Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Fulton Breakefield Broenniman LLC

Fulton Breakefield Broenniman LLC decreased its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 5.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,992 shares of the semiconductor company’s stock after selling 418 shares during the quarter. Fulton Breakefield Broenniman LLC’s holdings in Marvell Technology were worth $576,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Syon Capital LLC acquired a new position in shares of Marvell Technology during the fourth quarter valued at about $217,000. American International Group Inc. raised its holdings in shares of Marvell Technology by 1.5% in the fourth quarter. American International Group Inc. now owns 66,986 shares of the semiconductor company’s stock worth $4,040,000 after buying an additional 993 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Marvell Technology by 5.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 60,016 shares of the semiconductor company’s stock worth $3,620,000 after buying an additional 3,109 shares during the period. HighPoint Advisor Group LLC purchased a new stake in shares of Marvell Technology during the fourth quarter valued at $419,000. Finally, CWM LLC increased its position in shares of Marvell Technology by 10.3% in the 1st quarter. CWM LLC now owns 15,761 shares of the semiconductor company’s stock valued at $1,117,000 after acquiring an additional 1,472 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $81.68 on Thursday. The stock has a 50 day moving average of $70.72 and a two-hundred day moving average of $70.04. Marvell Technology, Inc. has a 12 month low of $46.07 and a 12 month high of $85.76. The firm has a market cap of $70.70 billion, a P/E ratio of -72.28, a price-to-earnings-growth ratio of 3.17 and a beta of 1.45. 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 issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) 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 firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period in the previous year, the company posted $0.18 earnings per share. The business’s revenue was down 5.1% on a year-over-year basis. On average, analysts expect that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.29%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.24%.

Wall Street Analyst Weigh In

Several research firms have weighed in on MRVL. Bank of America boosted their price target on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Evercore ISI increased their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Morgan Stanley lifted their price objective on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Benchmark increased their price objective on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Citigroup restated a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research report on Monday. Two equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CEO Matthew J. Murphy acquired 13,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was bought at an average price of $77.63 per share, with a total value of $1,009,190.00. Following the purchase, the chief executive officer now owns 221,915 shares in the company, valued at approximately $17,227,261.45. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the transaction, the chief financial officer now owns 113,253 shares in the company, valued at $7,559,637.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew J. Murphy purchased 13,000 shares of the stock in a transaction dated Monday, October 14th. The shares were purchased at an average cost of $77.63 per share, for a total transaction of $1,009,190.00. Following the transaction, the chief executive officer now owns 221,915 shares in the company, valued at approximately $17,227,261.45. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 103,500 shares of company stock valued at $7,650,465. Corporate 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.