Fifth Third Wealth Advisors LLC Acquires 1,954 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Fifth Third Wealth Advisors LLC lifted its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 36.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,314 shares of the semiconductor company’s stock after purchasing an additional 1,954 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Marvell Technology were worth $527,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in MRVL. Strategic Investment Solutions Inc. IL bought a new position in Marvell Technology in the second quarter valued at $32,000. Quarry LP bought a new position in Marvell Technology in the second quarter valued at $32,000. Whittier Trust Co. increased its stake in Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 210 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in Marvell Technology by 125.4% in the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after acquiring an additional 336 shares during the last quarter. Finally, Unique Wealth Strategies LLC bought a new position in Marvell Technology in the second quarter valued at $45,000. Institutional investors own 83.51% of the company’s stock.

Insider Buying and Selling at Marvell Technology

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the sale, the insider now owns 694,487 shares of the company’s stock, valued at $55,906,203.50. This trade represents a 17.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total transaction of $177,075.00. Following the sale, the executive vice president now directly owns 22,494 shares of the company’s stock, valued at $1,593,250.02. This trade represents a 10.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 267,000 shares of company stock valued at $20,899,260. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $89.86 on Thursday. Marvell Technology, Inc. has a fifty-two week low of $50.35 and a fifty-two week high of $95.09. The company has a 50 day simple moving average of $79.94 and a two-hundred day simple moving average of $73.22. The company has a market capitalization of $79.63 billion, a price-to-earnings ratio of -80.95, a P/E/G ratio of 3.82 and a beta of 1.44. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting 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 the consensus estimate of $1.25 billion. During the same quarter last year, the firm earned $0.18 earnings per share. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. Analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio is -21.62%.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of research analyst reports. StockNews.com cut Marvell Technology from a “hold” rating to a “sell” rating in a research note on Friday, October 18th. The Goldman Sachs Group upped their price target on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Bank of America upped their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Loop Capital assumed coverage on shares of Marvell Technology in a research report on Monday, November 11th. They set a “hold” rating and a $95.00 price target for the company. Finally, Barclays upped their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $91.77.

Marvell Technology 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.