Fifth Third Wealth Advisors LLC Takes $230,000 Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Fifth Third Wealth Advisors LLC purchased a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) during the first quarter, HoldingsChannel.com reports. The firm purchased 3,250 shares of the semiconductor company’s stock, valued at approximately $230,000.

Several other hedge funds have also added to or reduced their stakes in MRVL. SJS Investment Consulting Inc. raised its stake in 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 buying an additional 155 shares during the period. Bruce G. Allen Investments LLC raised its stake in 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 buying an additional 141 shares during the period. Oliver Lagore Vanvalin Investment Group raised its stake in Marvell Technology by 46.2% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after buying an additional 165 shares during the period. Raleigh Capital Management Inc. raised its stake in Marvell Technology by 532.3% during the 3rd quarter. Raleigh Capital Management Inc. now owns 626 shares of the semiconductor company’s stock worth $34,000 after buying an additional 527 shares during the period. Finally, Optimum Investment Advisors acquired a new stake in Marvell Technology during the 1st quarter worth $35,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on MRVL shares. Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Friday, May 31st. Roth Mkm reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. B. Riley lifted their price target on Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Morgan Stanley lifted their price target on Marvell Technology from $71.00 to $77.00 and gave the company an “equal weight” rating in a research note on Friday, May 31st. Finally, Evercore ISI lifted their price target on Marvell Technology from $88.00 to $91.00 and gave the company an “outperform” rating in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $85.00.

Marvell Technology Stock Performance

NASDAQ MRVL traded up $1.17 during trading on Friday, reaching $69.90. 22,391,270 shares of the company’s stock were exchanged, compared to its average volume of 13,078,090. The business has a 50 day moving average price of $70.10 and a 200-day moving average price of $68.21. The stock has a market capitalization of $60.51 billion, a P/E ratio of -62.64, a PEG ratio of 3.24 and a beta of 1.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76.

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

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend is Friday, July 12th. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

Marvell Technology declared that its Board of Directors has initiated a stock repurchase program on Thursday, March 7th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $71.25, for a total value of $356,250.00. Following the completion of the sale, 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 filing with the SEC, which is available at this link. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $71.25, for a total transaction of $356,250.00. Following the completion of the sale, the executive vice president now directly owns 109,117 shares in the company, valued at $7,774,586.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel Durn bought 1,425 shares of the business’s stock in a transaction on Monday, June 24th. The shares were acquired at an average price of $70.21 per share, with a total value of $100,049.25. Following the completion of the purchase, the director now directly owns 1,923 shares of the company’s stock, valued at $135,013.83. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 79,500 shares of company stock worth $5,504,065. Company insiders own 0.33% of the company’s stock.

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.