Marvell Technology, Inc. (NASDAQ:MRVL) Position Boosted by M.D. Sass LLC

M.D. Sass LLC grew its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 5.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,059,581 shares of the semiconductor company’s stock after purchasing an additional 52,200 shares during the period. Marvell Technology makes up approximately 5.7% of M.D. Sass LLC’s holdings, making the stock its 6th largest holding. M.D. Sass LLC owned approximately 0.12% of Marvell Technology worth $76,417,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Marvell Technology in the second quarter worth about $32,000. Quarry LP acquired a new position in Marvell Technology during the 2nd quarter worth approximately $32,000. Whittier Trust Co. boosted its holdings in Marvell Technology by 74.5% in the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 210 shares during the period. Briaud Financial Planning Inc purchased a new position in Marvell Technology in the 3rd quarter worth approximately $43,000. Finally, Exchange Traded Concepts LLC grew its position in Marvell Technology by 125.4% in the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after acquiring an additional 336 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MRVL. Oppenheimer boosted their target price on shares of Marvell Technology from $90.00 to $110.00 and gave the stock an “outperform” rating in a research report on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. The Goldman Sachs Group raised their target price on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, August 30th. StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a research note on Friday. Finally, Barclays increased their price target on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $93.43.

Marvell Technology Stock Performance

MRVL traded down $0.27 on Tuesday, hitting $92.24. 9,986,338 shares of the company’s stock were exchanged, compared to its average volume of 12,027,795. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The stock has a fifty day moving average of $80.67 and a two-hundred day moving average of $73.59. Marvell Technology, Inc. has a twelve month low of $50.35 and a twelve month high of $95.09. The firm has a market cap of $81.74 billion, a PE ratio of -83.10, a P/E/G ratio of 4.02 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly 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. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the prior year, the firm earned $0.18 EPS. The business’s quarterly revenue was down 5.1% on a year-over-year basis. On average, research analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is -21.62%.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the transaction, the chief financial officer now directly owns 114,211 shares of the company’s stock, valued at $10,180,768.54. This represents a 1.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the sale, the director now directly owns 351,193 shares in the company, valued at $26,044,472.88. The trade was a 20.76 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 267,000 shares of company stock worth $20,899,260. Insiders own 0.33% of the company’s stock.

About Marvell Technology

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.