Primecap Management Co. CA Sells 427,758 Shares of MaxLinear, Inc $MXL

Primecap Management Co. CA lowered its stake in shares of MaxLinear, Inc (NASDAQ:MXL) by 36.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 761,040 shares of the semiconductor company’s stock after selling 427,758 shares during the period. Primecap Management Co. CA owned 0.87% of MaxLinear worth $12,238,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Amalgamated Bank lifted its holdings in MaxLinear by 3.5% during the 3rd quarter. Amalgamated Bank now owns 23,210 shares of the semiconductor company’s stock worth $373,000 after purchasing an additional 775 shares in the last quarter. Arizona State Retirement System increased its position in shares of MaxLinear by 3.5% during the third quarter. Arizona State Retirement System now owns 24,295 shares of the semiconductor company’s stock valued at $391,000 after buying an additional 830 shares during the period. Bank of Montreal Can lifted its holdings in shares of MaxLinear by 7.8% in the second quarter. Bank of Montreal Can now owns 12,381 shares of the semiconductor company’s stock worth $176,000 after buying an additional 896 shares in the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of MaxLinear by 2.5% in the third quarter. Louisiana State Employees Retirement System now owns 37,600 shares of the semiconductor company’s stock worth $605,000 after buying an additional 900 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position 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 acquiring an additional 1,039 shares during the period. 90.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

MaxLinear Stock Down 2.7%

MXL opened at $17.43 on Friday. 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 business’s fifty day simple moving average is $18.44 and its 200 day simple moving average is $16.87. MaxLinear, Inc has a 52 week low of $8.35 and a 52 week high of $20.82. The stock has a market cap of $1.51 billion, a PE ratio of -11.03 and a beta of 1.74.

MaxLinear (NASDAQ:MXL) last announced its quarterly earnings data on Thursday, January 29th. The semiconductor company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The company had revenue of $136.44 million for the quarter, compared to analysts’ expectations 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 period last year, the firm posted ($0.09) EPS. As a group, research analysts expect that MaxLinear, Inc will post -0.37 earnings per share for the current fiscal year.

MaxLinear declared that its Board of Directors has initiated a share buyback plan on Monday, November 24th that authorizes the company to buyback $75.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to repurchase up to 5.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

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.