Sumitomo Mitsui Trust Group Inc. Acquires 25,806 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,047,572 shares of the semiconductor company’s stock after acquiring an additional 25,806 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Marvell Technology were worth $147,671,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Strategic Investment Solutions Inc. IL bought a new position in Marvell Technology during the second quarter worth $32,000. Quarry LP acquired a new stake in shares of Marvell Technology during the 2nd quarter worth about $32,000. Mark Sheptoff Financial Planning LLC bought a new stake in shares of Marvell Technology during the 1st quarter worth about $35,000. Whittier Trust Co. grew its stake in Marvell Technology by 74.5% in the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after buying an additional 210 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its stake in Marvell Technology by 125.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after buying an additional 336 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on MRVL shares. StockNews.com cut Marvell Technology from a “hold” rating to a “sell” rating in a report on Friday, October 18th. Morgan Stanley upped their price objective on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Rosenblatt Securities lifted their target price on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Finally, TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.77.

Marvell Technology Trading Up 0.6 %

MRVL opened at $92.78 on Wednesday. The company’s 50 day moving average is $77.65 and its 200-day moving average is $72.31. The company has a market cap of $82.22 billion, a P/E ratio of -83.59, a PEG ratio of 4.01 and a beta of 1.44. Marvell Technology, Inc. has a 1-year low of $50.35 and a 1-year high of $95.09. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company’s revenue was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.18 earnings per share. Equities research analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were given a $0.06 dividend. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.26%. Marvell Technology’s dividend payout ratio is presently -21.62%.

Insider Activity

In other news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the transaction, the executive vice president now owns 109,244 shares of the company’s stock, valued at $8,823,637.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the sale, the executive vice president now directly owns 109,244 shares of the company’s stock, valued at $8,823,637.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $120,750.00. Following the completion of the transaction, the chief financial officer now owns 110,253 shares of the company’s stock, valued at approximately $8,875,366.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 261,000 shares of company stock valued at $20,330,835. 0.33% of the stock is currently owned by corporate insiders.

Marvell Technology Profile

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.