Chemical Bank Acquires Shares of 5,880 Maxim Integrated Products, Inc. (MXIM)

Chemical Bank acquired a new stake in shares of Maxim Integrated Products, Inc. (NASDAQ:MXIM) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 5,880 shares of the semiconductor company’s stock, valued at approximately $264,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Fiera Capital Corp raised its stake in shares of Maxim Integrated Products by 0.7% during the second quarter. Fiera Capital Corp now owns 15,596 shares of the semiconductor company’s stock valued at $700,000 after purchasing an additional 107 shares in the last quarter. Gateway Investment Advisers LLC raised its stake in shares of Maxim Integrated Products by 2.1% during the second quarter. Gateway Investment Advisers LLC now owns 8,871 shares of the semiconductor company’s stock valued at $398,000 after purchasing an additional 181 shares in the last quarter. Weaver C. Barksdale & Associates Inc. raised its stake in shares of Maxim Integrated Products by 0.8% during the second quarter. Weaver C. Barksdale & Associates Inc. now owns 31,651 shares of the semiconductor company’s stock valued at $1,421,000 after purchasing an additional 240 shares in the last quarter. Foresters Investment Management Company Inc. raised its stake in shares of Maxim Integrated Products by 4.5% during the first quarter. Foresters Investment Management Company Inc. now owns 7,000 shares of the semiconductor company’s stock valued at $315,000 after purchasing an additional 300 shares in the last quarter. Finally, Xact Kapitalforvaltning AB raised its stake in shares of Maxim Integrated Products by 1.0% during the second quarter. Xact Kapitalforvaltning AB now owns 30,734 shares of the semiconductor company’s stock valued at $1,380,000 after purchasing an additional 315 shares in the last quarter. Institutional investors and hedge funds own 90.14% of the company’s stock.

A number of equities research analysts recently weighed in on the stock. B. Riley restated a “neutral” rating and set a $47.00 price objective on shares of Maxim Integrated Products in a research note on Tuesday, September 12th. Maxim Group reaffirmed a “buy” rating on shares of Maxim Integrated Products in a report on Wednesday, September 6th. Drexel Hamilton reaffirmed a “buy” rating and set a $52.00 target price on shares of Maxim Integrated Products in a report on Wednesday, September 6th. Loop Capital reaffirmed a “buy” rating and set a $53.00 target price on shares of Maxim Integrated Products in a report on Thursday, August 31st. Finally, BidaskClub lowered Maxim Integrated Products from a “buy” rating to a “hold” rating in a report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $48.06.

Maxim Integrated Products, Inc. (NASDAQ MXIM) opened at 47.00 on Friday. Maxim Integrated Products, Inc. has a 12-month low of $37.25 and a 12-month high of $49.70. The company’s 50-day moving average price is $45.48 and its 200-day moving average price is $45.67. The firm has a market capitalization of $13.26 billion, a price-to-earnings ratio of 23.74 and a beta of 1.04.

Maxim Integrated Products (NASDAQ:MXIM) last issued its quarterly earnings results on Thursday, July 20th. The semiconductor company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.01. Maxim Integrated Products had a return on equity of 28.26% and a net margin of 24.90%. The business had revenue of $602.00 million for the quarter, compared to analyst estimates of $609.52 million. During the same quarter in the prior year, the firm posted $0.49 earnings per share. The firm’s revenue for the quarter was up 6.3% compared to the same quarter last year. Equities analysts expect that Maxim Integrated Products, Inc. will post $2.34 EPS for the current fiscal year.

Maxim Integrated Products declared that its board has authorized a stock repurchase plan on Thursday, July 20th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 7.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

The business also recently announced a quarterly dividend, which was paid on Thursday, September 14th. Shareholders of record on Thursday, August 31st were paid a $0.36 dividend. This is a positive change from Maxim Integrated Products’s previous quarterly dividend of $0.33. The ex-dividend date was Tuesday, August 29th. This represents a $1.44 annualized dividend and a yield of 3.06%. Maxim Integrated Products’s dividend payout ratio is presently 72.36%.

In other Maxim Integrated Products news, CEO Tunc Doluca sold 21,000 shares of the stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $46.88, for a total value of $984,480.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Bruce E. Kiddoo sold 25,000 shares of the stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $45.28, for a total value of $1,132,000.00. The disclosure for this sale can be found here. Insiders sold 133,443 shares of company stock worth $6,077,906 in the last three months. Insiders own 1.30% of the company’s stock.

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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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Institutional Ownership by Quarter for Maxim Integrated Products (NASDAQ:MXIM)

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