Sumitomo Mitsui Trust Holdings Inc. Acquires 47,855 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 2.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,162,351 shares of the semiconductor company’s stock after acquiring an additional 47,855 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Marvell Technology were worth $153,267,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MRVL. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired a new stake in shares of Marvell Technology during the 1st quarter worth about $13,291,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Marvell Technology by 3.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,919,962 shares of the semiconductor company’s stock worth $136,087,000 after buying an additional 64,909 shares in the last quarter. SteelPeak Wealth LLC raised its stake in shares of Marvell Technology by 14.4% in the first quarter. SteelPeak Wealth LLC now owns 187,107 shares of the semiconductor company’s stock valued at $13,262,000 after acquiring an additional 23,483 shares during the last quarter. Breakwater Capital Group boosted its holdings in shares of Marvell Technology by 12.8% in the 1st quarter. Breakwater Capital Group now owns 7,459 shares of the semiconductor company’s stock worth $529,000 after acquiring an additional 847 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. grew its position in Marvell Technology by 39.0% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 8,151 shares of the semiconductor company’s stock worth $578,000 after acquiring an additional 2,286 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Up 0.8 %

MRVL traded up $0.57 during trading on Wednesday, hitting $72.17. The company had a trading volume of 1,509,617 shares, compared to its average volume of 12,901,907. The firm’s 50-day moving average price is $70.58 and its 200 day moving average price is $68.66. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the firm posted $0.17 EPS. The business’s revenue was down 12.2% on a year-over-year basis. As a group, equities research analysts predict that Marvell Technology, Inc. will post 0.75 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, July 12th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Marvell Technology declared that its Board of Directors has authorized a stock buyback plan on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MRVL. Roth Mkm reissued a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Friday, April 12th. Morgan Stanley raised their price objective on shares of Marvell Technology from $71.00 to $77.00 and gave the company an “equal weight” rating in a research report on Friday, May 31st. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. KeyCorp lowered their price target on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Monday, April 8th. Finally, Summit Insights upgraded Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $85.00.

Insider Transactions at Marvell Technology

In other news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $71.25, for a total value of $356,250.00. Following the completion of the sale, the executive vice president now owns 109,117 shares of the company’s stock, valued at approximately $7,774,586.25. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $70.07, for a total value of $175,175.00. Following the sale, the executive vice president now owns 20,450 shares in the company, valued at $1,432,931.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $71.25, for a total value of $356,250.00. Following the transaction, the executive vice president now owns 109,117 shares of the company’s stock, valued at $7,774,586.25. The disclosure for this sale can be found here. Insiders sold a total of 81,000 shares of company stock worth $5,607,740 in the last three months. Insiders own 0.33% of the company’s stock.

Marvell Technology Company 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.