180 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Maxim Integrated Products by 6.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,314,605 shares of the semiconductor company’s stock worth $79,166,000 after purchasing an additional 83,816 shares during the last quarter. Finally, ING Groep NV bought a new stake in shares of Maxim Integrated Products in the 1st quarter worth about $2,321,000. 90.72% of the stock is owned by institutional investors.

About Maxim Integrated Products

Maxim Integrated Products, Inc designs, develops, manufactures, and markets a range of linear and mixed-signal integrated circuits in the United States, China, the rest of Asia, Europe, and internationally. The company also provides a range of high-frequency process technologies and capabilities for use in custom designs.

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