Maxim Integrated Products (NASDAQ:MXIM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday.
According to Zacks, “Maxim’s solid momentum across the automotive market remains a major positive. Further, the company remains optimistic about its flexible manufacturing strategy which is expected to aid margin expansion. Notably, the stock has outperformed the industry it belongs to over a year. However, Maxim's high dependence on Samsung is a risk to its growth trajectory. Also, the company is suffering from sluggish bookings and weakening momentum across its customers. These are affecting the company’s position in the industrial market. Further, it is experiencing seasonal fluctuations in the consumer market which remains an overhang. Also, slowing shipment of 100G optical module is likely to impact the company’s performance in data center market.”
MXIM has been the topic of a number of other reports. BidaskClub raised shares of Maxim Integrated Products from a “sell” rating to a “hold” rating in a report on Friday, November 23rd. Goldman Sachs Group lowered shares of Maxim Integrated Products from a “neutral” rating to a “sell” rating in a report on Thursday, October 18th. Morgan Stanley dropped their price objective on shares of Maxim Integrated Products from $59.00 to $54.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 31st. SunTrust Banks dropped their price objective on shares of Maxim Integrated Products to $51.00 and set a “hold” rating on the stock in a report on Wednesday, October 31st. Finally, Jefferies Financial Group dropped their price objective on shares of Maxim Integrated Products from $68.00 to $60.00 and set a “buy” rating on the stock in a report on Wednesday, October 31st. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and five have given a buy rating to the stock. Maxim Integrated Products has a consensus rating of “Hold” and an average price target of $60.71.
Maxim Integrated Products (NASDAQ:MXIM) last announced its quarterly earnings data on Tuesday, October 30th. The semiconductor company reported $0.75 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.75. The firm had revenue of $638.50 million for the quarter, compared to analyst estimates of $635.19 million. Maxim Integrated Products had a net margin of 20.06% and a return on equity of 41.83%. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.60 earnings per share. As a group, sell-side analysts predict that Maxim Integrated Products will post 2.69 earnings per share for the current fiscal year.
In related news, insider Bryan Preeshl sold 924 shares of the business’s stock in a transaction on Thursday, December 13th. The shares were sold at an average price of $53.65, for a total transaction of $49,572.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Tunc Doluca sold 7,500 shares of the business’s stock in a transaction on Monday, December 3rd. The shares were sold at an average price of $56.98, for a total transaction of $427,350.00. The disclosure for this sale can be found here. Insiders have sold 43,671 shares of company stock valued at $2,448,005 over the last 90 days. 0.85% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Avitas Wealth Management LLC lifted its position in Maxim Integrated Products by 4.5% during the third quarter. Avitas Wealth Management LLC now owns 57,193 shares of the semiconductor company’s stock valued at $3,225,000 after purchasing an additional 2,454 shares during the period. Tower Research Capital LLC TRC acquired a new position in shares of Maxim Integrated Products in the second quarter worth about $578,000. Cullinan Associates Inc. raised its position in shares of Maxim Integrated Products by 5.3% in the third quarter. Cullinan Associates Inc. now owns 262,400 shares of the semiconductor company’s stock worth $14,797,000 after acquiring an additional 13,120 shares during the period. Vanguard Group Inc raised its position in shares of Maxim Integrated Products by 0.5% in the third quarter. Vanguard Group Inc now owns 28,025,275 shares of the semiconductor company’s stock worth $1,580,346,000 after acquiring an additional 150,909 shares during the period. Finally, Kepos Capital LP acquired a new position in shares of Maxim Integrated Products in the third quarter worth about $3,075,000. Institutional investors own 91.77% of the company’s stock.
Maxim Integrated Products Company Profile
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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