Bank of New York Mellon Corp Raises Stock Holdings in MaxLinear, Inc. (NYSE:MXL)

Posted by Defense World Staff on Mar 10th, 2023

Bank of New York Mellon Corp grew its stake in MaxLinear, Inc. (NYSE:MXL – Get Rating) by 11.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,833,556 shares of the semiconductor company’s stock after acquiring an additional 194,477 shares during the quarter. Bank of New York Mellon Corp owned about 2.33% of MaxLinear worth $59,811,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. BlackRock Inc. lifted its position in shares of MaxLinear by 1.3% in the third quarter. BlackRock Inc. now owns 12,172,278 shares of the semiconductor company’s stock valued at $397,060,000 after acquiring an additional 161,157 shares in the last quarter. Capital Fund Management S.A. increased its stake in MaxLinear by 36.4% in the third quarter. Capital Fund Management S.A. now owns 125,128 shares of the semiconductor company’s stock valued at $4,082,000 after purchasing an additional 33,422 shares during the last quarter. Macquarie Group Ltd. increased its stake in MaxLinear by 1.2% in the third quarter. Macquarie Group Ltd. now owns 2,269,574 shares of the semiconductor company’s stock valued at $74,078,000 after purchasing an additional 27,923 shares during the last quarter. Systematic Financial Management LP increased its stake in MaxLinear by 2.4% in the third quarter. Systematic Financial Management LP now owns 155,693 shares of the semiconductor company’s stock valued at $5,079,000 after purchasing an additional 3,666 shares during the last quarter. Finally, Royal Bank of Canada increased its stake in MaxLinear by 2.6% in the third quarter. Royal Bank of Canada now owns 70,233 shares of the semiconductor company’s stock valued at $2,291,000 after purchasing an additional 1,805 shares during the last quarter. 90.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on MXL. Benchmark dropped their target price on MaxLinear from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Friday, February 3rd. Needham & Company LLC dropped their target price on MaxLinear from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Thursday, February 2nd. BNP Paribas began coverage on MaxLinear in a research note on Tuesday, February 28th. They set an “underperform” rating and a $30.00 price target for the company. Finally, Susquehanna upped their price target on MaxLinear from $46.00 to $48.00 and gave the stock a “positive” rating in a research note on Thursday, February 2nd. One research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $46.22.

Insider Transactions at MaxLinear

In other news, VP Michael Bollesen sold 5,757 shares of the company’s stock in a transaction dated Wednesday, December 14th. The stock was sold at an average price of $38.93, for a total value of $224,120.01. Following the completion of the sale, the vice president now owns 81,474 shares of the company’s stock, valued at $3,171,782.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider James Lougheed sold 115,944 shares of the company’s stock in a transaction dated Friday, February 3rd. The stock was sold at an average price of $40.74, for a total value of $4,723,558.56. Following the completion of the sale, the insider now owns 3,921 shares of the company’s stock, valued at $159,741.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Bollesen sold 5,757 shares of the stock in a transaction dated Wednesday, December 14th. The shares were sold at an average price of $38.93, for a total value of $224,120.01. Following the completion of the transaction, the vice president now directly owns 81,474 shares of the company’s stock, valued at approximately $3,171,782.82. The disclosure for this sale can be found here. Company insiders own 8.50% of the company’s stock.

MaxLinear Price Performance

Shares of NYSE MXL opened at $34.52 on Friday. MaxLinear, Inc. has a 1-year low of $29.27 and a 1-year high of $63.89. The business has a 50-day moving average of $36.77 and a 200-day moving average of $35.27. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.65 and a quick ratio of 1.18. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of 22.27 and a beta of 1.92.

MaxLinear Profile

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MaxLinear, Inc engages in the provision of communications systems-on-chip, or SoC, solutions used in broadband, mobile and wireline infrastructure, data center, and industrial and multi-market applications. Its products include cable broadband modems and gateways, wireline connectivity devices, radio frequency transceivers, fiber-optic modules, video set-top boxes and gateways, hybrid analog and digital televisions, direct broadcast satellite outdoor and indoor units, and power management and interface products.