Comerica Bank Sells 44,357 Shares of MaxLinear, Inc $MXL

Key Points

• Comerica Bank cut its MaxLinear stake sharply, selling 44,357 shares in the fourth quarter and reducing its position by 64.1% to 24,851 shares valued at about $433,000.
• MaxLinear reported strong quarterly results, posting EPS of $0.22 versus expectations of $0.18 and revenue of $137.19 million, up 43% from a year earlier.
• Insider selling has been notable, with executives selling shares in recent months and analysts remaining mixed overall, giving the stock a consensus “Hold” rating and average price target of $44.20.

Comerica Bank lessened its stake in shares of MaxLinear, Inc (NASDAQ:MXL - Free Report) by 64.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 24,851 shares of the semiconductor company's stock after selling 44,357 shares during the period. Comerica Bank's holdings in MaxLinear were worth $433,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its position in shares of MaxLinear by 97.0% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 2,110 shares of the semiconductor company's stock valued at $34,000 after acquiring an additional 1,039 shares during the period. Quarry LP raised its holdings in shares of MaxLinear by 1,293.0% in the 3rd quarter. Quarry LP now owns 2,187 shares of the semiconductor company's stock worth $35,000 after purchasing an additional 2,030 shares during the period. Bessemer Group Inc. lifted its stake in MaxLinear by 917.6% in the third quarter. Bessemer Group Inc. now owns 3,175 shares of the semiconductor company's stock valued at $51,000 after purchasing an additional 2,863 shares during the last quarter. Raymond James Financial Inc. purchased a new position in MaxLinear in the second quarter valued at approximately $51,000. Finally, iSAM Funds UK Ltd bought a new position in MaxLinear during the third quarter valued at $58,000. Institutional investors own 90.79% of the company's stock.

MaxLinear Trading Down 10.1%

NASDAQ:MXL opened at $91.93 on Wednesday. MaxLinear, Inc has a 1 year low of $10.96 and a 1 year high of $104.27. The stock's fifty day moving average price is $32.23 and its two-hundred day moving average price is $22.55. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.70 and a quick ratio of 1.12. The company has a market cap of $8.23 billion, a P/E ratio of -60.48 and a beta of 3.95.

MaxLinear (NASDAQ:MXL - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The semiconductor company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.04. MaxLinear had a negative return on equity of 2.33% and a negative net margin of 25.96%.The company had revenue of $137.19 million during the quarter, compared to analysts' expectations of $137.15 million. During the same period in the previous year, the business earned ($0.05) earnings per share. The firm's quarterly revenue was up 43.0% compared to the same quarter last year. As a group, analysts expect that MaxLinear, Inc will post 0.52 EPS for the current year.

Insider Activity

In other MaxLinear news, insider Connie H. Kwong sold 35,000 shares of MaxLinear stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $96.96, for a total transaction of $3,393,600.00. Following the completion of the transaction, the insider owned 13,947 shares of the company's stock, valued at $1,352,301.12. The trade was a 71.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Steven G. Litchfield sold 20,000 shares of the stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $15.68, for a total transaction of $313,600.00. Following the completion of the sale, the insider directly owned 343,435 shares in the company, valued at approximately $5,385,060.80. The trade was a 5.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 99,097 shares of company stock valued at $5,150,815. 7.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MXL. Stifel Nicolaus raised their target price on MaxLinear from $34.00 to $49.00 and gave the stock a "buy" rating in a research report on Friday, April 24th. Wells Fargo & Company increased their price target on MaxLinear from $18.00 to $20.00 and gave the stock an "equal weight" rating in a research note on Friday, January 30th. Loop Capital raised MaxLinear from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $17.00 to $75.00 in a report on Wednesday, April 29th. Northland Securities set a $55.00 price objective on MaxLinear in a research note on Friday, April 24th. Finally, Benchmark initiated coverage on shares of MaxLinear in a report on Tuesday. They set a "buy" rating and a $28.00 price objective on the stock. Five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $44.20.

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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