Bank of America Corp DE Invests $33.96 Million in MaxLinear, Inc $MXL

Key Points

• Bank of America acquired 265,277 MaxLinear shares worth approximately $33.96 million, representing about 0.29% of the semiconductor company. Institutional investors collectively own 90.79% of MXL.
• MaxLinear reported quarterly EPS of $0.35, beating estimates of $0.33, while revenue rose 55.2% year over year to $168.85 million. The stock opened at $87.43, with a market capitalization of approximately $7.93 billion.
• Analyst views remain mixed: five analysts rate MXL a Buy, three rate it Hold, and one rates it Sell, producing a consensus Hold rating and an $88.64 price target. Meanwhile, CEO Kishore Seendripu sold 351,454 shares for approximately $30.2 million.

Bank of America Corp DE acquired a new position in shares of MaxLinear, Inc (NASDAQ:MXL - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 265,277 shares of the semiconductor company's stock, valued at approximately $33,963,000. Bank of America Corp DE owned approximately 0.29% of MaxLinear as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its position in MaxLinear by 16.1% during the first quarter. EverSource Wealth Advisors LLC now owns 1,563 shares of the semiconductor company's stock worth $27,000 after purchasing an additional 217 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of MaxLinear by 5.6% in the 2nd quarter. GAMMA Investing LLC now owns 6,152 shares of the semiconductor company's stock valued at $788,000 after buying an additional 326 shares during the period. Carolina Wealth Advisors LLC purchased a new stake in shares of MaxLinear in the 2nd quarter valued at approximately $47,000. Global Retirement Partners LLC acquired a new stake in shares of MaxLinear during the 2nd quarter worth approximately $56,000. Finally, ProShare Advisors LLC increased its holdings in shares of MaxLinear by 4.3% during the 4th quarter. ProShare Advisors LLC now owns 16,048 shares of the semiconductor company's stock worth $280,000 after buying an additional 664 shares during the last quarter. Institutional investors and hedge funds own 90.79% of the company's stock.

Insider Activity at MaxLinear

In other news, CEO Kishore Seendripu sold 351,454 shares of the firm's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $85.95, for a total value of $30,207,471.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 7.70% of the company's stock.

MaxLinear Stock Performance

NASDAQ:MXL opened at $87.43 on Wednesday. MaxLinear, Inc has a fifty-two week low of $12.77 and a fifty-two week high of $128.30. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.15 and a current ratio of 1.78. The company has a 50 day moving average price of $70.69 and a 200 day moving average price of $64.96. The stock has a market capitalization of $7.93 billion, a P/E ratio of -73.47 and a beta of 3.93.

MaxLinear (NASDAQ:MXL - Get Free Report) last announced its earnings results on Thursday, July 23rd. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.33 by $0.02. The company had revenue of $168.85 million for the quarter, compared to analyst estimates of $164.64 million. MaxLinear had a positive return on equity of 2.24% and a negative net margin of 18.24%.The firm's quarterly revenue was up 55.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.02 earnings per share. Equities research analysts forecast that MaxLinear, Inc will post 0.78 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently commented on MXL shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of MaxLinear in a research report on Friday, July 17th. Wells Fargo & Company increased their price objective on MaxLinear from $42.00 to $75.00 and gave the stock an "equal weight" rating in a research report on Monday, July 20th. Needham & Company LLC raised their target price on MaxLinear from $60.00 to $100.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. Roth Capital lifted their target price on MaxLinear from $60.00 to $100.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Finally, Northland Securities set a $110.00 price target on MaxLinear in a research note on Wednesday, June 3rd. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $88.64.

About MaxLinear

MaxLinear, Inc is a fabless semiconductor company that designs and develops high-performance analog and mixed-signal integrated circuits. Its products are used in broadband communications, wired and wireless infrastructure, data center, networking, and industrial applications.

The company's portfolio includes solutions for broadband access and connectivity, including cable and fiber-optic infrastructure, Ethernet and high-speed interconnects, optical communications, power management, interface products, and embedded processors.

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