Maxim Integrated (MXIM) Stock Closed Higher on Q4 Earnings
NEW YORK (TheStreet) -- Shares of Maxim Integrated Products (MXIM) - Get Report closed up 1.7% to $38.35 on heavy trading volume Friday after the company posted higher-than-expected earnings for the 2016 fiscal fourth quarter.
After yesterday's closing bell, the San Jose, CA-based semiconductor company posted earnings of 49 cents per share, surpassing analysts' estimates by a penny.
Revenue increased 2% to $566 million from last year, but fell short of analysts' expectations of $575.5 million.
For the 2017 fiscal first quarter, the company forecasts adjusted earnings per share between 44 cents and 50 cents on revenue of $540 million to $580 million. Analysts are modeling earnings of 48 cents per share on revenue of $568.9 million.
Maxim also raised its quarterly dividend 10% to 33 cents per share. It will be paid on September 1 to stockholders of record as of August 18.
"We are confident in our ability to continue improving profitability, drive free cash flow growth, and maintain leadership in the return of cash to shareholders," CEO Tunc Doluca said in a statement.
About 3.3 million of the company's shares changed hands today, above its average volume of 2.08 million shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of A- on the stock.
The team believes its strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: MXIM