Cranbrook Wealth Management LLC Purchases New Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Cranbrook Wealth Management LLC acquired a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,432 shares of the semiconductor company’s stock, valued at approximately $240,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC increased its holdings in Marvell Technology by 27.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 42,090 shares of the semiconductor company’s stock valued at $2,539,000 after buying an additional 8,938 shares during the last quarter. Level Four Advisory Services LLC increased its holdings in shares of Marvell Technology by 15.7% in the 4th quarter. Level Four Advisory Services LLC now owns 8,219 shares of the semiconductor company’s stock valued at $496,000 after acquiring an additional 1,116 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in shares of Marvell Technology by 8.7% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 95,589 shares of the semiconductor company’s stock valued at $5,765,000 after acquiring an additional 7,627 shares in the last quarter. Independent Advisor Alliance lifted its stake in Marvell Technology by 18.3% during the fourth quarter. Independent Advisor Alliance now owns 12,890 shares of the semiconductor company’s stock worth $777,000 after purchasing an additional 1,995 shares during the last quarter. Finally, Norges Bank acquired a new position in Marvell Technology in the fourth quarter worth $511,215,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Ford Tamer sold 92,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the sale, the director now directly owns 351,193 shares in the company, valued at $26,044,472.88. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Marvell Technology news, Director Daniel Durn bought 1,425 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was bought at an average cost of $70.21 per share, with a total value of $100,049.25. Following the completion of the transaction, the director now directly owns 1,923 shares of the company’s stock, valued at approximately $135,013.83. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the transaction, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. The disclosure for this sale can be found here. Insiders have sold a total of 152,500 shares of company stock worth $11,328,240 in the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $73.40 on Tuesday. The company has a market capitalization of $63.54 billion, a price-to-earnings ratio of -64.96, a P/E/G ratio of 3.29 and a beta of 1.46. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76. 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’s fifty day simple moving average is $68.23 and its 200-day simple moving average is $69.80.

Marvell Technology (NASDAQ:MRVL) last posted 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 negative net margin of 18.30% and a positive return on equity of 4.31%. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same period in the prior year, the firm earned $0.18 earnings per share. The firm’s revenue was down 5.1% compared to the same quarter last year. On average, sell-side analysts predict that Marvell Technology, Inc. will post 0.77 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of research reports. Barclays increased their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Evercore ISI raised their target price 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. StockNews.com lowered Marvell Technology from a “hold” rating to a “sell” rating in a report on Tuesday, September 10th. Morgan Stanley raised their price target on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Finally, Rosenblatt Securities boosted their price objective on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, one has given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

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.