Maxim Integrated Products (MXIM) Board Initiates Stock Repurchase Plan
Maxim Integrated Products (NASDAQ:MXIM) declared that its board has authorized a share buyback program, which authorizes the company to buyback $1.00 billion in outstanding shares on Thursday, July 20th, EventVestor reports. This buyback authorization authorizes the semiconductor company to reacquire up to 7.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
A number of equities analysts have weighed in on MXIM shares. Zacks Investment Research raised Maxim Integrated Products from a “hold” rating to a “buy” rating and set a $51.00 price objective on the stock in a research note on Tuesday, March 28th. Macquarie started coverage on Maxim Integrated Products in a research note on Friday, March 31st. They set an “outperform” rating and a $52.00 price objective on the stock. MKM Partners started coverage on Maxim Integrated Products in a research note on Friday, April 7th. They set a “neutral” rating and a $48.00 price objective on the stock. Drexel Hamilton reissued a “buy” rating and set a $52.00 price objective (up previously from $46.00) on shares of Maxim Integrated Products in a research note on Friday, April 14th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $50.00 price objective (up previously from $44.00) on shares of Maxim Integrated Products in a research note on Friday, April 14th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $47.44.
Maxim Integrated Products (NASDAQ:MXIM) traded down 5.85% during trading on Friday, reaching $45.04. The company had a trading volume of 3,377,683 shares. Maxim Integrated Products has a 12 month low of $37.25 and a 12 month high of $49.70. The company has a market capitalization of $12.73 billion, a P/E ratio of 25.89 and a beta of 1.04. The firm’s 50 day moving average is $46.55 and its 200-day moving average is $45.01.
Maxim Integrated Products (NASDAQ:MXIM) last announced its quarterly earnings data on Thursday, July 20th. The semiconductor company reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.01. The business had revenue of $602 million during the quarter, compared to the consensus estimate of $609.52 million. Maxim Integrated Products had a return on equity of 26.73% and a net margin of 22.16%. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.49 earnings per share. On average, equities analysts expect that Maxim Integrated Products will post $2.37 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 14th. Investors of record on Thursday, August 31st will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 3.01%. This is a boost from Maxim Integrated Products’s previous quarterly dividend of $0.33. Maxim Integrated Products’s dividend payout ratio (DPR) is presently 75.86%.
In related news, VP Vivek Jain sold 616 shares of Maxim Integrated Products stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $46.85, for a total value of $28,859.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Christopher J. Neil sold 51,000 shares of Maxim Integrated Products stock in a transaction on Monday, May 1st. The shares were sold at an average price of $44.24, for a total value of $2,256,240.00. The disclosure for this sale can be found here. Insiders sold 241,548 shares of company stock worth $11,148,556 in the last quarter. 1.30% of the stock is owned by insiders.
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Maxim Integrated Products Company Profile
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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