Polar Asset Management Partners Inc. Invests $3.06 Million in MaxLinear, Inc $MXL

Key Points

• Polar Asset Management Partners acquired a new stake of 190,086 shares in MaxLinear worth about $3.06 million, representing roughly 0.22% of the company, according to its latest 13F filing.
• MaxLinear's board authorized a $75 million share buyback (about 5.8% of shares); the company reported Q results with revenue up 48% year‑over‑year and EPS of $0.19 (beating estimates by $0.01), but it still carries a negative net margin and analysts forecast a -0.37 EPS for the fiscal year.

Polar Asset Management Partners Inc. acquired a new stake in shares of MaxLinear, Inc (NASDAQ:MXL - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 190,086 shares of the semiconductor company's stock, valued at approximately $3,057,000. Polar Asset Management Partners Inc. owned approximately 0.22% of MaxLinear as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of MXL. EverSource Wealth Advisors LLC increased its holdings in shares of MaxLinear by 97.0% in the third quarter. EverSource Wealth Advisors LLC now owns 2,110 shares of the semiconductor company's stock valued at $34,000 after purchasing an additional 1,039 shares during the period. Quarry LP increased its holdings in 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 buying an additional 2,030 shares during the period. PNC Financial Services Group Inc. raised its position in MaxLinear by 104.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,579 shares of the semiconductor company's stock worth $51,000 after buying an additional 1,828 shares during the last quarter. Bessemer Group Inc. raised its position in MaxLinear by 917.6% during the 3rd quarter. Bessemer Group Inc. now owns 3,175 shares of the semiconductor company's stock worth $51,000 after buying an additional 2,863 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in MaxLinear during the 2nd quarter valued at approximately $51,000. 90.79% of the stock is owned by hedge funds and other institutional investors.

MaxLinear Trading Up 3.9%

MXL stock opened at $17.10 on Friday. MaxLinear, Inc has a 52-week low of $8.35 and a 52-week high of $20.82. The company has a quick ratio of 0.92, a current ratio of 1.34 and a debt-to-equity ratio of 0.27. The firm has a market cap of $1.48 billion, a P/E ratio of -10.82 and a beta of 1.70. The company's 50-day simple moving average is $18.09 and its 200-day simple moving average is $16.97.

MaxLinear (NASDAQ:MXL - Get Free Report) last announced its quarterly earnings results on Thursday, January 29th. The semiconductor company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.01. The firm had revenue of $136.44 million during the quarter, compared to analyst estimates of $134.82 million. MaxLinear had a negative return on equity of 6.95% and a negative net margin of 29.23%.MaxLinear's revenue for the quarter was up 48.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.09) EPS. As a group, equities analysts forecast that MaxLinear, Inc will post -0.37 EPS for the current fiscal year.

MaxLinear declared that its board has authorized a share buyback program on Monday, November 24th that authorizes the company to buyback $75.00 million in shares. This buyback authorization authorizes the semiconductor company to purchase up to 5.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of MaxLinear in a research note on Thursday, January 22nd. Wells Fargo & Company upped their price target on shares of MaxLinear from $18.00 to $20.00 and gave the company an "equal weight" rating in a report on Friday, January 30th. Finally, Benchmark increased their price target on MaxLinear from $25.00 to $28.00 and gave the stock a "buy" rating in a research report on Friday, January 16th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $19.57.

Insider Activity at MaxLinear

In other news, insider Steven G. Litchfield sold 20,000 shares of the company's stock in a transaction that occurred on 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 transaction, the insider directly owned 343,435 shares of the company's stock, valued at $5,385,060.80. This represents a 5.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold 44,929 shares of company stock valued at $746,456 in the last three months. 7.80% of the stock is owned by insiders.

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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