MAI Capital Management Boosts Stake in Marvell Technology, Inc. $MRVL

MAI Capital Management grew its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 24.2% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 4,825 shares of the semiconductor company’s stock after acquiring an additional 940 shares during the period. MAI Capital Management’s holdings in Marvell Technology were worth $373,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of MRVL. First Horizon Advisors Inc. increased its position in Marvell Technology by 6.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,115 shares of the semiconductor company’s stock worth $164,000 after purchasing an additional 137 shares in the last quarter. Richards Merrill & Peterson Inc. grew its stake in Marvell Technology by 4.0% during the second quarter. Richards Merrill & Peterson Inc. now owns 3,606 shares of the semiconductor company’s stock worth $279,000 after buying an additional 139 shares during the period. Retirement Planning Group LLC NY grew its stake in Marvell Technology by 4.0% during the second quarter. Retirement Planning Group LLC NY now owns 3,722 shares of the semiconductor company’s stock worth $288,000 after buying an additional 142 shares during the period. Harbor Capital Advisors Inc. increased its position in shares of Marvell Technology by 0.8% in the second quarter. Harbor Capital Advisors Inc. now owns 19,945 shares of the semiconductor company’s stock worth $1,544,000 after acquiring an additional 151 shares in the last quarter. Finally, Mayflower Financial Advisors LLC raised its stake in shares of Marvell Technology by 3.4% in the 2nd quarter. Mayflower Financial Advisors LLC now owns 4,579 shares of the semiconductor company’s stock valued at $354,000 after acquiring an additional 151 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $87.72 on Thursday. Marvell Technology, Inc. has a fifty-two week low of $47.08 and a fifty-two week high of $127.48. The business has a 50 day moving average price of $85.50 and a two-hundred day moving average price of $75.82. The company has a quick ratio of 1.44, a current ratio of 1.88 and a debt-to-equity ratio of 0.30. The firm has a market cap of $75.62 billion, a PE ratio of -674.77, a price-to-earnings-growth ratio of 1.10 and a beta of 1.95.

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

Marvell Technology declared that its board has approved a share repurchase program on Wednesday, September 24th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to buy up to 7.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Marvell Technology Announces Dividend

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

Insider Activity at Marvell Technology

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

Analyst Upgrades and Downgrades

MRVL has been the subject of several recent research reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Marvell Technology in a report on Wednesday, October 8th. The Goldman Sachs Group upped their target price on Marvell Technology from $72.00 to $80.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 18th. Rosenblatt Securities dropped their target price on Marvell Technology from $124.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, August 29th. Wall Street Zen raised Marvell Technology from a “hold” rating to a “buy” rating in a research report on Saturday, September 13th. Finally, TD Cowen reaffirmed a “hold” rating and issued a $85.00 price objective (down previously from $90.00) on shares of Marvell Technology in a research report on Wednesday, October 1st. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and fifteen have given a Hold rating to the company. According to MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus price target of $94.41.

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.