Wesbanco Bank Inc. Buys 23,500 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Wesbanco Bank Inc. lifted its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 131.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 41,415 shares of the semiconductor company’s stock after purchasing an additional 23,500 shares during the period. Wesbanco Bank Inc.’s holdings in Marvell Technology were worth $2,987,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Bruce G. Allen Investments LLC raised its position in Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 141 shares during the last quarter. Salomon & Ludwin LLC purchased a new position in shares of Marvell Technology during the first quarter valued at approximately $31,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Marvell Technology during the second quarter valued at approximately $32,000. Quarry LP purchased a new stake in Marvell Technology in the second quarter worth $32,000. Finally, Optimum Investment Advisors bought a new stake in Marvell Technology in the first quarter valued at $35,000. Institutional investors own 83.51% of the company’s stock.

Insider Activity at Marvell Technology

In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction dated 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 trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Matthew J. Murphy bought 13,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were bought at an average cost of $77.63 per share, with a total value of $1,009,190.00. Following the acquisition, the chief executive officer now owns 221,915 shares in the company, valued at $17,227,261.45. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $26,044,472.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 103,500 shares of company stock worth $7,650,465. 0.33% of the stock is owned by insiders.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $79.41 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The firm has a market cap of $68.74 billion, a price-to-earnings ratio of -70.27, a price-to-earnings-growth ratio of 3.17 and a beta of 1.45. The business has a 50-day simple moving average of $70.30 and a two-hundred day simple moving average of $69.98. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the previous year, the company earned $0.18 earnings per share. The firm’s quarterly 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 year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.30%. The ex-dividend date is Friday, October 11th. Marvell Technology’s payout ratio is currently -21.24%.

Wall Street Analyst Weigh In

Several brokerages have commented on MRVL. Morgan Stanley upped their price objective on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Bank of America upped their target price on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Evercore ISI raised their target price on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a research note on Thursday, October 10th. Two equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $91.62.

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.