Maxim Integrated Products, Inc. (MXIM) Updates Q3 Earnings Guidance

Maxim Integrated Products, Inc. (MXIM) Updates Q3 Earnings Guidance

Maxim Integrated Products, Inc. (NASDAQ:MXIM) updated its third quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.49-0.55 for the period, compared to the Thomson Reuters consensus estimate of $0.50. The company issued revenue guidance of $555-595, compared to the consensus revenue estimate of $568.33 million.

A number of brokerages recently weighed in on MXIM. B. Riley reiterated a neutral rating and set a $38.50 price objective on shares of Maxim Integrated Products in a report on Thursday, October 27th. RBC Capital Markets lifted their price objective on shares of Maxim Integrated Products from $40.00 to $45.00 and gave the company a sector perform rating in a report on Friday. Bank of America Corporation upgraded shares of Maxim Integrated Products from a neutral rating to a buy rating and decreased their price objective for the company from $51.00 to $43.00 in a report on Friday. Drexel Hamilton lifted their price objective on shares of Maxim Integrated Products from $46.00 to $52.00 and gave the company a buy rating in a report on Friday. Finally, Royal Bank Of Canada lifted their price objective on shares of Maxim Integrated Products from $40.00 to $45.00 and gave the company a sector perform rating in a report on Friday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have given a buy rating to the company. Maxim Integrated Products presently has a consensus rating of Buy and an average price target of $42.95.

Shares of Maxim Integrated Products, Inc. (NASDAQ:MXIM) opened at 44.71 on Monday. The stock has a market cap of $12.67 billion, a P/E ratio of 25.96 and a beta of 1.10. The firm’s 50-day moving average is $40.05 and its 200 day moving average is $39.67. Maxim Integrated Products, Inc. has a 52-week low of $30.31 and a 52-week high of $45.27.

Maxim Integrated Products (NASDAQ:MXIM) last issued its quarterly earnings results on Thursday, January 26th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The business had revenue of $551 million for the quarter, compared to analysts’ expectations of $542.69 million. Maxim Integrated Products had a net margin of 22.39% and a return on equity of 24.87%. The business’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.32 earnings per share. Analysts forecast that Maxim Integrated Products, Inc. will post $2.03 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 16th. Stockholders of record on Thursday, March 2nd will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Tuesday, February 28th. This represents a $1.32 annualized dividend and a dividend yield of 2.95%. Maxim Integrated Products’s dividend payout ratio is presently 76.30%.

In other news, Director James R. Bergman sold 2,000 shares of the stock in a transaction dated Monday, November 28th. The shares were sold at an average price of $40.17, for a total transaction of $80,340.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Christopher J. Neil sold 10,000 shares of the stock in a transaction dated Monday, January 9th. The stock was sold at an average price of $40.00, for a total transaction of $400,000.00. The disclosure for this sale can be found here. Insiders have sold 97,317 shares of company stock worth $3,939,180 in the last three months. Corporate insiders own 1.30% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. FMR LLC boosted its stake in shares of Maxim Integrated Products by 0.3% in the second quarter. FMR LLC now owns 21,422,164 shares of the company’s stock valued at $764,557,000 after buying an additional 71,389 shares during the period. American Century Companies Inc. boosted its stake in shares of Maxim Integrated Products by 18.1% in the second quarter. American Century Companies Inc. now owns 9,717,183 shares of the company’s stock valued at $346,806,000 after buying an additional 1,486,323 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Maxim Integrated Products by 8.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 7,948,197 shares of the company’s stock valued at $283,671,000 after buying an additional 637,569 shares during the period. State Street Corp boosted its stake in shares of Maxim Integrated Products by 0.8% in the second quarter. State Street Corp now owns 5,757,705 shares of the company’s stock valued at $205,485,000 after buying an additional 45,084 shares during the period. Finally, BlackRock Fund Advisors boosted its stake in shares of Maxim Integrated Products by 3.5% in the second quarter. BlackRock Fund Advisors now owns 3,879,978 shares of the company’s stock valued at $138,476,000 after buying an additional 131,364 shares during the period. 90.41% 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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