Assenagon Asset Management S.A. Has $5 Million Stock Position in MaxLinear, Inc $MXL

Assenagon Asset Management S.A. reduced its holdings in shares of MaxLinear, Inc (NASDAQ:MXL) by 9.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 310,815 shares of the semiconductor company’s stock after selling 30,654 shares during the quarter. Assenagon Asset Management S.A. owned 0.36% of MaxLinear worth $4,998,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of MXL. Charles Schwab Investment Management Inc. lifted its holdings in shares of MaxLinear by 4.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,066,306 shares of the semiconductor company’s stock worth $11,580,000 after acquiring an additional 48,995 shares during the last quarter. Nuveen LLC bought a new stake in shares of MaxLinear during the 1st quarter valued at approximately $4,547,000. Quantbot Technologies LP acquired a new position in MaxLinear during the 1st quarter worth approximately $957,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in MaxLinear in the 1st quarter valued at approximately $49,000. Finally, AlphaQuest LLC boosted its position in MaxLinear by 567.5% in the first quarter. AlphaQuest LLC now owns 27,907 shares of the semiconductor company’s stock valued at $303,000 after buying an additional 23,726 shares in the last quarter. 90.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity at MaxLinear

In other news, Director Daniel A. Artusi sold 20,747 shares of the firm’s stock in a transaction that occurred on Thursday, October 30th. The shares were sold at an average price of $15.39, for a total transaction of $319,296.33. Following the completion of the sale, the director owned 12,141 shares of the company’s stock, valued at $186,849.99. This trade represents a 63.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 7.80% of the stock is currently owned by company insiders.

MaxLinear Stock Performance

Shares of MXL stock opened at $17.63 on Monday. The stock has a market capitalization of $1.54 billion, a PE ratio of -8.44 and a beta of 1.83. The business’s 50 day simple moving average is $16.12 and its 200 day simple moving average is $15.51. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.55 and a quick ratio of 1.08. MaxLinear, Inc has a one year low of $8.35 and a one year high of $25.73.

MaxLinear (NASDAQ:MXL) last announced its earnings results on Thursday, October 23rd. The semiconductor company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. The business had revenue of $126.46 million during the quarter, compared to the consensus estimate of $124.66 million. MaxLinear had a negative net margin of 42.43% and a negative return on equity of 12.74%. MaxLinear’s quarterly revenue was up 56.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.36) earnings per share. As a group, research analysts forecast that MaxLinear, Inc will post -0.37 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MXL. Benchmark reiterated a “buy” rating and set a $25.00 price target on shares of MaxLinear in a report on Friday, October 24th. Williams Trading set a $25.00 price objective on MaxLinear in a research report on Friday, October 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MaxLinear in a report on Wednesday, October 8th. Zacks Research lowered MaxLinear from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 22nd. Finally, Stifel Nicolaus set a $23.00 price objective on MaxLinear in a research note on Friday, October 24th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, MaxLinear presently has an average rating of “Hold” and an average target price of $19.94.

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.