Northwestern Mutual Wealth Management Co. Buys 4,154 Shares of Marvell Technology, Inc. $MRVL

Northwestern Mutual Wealth Management Co. raised its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 0.6% during the 2nd quarter, Holdings Channel.com reports. The firm owned 682,309 shares of the semiconductor company’s stock after purchasing an additional 4,154 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Marvell Technology were worth $52,811,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of MRVL. Game Plan Financial Advisors LLC bought a new stake in Marvell Technology during the 2nd quarter valued at approximately $27,000. Kiker Wealth Management LLC lifted its holdings in Marvell Technology by 374.7% during the 2nd quarter. Kiker Wealth Management LLC now owns 356 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 281 shares in the last quarter. Westside Investment Management Inc. grew its position in shares of Marvell Technology by 62.5% during the 2nd quarter. Westside Investment Management Inc. now owns 416 shares of the semiconductor company’s stock worth $32,000 after buying an additional 160 shares in the last quarter. Financial Connections Group Inc. boosted its stake in shares of Marvell Technology by 776.0% during the first quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 388 shares in the last quarter. Finally, DiNuzzo Private Wealth Inc. lifted its position in shares of Marvell Technology by 786.0% during the second quarter. DiNuzzo Private Wealth Inc. now owns 443 shares of the semiconductor company’s stock valued at $34,000 after buying an additional 393 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MRVL has been the topic of several research reports. JPMorgan Chase & Co. cut their target price on Marvell Technology from $130.00 to $120.00 and set an “overweight” rating on the stock in a research report on Friday, August 29th. Needham & Company LLC boosted their price target on shares of Marvell Technology from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, September 25th. Roth Capital reissued a “buy” rating on shares of Marvell Technology in a research note on Wednesday, October 15th. Wells Fargo & Company cut their price target on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research note on Friday, August 29th. Finally, TD Cowen reiterated a “hold” rating and issued a $85.00 price target (down previously from $90.00) on shares of Marvell Technology in a research note on Wednesday, October 1st. Three analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and fifteen have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $94.41.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes purchased 3,400 shares of the stock in a transaction that occurred on Thursday, September 25th. The stock was purchased at an average cost of $78.03 per share, for a total transaction of $265,302.00. Following the acquisition, the chief financial officer owned 132,159 shares in the company, valued at approximately $10,312,366.77. This trade represents a 2.64% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew J. Murphy bought 13,600 shares of the stock in a transaction dated Thursday, September 25th. The stock was bought at an average price of $77.09 per share, with a total value of $1,048,424.00. Following the purchase, the chief executive officer owned 268,637 shares of the company’s stock, valued at approximately $20,709,226.33. This represents a 5.33% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 27,200 shares of company stock worth $2,109,632 over the last ninety days. 0.19% of the stock is owned by insiders.

Marvell Technology Stock Performance

MRVL opened at $89.24 on Friday. Marvell Technology, Inc. has a 1-year low of $47.08 and a 1-year high of $127.48. The stock has a market cap of $76.93 billion, a P/E ratio of -686.44, a P/E/G ratio of 1.10 and a beta of 1.95. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.88 and a quick ratio of 1.44. The stock’s 50 day simple moving average is $86.07 and its 200 day simple moving average is $76.15.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 28th. The semiconductor company reported $0.67 earnings per share for the quarter, meeting the consensus estimate of $0.67. Marvell Technology had a negative net margin of 1.43% and a positive return on equity of 11.01%. The firm had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same quarter in the previous year, the company posted $0.30 EPS. The firm’s revenue for the quarter was up 57.6% on a year-over-year basis. As a group, equities analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 30th. Investors of record on Friday, October 10th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, October 10th. Marvell Technology’s dividend payout ratio (DPR) is -184.62%.

Marvell Technology declared that its board has approved a stock buyback plan on Wednesday, September 24th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the semiconductor company to repurchase up to 7.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

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.