Marvell Technology, Inc. (NASDAQ:MRVL) Shares Acquired by M&T Bank Corp

M&T Bank Corp lifted its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 5.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 82,818 shares of the semiconductor company’s stock after buying an additional 4,366 shares during the period. M&T Bank Corp’s holdings in Marvell Technology were worth $4,995,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in MRVL. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Marvell Technology by 12.9% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 72,103 shares of the semiconductor company’s stock worth $3,903,000 after buying an additional 8,263 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in Marvell Technology by 59.8% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 87,962 shares of the semiconductor company’s stock worth $4,761,000 after purchasing an additional 32,908 shares during the period. Raymond James Financial Services Advisors Inc. boosted its position in Marvell Technology by 12.1% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 202,043 shares of the semiconductor company’s stock worth $10,937,000 after purchasing an additional 21,845 shares during the period. J.W. Cole Advisors Inc. purchased a new stake in Marvell Technology during the 3rd quarter worth $225,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Marvell Technology by 1.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 173,448 shares of the semiconductor company’s stock worth $9,389,000 after purchasing an additional 2,019 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL opened at $69.82 on Tuesday. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. The firm’s 50-day moving average price is $69.88 and its two-hundred day moving average price is $63.34. Marvell Technology, Inc. has a 52-week low of $39.23 and a 52-week high of $85.76. The stock has a market capitalization of $60.46 billion, a P/E ratio of -64.65, a P/E/G ratio of 5.01 and a beta of 1.48.

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

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.

Marvell Technology declared that its board has initiated a stock buyback program on Thursday, March 7th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

MRVL has been the subject of a number of research reports. Barclays upped their price target on shares of Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 16th. Stifel Nicolaus reissued a “buy” rating and issued a $86.00 price objective on shares of Marvell Technology in a research report on Friday, April 12th. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a research report on Friday, April 12th. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price objective on shares of Marvell Technology in a research report on Monday, March 4th. Finally, TD Cowen upped their price objective on shares of Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, March 8th. One equities 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 has a consensus rating of “Moderate Buy” and an average price target of $81.13.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $67.79, for a total transaction of $67,790.00. Following the sale, the chief financial officer now owns 102,986 shares of the company’s stock, valued at $6,981,420.94. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the sale, the chief executive officer now owns 762,929 shares of the company’s stock, valued at $51,627,405.43. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $67.79, for a total value of $67,790.00. Following the sale, the chief financial officer now directly owns 102,986 shares in the company, valued at approximately $6,981,420.94. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 110,500 shares of company stock valued at $7,473,805. Insiders own 0.45% of the company’s stock.

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.