Marvell Technology, Inc. $MRVL Shares Bought by GM Advisory Group LLC

GM Advisory Group LLC increased its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 3.2% in the second quarter, Holdings Channel.com reports. The firm owned 24,977 shares of the semiconductor company’s stock after purchasing an additional 780 shares during the period. GM Advisory Group LLC’s holdings in Marvell Technology were worth $1,933,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. grew its holdings in Marvell Technology by 6.9% in the second quarter. First Horizon Advisors Inc. now owns 2,115 shares of the semiconductor company’s stock valued at $164,000 after purchasing an additional 137 shares during the period. Richards Merrill & Peterson Inc. increased its holdings in shares of Marvell Technology by 4.0% during the 2nd 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 last quarter. Retirement Planning Group LLC NY raised its position in shares of Marvell Technology by 4.0% in the 2nd 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. boosted its holdings in Marvell Technology by 0.8% in the second quarter. Harbor Capital Advisors Inc. now owns 19,945 shares of the semiconductor company’s stock valued at $1,544,000 after acquiring an additional 151 shares during the last quarter. Finally, Mayflower Financial Advisors LLC grew its position in Marvell Technology by 3.4% during the second 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. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $87.72 on Thursday. The company has a market cap of $75.62 billion, a PE ratio of -674.77, a P/E/G ratio of 1.10 and a beta of 1.95. Marvell Technology, Inc. has a fifty-two week low of $47.08 and a fifty-two week high of $127.48. The firm has a 50-day simple moving average of $85.50 and a 200 day simple moving average 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.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 28th. The semiconductor company reported $0.67 earnings per share for the quarter, hitting 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 business had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same period in the prior year, the firm earned $0.30 EPS. The business’s quarterly revenue was up 57.6% on a year-over-year basis. On average, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology declared that its board has authorized a share buyback program on Wednesday, September 24th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to purchase up to 7.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Marvell Technology Dividend Announcement

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

Insider Transactions at Marvell Technology

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

Analysts Set New Price Targets

Several research firms have recently weighed in on MRVL. TD Cowen reaffirmed a “hold” rating and issued a $85.00 price objective (down from $90.00) on shares of Marvell Technology in a research note on Wednesday, October 1st. Rosenblatt Securities dropped their price objective on shares of Marvell Technology from $124.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, August 29th. Jefferies Financial Group cut their target price on shares of Marvell Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, August 29th. Cowen cut shares of Marvell Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, September 30th. Finally, BNP Paribas raised Marvell Technology to a “strong-buy” rating in a research report on Friday, August 29th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and fifteen have issued a Hold rating to the company. According to data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus price target of $94.41.

About Marvell Technology

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.