Sumitomo Mitsui Trust Holdings Inc. Boosts Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 2.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,162,351 shares of the semiconductor company’s stock after acquiring an additional 47,855 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.25% of Marvell Technology worth $153,267,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Bruce G. Allen Investments LLC lifted its stake in shares of Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares during the last quarter. SJS Investment Consulting Inc. raised its stake in shares of Marvell Technology by 56.8% during the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 155 shares in the last quarter. Optimum Investment Advisors acquired a new stake in Marvell Technology in the first quarter valued at approximately $35,000. Oliver Lagore Vanvalin Investment Group increased its position in shares of Marvell Technology by 46.2% during the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 165 shares in the last quarter. Finally, Versant Capital Management Inc lifted its holdings in shares of Marvell Technology by 34.7% during the 4th quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock valued at $38,000 after purchasing an additional 161 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

Shares of MRVL traded up $0.57 during midday 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. Marvell Technology, Inc. has a 1 year low of $46.07 and a 1 year 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. The company’s 50-day simple moving average is $70.58 and its 200-day simple moving average is $68.66.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.24. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The company’s revenue was down 12.2% on a year-over-year basis. During the same period last year, the business earned $0.17 EPS. On average, analysts forecast that Marvell Technology, Inc. will post 0.75 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

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

Marvell Technology announced that its board has approved a share repurchase program on Thursday, March 7th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total transaction of $64,490.00. Following the sale, the chief financial officer now owns 110,218 shares in the company, valued at $7,107,958.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $71.25, for a total transaction of $356,250.00. Following the transaction, the executive vice president now directly owns 109,117 shares in the company, valued at $7,774,586.25. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total transaction of $64,490.00. Following the completion of the sale, the chief financial officer now owns 110,218 shares of the company’s stock, valued at approximately $7,107,958.82. The disclosure for this sale can be found here. In the last quarter, insiders sold 81,000 shares of company stock worth $5,607,740. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on MRVL. Evercore ISI boosted their target price on shares of Marvell Technology from $88.00 to $91.00 and gave the stock an “outperform” rating in a research report on Friday, May 31st. Needham & Company LLC reissued a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, May 31st. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research note on Friday, May 31st. Citigroup reaffirmed a “buy” rating and set a $91.00 price target on shares of Marvell Technology in a research report on Wednesday, March 27th. Finally, Jefferies Financial Group started coverage on Marvell Technology in a report on Monday, May 13th. They set a “buy” rating and a $85.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $85.00.

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.