State Board of Administration of Florida Retirement System cut its stake in shares of Maxim Integrated Products, Inc. (NASDAQ:MXIM) by 0.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 429,524 shares of the semiconductor company’s stock after selling 86 shares during the period. State Board of Administration of Florida Retirement System owned about 0.15% of Maxim Integrated Products worth $19,286,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Proficio Capital Partners LLC increased its stake in Maxim Integrated Products by 51.4% in the first quarter. Proficio Capital Partners LLC now owns 2,251 shares of the semiconductor company’s stock worth $106,000 after buying an additional 764 shares during the last quarter. Duncker Streett & Co. Inc. increased its stake in Maxim Integrated Products by 57.8% in the first quarter. Duncker Streett & Co. Inc. now owns 2,374 shares of the semiconductor company’s stock worth $107,000 after buying an additional 870 shares during the last quarter. Highstreet Asset Management Inc. purchased a new stake in Maxim Integrated Products during the second quarter worth approximately $115,000. TrimTabs Asset Management LLC increased its stake in Maxim Integrated Products by 89.0% in the first quarter. TrimTabs Asset Management LLC now owns 2,854 shares of the semiconductor company’s stock worth $128,000 after buying an additional 1,344 shares during the last quarter. Finally, Toronto Dominion Bank increased its stake in Maxim Integrated Products by 26.1% in the first quarter. Toronto Dominion Bank now owns 3,099 shares of the semiconductor company’s stock worth $139,000 after buying an additional 642 shares during the last quarter. Institutional investors own 90.20% of the company’s stock.
Maxim Integrated Products, Inc. (NASDAQ:MXIM) opened at 45.04 on Friday. The stock’s 50 day moving average is $45.44 and its 200 day moving average is $45.54. The company has a market cap of $12.70 billion, a PE ratio of 22.75 and a beta of 1.04. Maxim Integrated Products, Inc. has a 12 month low of $37.25 and a 12 month high of $49.70.
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, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.01. The company had revenue of $602 million for the quarter, compared to analyst estimates of $609.52 million. Maxim Integrated Products had a net margin of 24.90% and a return on equity of 28.26%. The company’s revenue was up 6.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.49 earnings per share. Equities analysts predict that Maxim Integrated Products, Inc. will post $2.34 earnings per share for the current year.
Maxim Integrated Products declared that its board has approved a stock buyback plan on Thursday, July 20th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase up to 7.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Stockholders of record on Thursday, August 31st will be given a $0.36 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This is a positive change from Maxim Integrated Products’s previous quarterly dividend of $0.33. This represents a $1.44 annualized dividend and a dividend yield of 3.20%. Maxim Integrated Products’s dividend payout ratio is presently 66.33%.
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MXIM has been the subject of a number of research analyst reports. BidaskClub downgraded Maxim Integrated Products from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 17th. Loop Capital restated a “buy” rating and set a $43.00 price objective on shares of Maxim Integrated Products in a report on Tuesday. Zacks Investment Research upgraded Maxim Integrated Products from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Friday, June 9th. Morgan Stanley upped their price objective on Maxim Integrated Products from $37.00 to $40.00 and gave the stock an “underweight” rating in a report on Monday, July 17th. Finally, Jefferies Group LLC restated a “buy” rating on shares of Maxim Integrated Products in a report on Tuesday, July 11th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $47.17.
In related news, CEO Tunc Doluca sold 6,000 shares of the company’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $49.00, for a total value of $294,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Bryan Preeshl sold 1,234 shares of the company’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $45.71, for a total transaction of $56,406.14. The disclosure for this sale can be found here. Insiders sold 161,880 shares of company stock worth $7,533,767 over the last three months. Insiders own 1.30% of the company’s stock.
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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