Acadian Asset Management LLC cut its position in Maxim Integrated Products, Inc. (NASDAQ:MXIM) by 81.7% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 8,166 shares of the semiconductor company’s stock after selling 36,345 shares during the period. Acadian Asset Management LLC’s holdings in Maxim Integrated Products were worth $367,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of Maxim Integrated Products by 2,247.2% in the first quarter. BlackRock Inc. now owns 17,583,071 shares of the semiconductor company’s stock worth $790,536,000 after buying an additional 16,833,967 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Maxim Integrated Products by 10.6% in the first quarter. American Century Companies Inc. now owns 12,156,414 shares of the semiconductor company’s stock worth $546,552,000 after buying an additional 1,168,581 shares during the last quarter. OppenheimerFunds Inc. boosted its position in shares of Maxim Integrated Products by 33.7% in the first quarter. OppenheimerFunds Inc. now owns 11,693,483 shares of the semiconductor company’s stock worth $525,738,000 after buying an additional 2,948,722 shares during the last quarter. State Street Corp boosted its position in shares of Maxim Integrated Products by 5.2% in the first quarter. State Street Corp now owns 6,355,322 shares of the semiconductor company’s stock worth $285,716,000 after buying an additional 314,953 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Maxim Integrated Products by 6.1% in the first quarter. Bank of America Corp DE now owns 2,554,216 shares of the semiconductor company’s stock worth $114,838,000 after buying an additional 147,595 shares during the last quarter. 90.20% of the stock is owned by institutional investors and hedge funds.
Maxim Integrated Products, Inc. (NASDAQ:MXIM) traded down 0.77% on Tuesday, hitting $45.09. The stock had a trading volume of 565,286 shares. Maxim Integrated Products, Inc. has a 12-month low of $37.25 and a 12-month high of $49.70. The company has a 50 day moving average of $45.50 and a 200 day moving average of $45.55. The company has a market capitalization of $12.75 billion, a PE ratio of 22.77 and a beta of 1.04.
Maxim Integrated Products (NASDAQ:MXIM) last issued its quarterly earnings data on Thursday, July 20th. The semiconductor company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.01. Maxim Integrated Products had a net margin of 24.90% and a return on equity of 28.45%. The company had revenue of $602 million for the quarter, compared to analysts’ expectations of $609.52 million. During the same quarter in the previous year, the firm posted $0.49 earnings per share. Maxim Integrated Products’s revenue for the quarter was up 6.3% on a year-over-year basis. On average, equities analysts expect that Maxim Integrated Products, Inc. will post $2.34 earnings per share for the current year.
Maxim Integrated Products announced that its Board of Directors has authorized a stock repurchase program on Thursday, July 20th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 7.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Investors of record on Thursday, August 31st will be paid a $0.36 dividend. This is a boost from Maxim Integrated Products’s previous quarterly dividend of $0.33. The ex-dividend date is Tuesday, August 29th. This represents a $1.44 annualized dividend and a dividend yield of 3.17%. Maxim Integrated Products’s payout ratio is currently 66.33%.
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A number of equities analysts have recently issued reports on MXIM shares. Zacks Investment Research raised Maxim Integrated Products from a “hold” rating to a “buy” rating and set a $51.00 target price for the company in a report on Monday, April 24th. Evercore ISI reaffirmed an “in-line” rating on shares of Maxim Integrated Products in a report on Friday, April 21st. BidaskClub cut Maxim Integrated Products from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Jefferies Group LLC reaffirmed a “buy” rating and set a $51.00 price target (up from $49.00) on shares of Maxim Integrated Products in a report on Monday, April 24th. Finally, Morgan Stanley raised their price target on Maxim Integrated Products from $37.00 to $40.00 and gave the company an “underweight” rating in a report on Monday, July 17th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $47.61.
In related news, VP Vivek Jain sold 616 shares of the business’s stock in a transaction on Monday, May 22nd. The shares were 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 link. Also, CEO Tunc Doluca sold 3,000 shares of the business’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $47.00, for a total transaction of $141,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 142,548 shares of company stock worth $6,711,961. 1.30% of the stock is currently owned by insiders.
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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