Notable Insider Trading: Maxim Integrated Products Inc. (MXIM)

Maxim Integrated Products Inc. (NASDAQ:MXIM) insider has recently participated in insider trading activity. VP and Principal Acct Officer, Caron David sold 6,711 shares for $ 224,750 via one transaction Feb 17. Following the transaction, the insider now owns 15,785 shares in total, priced at $ 520905 as of Thursday. Another notable insider trading was done by the same insider on Feb 16. Caron David sold 9,309 shares at an average price of $ 33.16 for a total of $ 308,709. Moreover, BERGMAN JAMES R carried out a sale of 27,250 shares at $ 31.81 each on Jan 26. The transaction amounted to $ 866,888. SENIOR VP NEIL CHRISTOPHER J sold 23,000 shares for $ 787,750 through one transaction Sep 09. Following this sale, this insider’s stake in the company comprises 142,194 shares, priced at $ 4692402 as of Thursday.

The stock has experienced a total of 5 insider trades in the past three months. These trades include 5 sell activities and zero buy trades. Furthermore, over the past 12 months, the stock was traded 86 times by insiders. In 64 of these trades, the insider was a seller while an employee of the company was the buyer in just 22 instances.

Maxim Integrated Products Inc. (MXIM) announced on February 8, 2016 that Chief Financial Officer Bruce Kiddoo will be presenting at the Morgan Stanley Technology, Media & Telecom Conference in San Francisco. The presentation is scheduled to begin at 1:15 p.m. Pacific Time on Tuesday, March 1, 2016.

In another news TowerJazz, the global specialty foundry leader, announced on February 2, 2016 that it completed its previously announced acquisition of an 8-inch wafer fabrication facility in San Antonio, Texas, United States from Maxim Integrated Products, Inc. (MXIM). This acquisition will expand TowerJazz’s current worldwide manufacturing capacity, cost-effectively increasing its production by about 28,000 wafers per month. The availability of capacity is needed to serve the Company’s current and forecasted robust customer demand.

As part of the transaction, the companies signed a long-term supply agreement of 15 years, under which TowerJazz will manufacture products for Maxim in the San Antonio facility, in quantities which will allow for a gradual ramp of third party products. As previously announced, Maxim received as consideration $40 million paid with approximately 3.3 million ordinary shares of TSEM, representing approximately 3% of company’s fully diluted share count. This was calculated based on the average closing price of TSEM in NASDAQ during the last 15 trading days.

Russell Ellwanger, TowerJazz Chief Executive Officer, commented: “We already performed first qualifications of our high demand and high volume flows, with Maxim’s approval, confirming the outstanding engineering and manufacturing capabilities of the San Antonio fab personnel. We are now excited to have San Antonio staff and geography join us; they are a great addition to the TowerJazz family. We look forward to continuing to drive customer success and company growth through committed performance and execution.”