Bank of New York Mellon Corp Buys Shares of 509,357 MaxLinear, Inc $MXL

Key Points

• Bank of New York Mellon purchased 509,357 MaxLinear shares worth approximately $65.2 million, giving it a 0.56% stake. Institutional investors collectively own 90.79% of the company.
• MaxLinear’s CEO Kishore Seendripu sold 351,454 shares for roughly $30.2 million; insiders currently own 7.70% of the stock.
• The company exceeded quarterly expectations, reporting $0.35 in adjusted EPS versus a $0.33 consensus and $168.85 million in revenue, up 55.2% year over year. Analysts’ average rating remains Hold, with an average price target of $85.

Bank of New York Mellon Corp purchased a new position in shares of MaxLinear, Inc (NASDAQ:MXL - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 509,357 shares of the semiconductor company's stock, valued at approximately $65,213,000. Bank of New York Mellon Corp owned approximately 0.56% of MaxLinear at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MXL. EverSource Wealth Advisors LLC grew its holdings in MaxLinear by 16.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,563 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 217 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of MaxLinear by 5.6% during the second quarter. GAMMA Investing LLC now owns 6,152 shares of the semiconductor company's stock worth $788,000 after purchasing an additional 326 shares during the last quarter. Carolina Wealth Advisors LLC bought a new stake in MaxLinear in the second quarter valued at about $47,000. Captrust Financial Advisors raised its stake in MaxLinear by 4.3% during the fourth quarter. Captrust Financial Advisors now owns 14,074 shares of the semiconductor company's stock valued at $245,000 after buying an additional 577 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in 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 own 90.79% of the company's stock.

Insider Transactions at MaxLinear

In related news, CEO Kishore Seendripu sold 351,454 shares of MaxLinear stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $85.95, for a total transaction of $30,207,471.30. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 7.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on MXL shares. Benchmark initiated coverage on MaxLinear in a report on Wednesday, May 27th. They issued a "buy" rating and a $125.00 price target for the company. Wall Street Zen raised shares of MaxLinear from a "hold" rating to a "buy" rating in a report on Sunday, July 26th. Needham & Company LLC boosted their target price on shares of MaxLinear from $60.00 to $100.00 and gave the company a "buy" rating in a research note on Friday, July 24th. Weiss Ratings restated a "sell (d-)" rating on shares of MaxLinear in a research report on Friday, July 17th. Finally, Wells Fargo & Company raised their target price on shares of MaxLinear from $42.00 to $75.00 and gave the stock an "equal weight" rating in a report on Monday, July 20th. Five analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $85.00.

MaxLinear Price Performance

Shares of NASDAQ:MXL opened at $63.00 on Thursday. The stock has a market cap of $5.71 billion, a price-to-earnings ratio of -52.94 and a beta of 3.95. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.78 and a quick ratio of 1.15. MaxLinear, Inc has a 12 month low of $12.77 and a 12 month high of $128.30. The stock's 50 day moving average price is $80.89 and its 200 day moving average price is $58.28.

MaxLinear (NASDAQ:MXL - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.02. The company had revenue of $168.85 million for the quarter, compared to analysts' expectations 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 revenue for the quarter was up 55.2% on a year-over-year basis. During the same period last year, the firm earned $0.02 EPS. Equities research analysts anticipate that MaxLinear, Inc will post 0.78 earnings per share for the current fiscal year.

MaxLinear Company Profile

MaxLinear, Inc is a provider of radio-frequency (RF), analog, and mixed-signal integrated circuits for broadband communications, data center connectivity, and video infrastructure applications. The company's product portfolio includes high-performance RF front-end modules, broadband power amplifiers, optical and Ethernet transceivers, and network processors designed to support demanding signal processing requirements.

MaxLinear's semiconductor solutions are used by cable and satellite television operators, fiber-to-the-home service providers, network equipment manufacturers, and data center operators.

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