TIAA Trust National Association Has $2.30 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

TIAA Trust National Association decreased its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 8.9% during the 1st quarter, HoldingsChannel reports. The fund owned 32,464 shares of the semiconductor company’s stock after selling 3,170 shares during the quarter. TIAA Trust National Association’s holdings in Marvell Technology were worth $2,301,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of MRVL. Vanguard Group Inc. boosted its holdings in shares of Marvell Technology by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock valued at $5,160,805,000 after buying an additional 468,086 shares during the last quarter. Capital Research Global Investors grew its position in Marvell Technology by 0.5% during the fourth quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock worth $2,158,601,000 after buying an additional 185,479 shares in the last quarter. Matrix Capital Management Company LP raised its stake in Marvell Technology by 14.3% in the fourth quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company’s stock valued at $907,997,000 after purchasing an additional 1,888,676 shares in the last quarter. Brown Advisory Inc. grew its stake in Marvell Technology by 25.9% during the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock worth $890,475,000 after buying an additional 3,036,495 shares in the last quarter. Finally, Norges Bank acquired a new position in Marvell Technology during the fourth quarter valued at approximately $511,215,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Stock Up 2.3 %

NASDAQ:MRVL traded up $1.56 during trading hours on Monday, reaching $68.07. The company’s stock had a trading volume of 4,196,948 shares, compared to its average volume of 12,658,427. The company has a market capitalization of $58.92 billion, a P/E ratio of -59.50, a price-to-earnings-growth ratio of 3.15 and a beta of 1.47. The stock has a 50 day moving average price of $71.76 and a two-hundred day moving average price of $69.80. Marvell Technology, Inc. has a 12 month low of $46.07 and a 12 month high of $85.76. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80.

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

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a yield of 0.35%. Marvell Technology’s payout ratio is -21.24%.

Insider Activity

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $110,820.00. Following the completion of the transaction, the chief financial officer now directly owns 109,318 shares in the company, valued at $8,076,413.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $369,400.00. Following the completion of the sale, the executive vice president now owns 110,318 shares of the company’s stock, valued at $8,150,293.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the sale, the chief financial officer now owns 109,318 shares in the company, valued at $8,076,413.84. The disclosure for this sale can be found here. Insiders have sold 100,000 shares of company stock worth $7,255,235 in the last ninety days. Company insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MRVL. KeyCorp raised their price objective on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Evercore ISI lifted their price target on Marvell Technology from $88.00 to $91.00 and gave the company an “outperform” rating in a research report on Friday, May 31st. Citigroup restated a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a report on Wednesday, March 27th. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Finally, Needham & Company LLC restated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, May 31st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus price target of $85.50.

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.