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

Primecap Management Co. CA trimmed its stake in shares of MaxLinear, Inc (NASDAQ:MXL) by 36.0% during the 3rd quarter, Holdings Channel.com reports. The fund owned 761,040 shares of the semiconductor company’s stock after selling 427,758 shares during the quarter. Primecap Management Co. CA’s holdings in MaxLinear were worth $12,238,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its position in 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 last quarter. PNC Financial Services Group Inc. raised its holdings 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 valued at $51,000 after buying an additional 1,828 shares during the last quarter. Bessemer Group Inc. raised its holdings in MaxLinear by 917.6% during the 3rd quarter. Bessemer Group Inc. now owns 3,175 shares of the semiconductor company’s stock valued at $51,000 after buying an additional 2,863 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in MaxLinear during the 2nd quarter valued at $51,000. Finally, Strs Ohio bought a new stake in MaxLinear in the 1st quarter worth $63,000. 90.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

MaxLinear Price Performance

Shares of NASDAQ MXL opened at $17.43 on Friday. MaxLinear, Inc has a 1 year low of $8.35 and a 1 year high of $20.82. The stock has a market capitalization of $1.51 billion, a P/E ratio of -11.03 and a beta of 1.74. The company’s 50-day moving average is $18.44 and its 200 day moving average is $16.87. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.34 and a quick ratio of 0.92.

MaxLinear (NASDAQ:MXL) last posted its quarterly earnings data 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. MaxLinear had a negative return on equity of 6.95% and a negative net margin of 29.23%.The business had revenue of $136.44 million for the quarter, compared to analysts’ expectations of $134.82 million. During the same period in the previous year, the firm posted ($0.09) EPS. The business’s revenue was up 48.0% on a year-over-year basis. On average, sell-side analysts expect that MaxLinear, Inc will post -0.37 earnings per share for the current year.

MaxLinear declared that its Board of Directors has approved a stock repurchase plan on Monday, November 24th that permits the company to buyback $75.00 million in shares. This buyback authorization permits the semiconductor company to reacquire 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 stock is undervalued.

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.