Maxim Integrated Products Inc. (NASDAQ:MXIM) was the target of a large drop in short interest in the month of July. As of July 31st, there was short interest totalling 5,218,900 shares, a drop of 10.2% from the June 30th total of 5,814,400 shares. Based on an average daily volume of 1,730,000 shares, the days-to-cover ratio is currently 3.0 days. Currently, 1.9% of the company’s shares are sold short.
Shares of MXIM traded down $1.59 during midday trading on Wednesday, reaching $52.44. 113,138 shares of the stock were exchanged, compared to its average volume of 1,882,665. Maxim Integrated Products has a 12-month low of $46.64 and a 12-month high of $65.73. The business has a 50 day simple moving average of $59.87. The company has a debt-to-equity ratio of 0.54, a quick ratio of 6.18 and a current ratio of 6.84. The firm has a market cap of $14.74 billion, a P/E ratio of 21.56, a price-to-earnings-growth ratio of 2.09 and a beta of 1.38.
Maxim Integrated Products (NASDAQ:MXIM) last posted its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.57. Maxim Integrated Products had a return on equity of 37.75% and a net margin of 35.76%. The company had revenue of $557.00 million during the quarter, compared to the consensus estimate of $559.97 million. During the same period last year, the business earned $0.73 EPS. The business’s quarterly revenue was down 12.0% on a year-over-year basis. As a group, sell-side analysts predict that Maxim Integrated Products will post 2.21 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Thursday, August 29th will be paid a dividend of $0.48 per share. The ex-dividend date is Wednesday, August 28th. This is an increase from Maxim Integrated Products’s previous quarterly dividend of $0.46. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.66%. Maxim Integrated Products’s dividend payout ratio (DPR) is 75.72%.
A number of research firms recently weighed in on MXIM. Barclays increased their price target on Maxim Integrated Products from $58.00 to $60.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 1st. Deutsche Bank set a $70.00 price objective on Maxim Integrated Products and gave the stock a “buy” rating in a research report on Friday, July 26th. Benchmark started coverage on Maxim Integrated Products in a research report on Thursday, August 1st. They set a “hold” rating for the company. Maxim Group restated a “buy” rating and set a $70.00 price objective on shares of Maxim Integrated Products in a research report on Wednesday, May 1st. Finally, BidaskClub lowered Maxim Integrated Products from a “hold” rating to a “sell” rating in a research report on Wednesday. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $61.75.
In related news, CEO Tunc Doluca sold 7,000 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $61.16, for a total value of $428,120.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph R. Bronson sold 12,600 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.07, for a total value of $706,482.00. The disclosure for this sale can be found here. Insiders sold a total of 34,100 shares of company stock valued at $1,964,877 in the last quarter. 0.85% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of MXIM. First Republic Investment Management Inc. raised its stake in shares of Maxim Integrated Products by 3.4% in the 1st quarter. First Republic Investment Management Inc. now owns 18,786 shares of the semiconductor company’s stock valued at $999,000 after acquiring an additional 615 shares in the last quarter. OLD National Bancorp IN raised its stake in shares of Maxim Integrated Products by 8.5% in the 2nd quarter. OLD National Bancorp IN now owns 53,480 shares of the semiconductor company’s stock valued at $3,199,000 after acquiring an additional 4,186 shares in the last quarter. Cordatus Wealth Management LLC bought a new position in shares of Maxim Integrated Products in the 1st quarter valued at approximately $940,000. AdvisorNet Financial Inc raised its stake in shares of Maxim Integrated Products by 10.4% in the 2nd quarter. AdvisorNet Financial Inc now owns 4,242 shares of the semiconductor company’s stock valued at $254,000 after acquiring an additional 400 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. raised its stake in shares of Maxim Integrated Products by 2.2% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 40,852 shares of the semiconductor company’s stock valued at $2,171,000 after acquiring an additional 890 shares in the last quarter. 93.69% of the stock is owned by institutional investors.
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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