Maxim Integrated Products Inc. (NASDAQ:MXIM) declared a quarterly dividend on Thursday, July 20th, RTT News reports. Investors of record on Thursday, August 31st will be paid a dividend of 0.36 per share by the semiconductor company on Thursday, September 14th. This represents a $1.44 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend is Tuesday, August 29th. This is a boost from Maxim Integrated Products’s previous quarterly dividend of $0.33.
Maxim Integrated Products has raised its dividend payment by an average of 8.0% per year over the last three years and has raised its dividend annually for the last 7 consecutive years. Maxim Integrated Products has a dividend payout ratio of 61.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Maxim Integrated Products to earn $2.48 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 58.1%.
Maxim Integrated Products (NASDAQ MXIM) opened at 44.83 on Thursday. The firm has a market cap of $12.64 billion, a P/E ratio of 22.64 and a beta of 1.04. Maxim Integrated Products has a one year low of $37.25 and a one year high of $49.70. The company has a 50-day moving average of $45.42 and a 200 day moving average of $45.54.
Maxim Integrated Products (NASDAQ:MXIM) last released its earnings results on Thursday, July 20th. The semiconductor company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.01. Maxim Integrated Products had a return on equity of 30.03% and a net margin of 27.13%. The company had revenue of $602 million for the quarter, compared to the consensus estimate of $609.52 million. During the same quarter last year, the business posted $0.49 EPS. Maxim Integrated Products’s quarterly revenue was up 6.3% compared to the same quarter last year. Equities research analysts expect that Maxim Integrated Products will post $2.34 earnings per share for the current fiscal year.
In related news, CEO Tunc Doluca sold 12,000 shares of Maxim Integrated Products stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $44.72, for a total value of $536,640.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Vivek Jain sold 47,700 shares of Maxim Integrated Products stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $47.91, for a total value of $2,285,307.00. The disclosure for this sale can be found here. Insiders sold a total of 161,880 shares of company stock worth $7,533,767 over the last 90 days. Insiders own 1.30% of the company’s stock.
Several analysts recently issued reports on the company. B. Riley reissued a “neutral” rating and issued a $44.00 price target on shares of Maxim Integrated Products in a report on Wednesday, April 26th. BidaskClub downgraded Maxim Integrated Products from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 17th. Maxim Group assumed coverage on Maxim Integrated Products in a report on Friday, June 16th. They issued a “market perform” rating on the stock. Jefferies Group LLC reissued a “buy” rating on shares of Maxim Integrated Products in a report on Tuesday, July 11th. Finally, Morgan Stanley raised their target price on Maxim Integrated Products from $37.00 to $40.00 and gave the company an “underweight” rating in a research 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 given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $47.17.
Maxim Integrated Products announced that its Board of Directors has initiated a stock repurchase program on Thursday, July 20th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to reacquire up to 7.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
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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