MaxLinear, Inc $MXL Shares Acquired by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp increased its MaxLinear stake by 4,881% in the first quarter, acquiring 23,673 additional shares for a total holding valued at approximately $420,000. Institutional investors and hedge funds collectively own 90.79% of the company.
• Analyst sentiment remains mixed: five analysts rate MaxLinear a Buy, four rate it Hold, and one rates it Sell. The consensus rating is Hold, with an average price target of $85.
• MaxLinear exceeded quarterly expectations, reporting adjusted EPS of $0.35 versus a $0.33 estimate and revenue of $168.85 million, up 55.2% year over year. However, insiders recently sold shares, including transactions totaling more than $4.5 million.

Fifth Third Bancorp grew its stake in MaxLinear, Inc (NASDAQ:MXL - Free Report) by 4,881.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 24,158 shares of the semiconductor company's stock after acquiring an additional 23,673 shares during the period. Fifth Third Bancorp's holdings in MaxLinear were worth $420,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in MaxLinear by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 13,326,387 shares of the semiconductor company's stock valued at $232,279,000 after purchasing an additional 605,903 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in MaxLinear by 27.8% in the second quarter. The Manufacturers Life Insurance Company now owns 2,889,111 shares of the semiconductor company's stock valued at $41,054,000 after purchasing an additional 628,719 shares during the period. Invesco Ltd. lifted its stake in MaxLinear by 419.9% during the fourth quarter. Invesco Ltd. now owns 2,149,589 shares of the semiconductor company's stock worth $37,467,000 after purchasing an additional 1,736,141 shares in the last quarter. Geode Capital Management LLC lifted its stake in MaxLinear by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 2,038,144 shares of the semiconductor company's stock worth $35,531,000 after purchasing an additional 28,548 shares in the last quarter. Finally, Marshall Wace LLP boosted its position in shares of MaxLinear by 31.8% during the third quarter. Marshall Wace LLP now owns 1,826,259 shares of the semiconductor company's stock worth $29,366,000 after buying an additional 441,088 shares during the period. 90.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on MXL shares. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $40.00 price objective on shares of MaxLinear in a research note on Friday, April 24th. Loop Capital upgraded MaxLinear from a "hold" rating to a "buy" rating and raised their target price for the company from $17.00 to $75.00 in a report on Wednesday, April 29th. Needham & Company LLC 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. Wall Street Zen upgraded shares of MaxLinear from a "hold" rating to a "buy" rating in a research note on Sunday, July 26th. Finally, Susquehanna boosted their price target on shares of MaxLinear from $45.00 to $80.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, MaxLinear currently has a consensus rating of "Hold" and a consensus target price of $85.00.

Insider Buying and Selling at MaxLinear

In related news, Director Thomas E. Pardun sold 11,000 shares of the business's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,155,000.00. Following the completion of the transaction, the director owned 55,252 shares in the company, valued at approximately $5,801,460. The trade was a 16.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Connie H. Kwong sold 35,000 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $96.96, for a total value of $3,393,600.00. Following the completion of the transaction, the insider directly owned 13,947 shares in the company, valued at $1,352,301.12. This trade represents a 71.51% decrease in their position. The SEC filing for this sale provides additional information. 7.70% of the stock is currently owned by insiders.

MaxLinear Stock Up 16.9%

Shares of NASDAQ:MXL opened at $66.92 on Friday. MaxLinear, Inc has a fifty-two week low of $12.77 and a fifty-two week high of $128.30. The firm's 50 day moving average price is $87.55 and its 200 day moving average price is $51.32. The company has a quick ratio of 1.15, a current ratio of 1.78 and a debt-to-equity ratio of 0.26. The stock has a market cap of $5.99 billion, a price-to-earnings ratio of -56.24 and a beta of 3.91.

MaxLinear (NASDAQ:MXL - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The semiconductor company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. MaxLinear had a negative net margin of 18.24% and a positive return on equity of 2.24%. The company had revenue of $168.85 million during the quarter, compared to analysts' expectations of $164.64 million. During the same quarter in the previous year, the business posted $0.02 EPS. The firm's revenue was up 55.2% on a year-over-year basis. As a group, equities research analysts predict that MaxLinear, Inc will post 0.78 earnings per share for the current fiscal year.

About MaxLinear

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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