Toronto Dominion Bank Sells 29,810 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Toronto Dominion Bank lowered its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 22.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 104,505 shares of the semiconductor company’s stock after selling 29,810 shares during the period. Toronto Dominion Bank’s holdings in Marvell Technology were worth $7,407,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Orion Portfolio Solutions LLC grew its position in shares of Marvell Technology by 47.1% in the 1st quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock worth $2,282,000 after buying an additional 10,306 shares during the period. Benjamin F. Edwards & Company Inc. grew its stake in shares of Marvell Technology by 157.3% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 772 shares of the semiconductor company’s stock worth $46,000 after acquiring an additional 472 shares during the last quarter. Hoylecohen LLC purchased a new position in shares of Marvell Technology in the 4th quarter worth about $658,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Marvell Technology by 20.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock valued at $37,505,000 after purchasing an additional 88,918 shares in the last quarter. Finally, US Bancorp DE lifted its stake in shares of Marvell Technology by 8.6% in the fourth quarter. US Bancorp DE now owns 185,347 shares of the semiconductor company’s stock worth $11,178,000 after buying an additional 14,651 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Stock Up 2.7 %

NASDAQ MRVL traded up $1.73 on Friday, reaching $65.72. 8,626,610 shares of the stock traded hands, compared to its average volume of 9,849,350. The company has a market cap of $56.89 billion, a price-to-earnings ratio of -58.16, a PEG ratio of 3.03 and a beta of 1.47. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80. Marvell Technology, Inc. has a 12 month low of $46.07 and a 12 month high of $85.76. The company has a fifty day moving average price of $71.35 and a 200-day moving average price of $69.86.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.24. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period last year, the business posted $0.17 EPS. The business’s revenue was down 12.2% compared to the same quarter last year. As a group, research analysts forecast that Marvell Technology, Inc. will post 0.75 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.37%. Marvell Technology’s payout ratio is -21.24%.

Insider Buying and Selling at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the sale, the chief financial officer now owns 110,218 shares in the company, valued at $7,107,958.82. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the transaction, the chief financial officer now owns 110,218 shares in the company, valued at approximately $7,107,958.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the transaction, the insider now owns 838,571 shares of the company’s stock, valued at $62,892,825. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 100,000 shares of company stock worth $7,255,235. 0.33% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on MRVL shares. Needham & Company LLC restated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday, May 31st. B. Riley upped their target price on shares of Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, May 31st. KeyCorp lifted their price objective on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Oppenheimer reiterated an “outperform” rating and issued a $90.00 price target (up previously from $80.00) on shares of Marvell Technology in a research note on Friday, May 31st. Finally, Morgan Stanley raised their price objective on Marvell Technology from $71.00 to $77.00 and gave the company an “equal weight” rating in a research report on Friday, May 31st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $85.50.

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.