Hartline Investment Corp Sells 5,563 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Hartline Investment Corp cut its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 370,055 shares of the semiconductor company’s stock after selling 5,563 shares during the period. Marvell Technology comprises approximately 3.6% of Hartline Investment Corp’s portfolio, making the stock its 7th largest position. Hartline Investment Corp’s holdings in Marvell Technology were worth $22,318,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA boosted its position in Marvell Technology by 43.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock worth $381,257,000 after buying an additional 2,142,391 shares during the period. Kingswood Wealth Advisors LLC lifted its position in shares of Marvell Technology by 328.3% in the 3rd quarter. Kingswood Wealth Advisors LLC now owns 23,949 shares of the semiconductor company’s stock worth $1,296,000 after purchasing an additional 18,357 shares during the period. Fred Alger Management LLC lifted its position in shares of Marvell Technology by 2.4% in the 3rd quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock worth $218,499,000 after purchasing an additional 95,003 shares during the period. NewEdge Wealth LLC lifted its position in shares of Marvell Technology by 15.6% in the 3rd quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock worth $390,000 after purchasing an additional 973 shares during the period. Finally, Montag A & Associates Inc. lifted its position in shares of Marvell Technology by 15.8% in the 3rd quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock worth $3,510,000 after purchasing an additional 8,836 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Price Performance

Shares of Marvell Technology stock traded up $0.99 during trading on Wednesday, hitting $64.85. The stock had a trading volume of 9,102,577 shares, compared to its average volume of 14,036,440. The firm has a market cap of $56.16 billion, a price-to-earnings ratio of -59.77, a P/E/G ratio of 4.60 and a beta of 1.50. Marvell Technology, Inc. has a 12 month low of $36.90 and a 12 month high of $85.76. The business’s 50-day moving average is $69.88 and its 200 day moving average is $62.46. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.34 earnings per share. As a group, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.37%. Marvell Technology’s dividend payout ratio is presently -22.22%.

Marvell Technology announced that its board has authorized a share buyback program on Thursday, March 7th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MRVL. Citigroup restated a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a research report on Wednesday, March 27th. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price target on shares of Marvell Technology in a report on Monday, March 4th. KeyCorp reduced their price objective on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Monday, April 8th. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research note on Friday, April 12th. Finally, StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a research note on Saturday. Two equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $81.13.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $71.50, for a total value of $71,500.00. Following the transaction, the chief financial officer now owns 101,986 shares of the company’s stock, valued at $7,291,999. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $71.50, for a total transaction of $71,500.00. Following the completion of the sale, the chief financial officer now directly owns 101,986 shares in the company, valued at $7,291,999. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Chris Koopmans sold 5,000 shares of the company’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 sale, the executive vice president now owns 109,117 shares of the company’s stock, valued at $7,774,586.25. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock valued at $7,477,515 over the last 90 days. 0.45% of the stock is owned by insiders.

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.