MaxLinear, Inc $MXL Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon reduced its MaxLinear stake by 4.2%, selling 20,880 shares and retaining 470,443 shares worth approximately $8.18 million. Institutional investors and hedge funds collectively own 90.79% of the company.
• Analyst sentiment is mixed but improving: 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, while several firms recently raised targets as high as $100.
• MaxLinear exceeded quarterly expectations, reporting $0.35 EPS versus a $0.33 estimate and $168.85 million in revenue, up 55.2% year over year. The stock opened at $66.82, compared with a 52-week range of $12.77 to $128.30.

Bank of New York Mellon Corp lessened its holdings in shares of MaxLinear, Inc (NASDAQ:MXL - Free Report) by 4.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 470,443 shares of the semiconductor company's stock after selling 20,880 shares during the period. Bank of New York Mellon Corp owned approximately 0.53% of MaxLinear worth $8,181,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MXL. Pure Financial Advisors LLC acquired a new stake in MaxLinear during the 4th quarter worth about $1,424,000. HighTower Advisors LLC raised its stake in shares of MaxLinear by 1.7% during the 4th quarter. HighTower Advisors LLC now owns 656,319 shares of the semiconductor company's stock valued at $11,440,000 after buying an additional 10,948 shares during the last quarter. Pictet Asset Management Holding SA acquired a new position in shares of MaxLinear in the 4th quarter valued at about $190,000. Tudor Investment Corp ET AL lifted its holdings in shares of MaxLinear by 68.5% in the 3rd quarter. Tudor Investment Corp ET AL now owns 427,195 shares of the semiconductor company's stock valued at $6,869,000 after buying an additional 173,709 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of MaxLinear by 4.8% in the fourth quarter. Vanguard Group Inc. now owns 13,326,387 shares of the semiconductor company's stock worth $232,279,000 after buying an additional 605,903 shares during the last quarter. 90.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Susquehanna raised their target price on MaxLinear from $45.00 to $80.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Wall Street Zen raised MaxLinear from a "hold" rating to a "buy" rating in a report on Sunday, July 26th. Roth Capital upped their price objective on MaxLinear from $60.00 to $100.00 and gave the stock a "buy" rating in a research report on Friday, July 24th. Wells Fargo & Company raised their price objective on shares of MaxLinear from $42.00 to $75.00 and gave the stock an "equal weight" rating in a research note on Monday, July 20th. Finally, Needham & Company LLC lifted their target price on shares of MaxLinear from $60.00 to $100.00 and gave the company a "buy" rating in a report on Friday, July 24th. Five equities 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's stock. Based on data from MarketBeat, MaxLinear has a consensus rating of "Hold" and an average price target of $85.00.

MaxLinear Stock Performance

MXL stock opened at $66.82 on Monday. The company's 50-day simple moving average is $86.90 and its 200-day simple moving average is $51.66. The company has a quick ratio of 1.15, a current ratio of 1.78 and a debt-to-equity ratio of 0.26. MaxLinear, Inc has a 52-week low of $12.77 and a 52-week high of $128.30. The firm has a market cap of $6.06 billion, a P/E ratio of -56.15 and a beta of 3.96.

MaxLinear (NASDAQ:MXL - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The semiconductor company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.02. The firm had revenue of $168.85 million during 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%.MaxLinear's revenue for the quarter was up 55.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.02 EPS. As a group, equities analysts forecast that MaxLinear, Inc will post 0.78 EPS for the current fiscal year.

Insider Activity at MaxLinear

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

MaxLinear 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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