Whittier Trust Co. Trims Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Whittier Trust Co. decreased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 29.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 427 shares of the semiconductor company’s stock after selling 176 shares during the period. Whittier Trust Co.’s holdings in Marvell Technology were worth $26,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. West Tower Group LLC bought a new stake in shares of Marvell Technology during the second quarter valued at approximately $25,000. Buck Wealth Strategies LLC boosted its position in shares of Marvell Technology by 1,328.1% during the third quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 425 shares during the last quarter. SRS Capital Advisors Inc. increased its holdings in Marvell Technology by 216.2% in the 2nd quarter. SRS Capital Advisors Inc. now owns 411 shares of the semiconductor company’s stock worth $25,000 after buying an additional 281 shares in the last quarter. Resurgent Financial Advisors LLC bought a new stake in Marvell Technology in the 4th quarter worth about $28,000. Finally, BluePath Capital Management LLC purchased a new position in Marvell Technology in the 3rd quarter worth about $31,000. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Trading Up 5.9 %

Marvell Technology stock opened at $72.31 on Thursday. Marvell Technology, Inc. has a 1 year low of $36.90 and a 1 year high of $85.76. The firm’s 50 day moving average price is $69.74 and its 200-day moving average price is $60.32. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. The stock has a market cap of $62.62 billion, a P/E ratio of -66.95, a PEG ratio of 4.85 and a beta of 1.51.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. Marvell Technology’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.34 EPS. On average, equities analysts predict that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. Marvell Technology’s dividend payout ratio is currently -22.22%.

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

Analyst Ratings Changes

MRVL has been the subject of a number of research analyst reports. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Thursday, March 21st. Susquehanna decreased their target price on shares of Marvell Technology from $70.00 to $65.00 and set a “positive” rating for the company in a research note on Friday, December 1st. B. Riley reiterated a “buy” rating and set a $95.00 price objective (up previously from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. TD Cowen raised their target price on Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, March 8th. Finally, Cantor Fitzgerald began coverage on shares of Marvell Technology in a research report on Tuesday, January 23rd. They set an “overweight” rating and a $80.00 price target for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $75.75.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total transaction of $68,200.00. Following the sale, the chief financial officer now owns 103,986 shares of the company’s stock, valued at $7,091,845.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $68.20, for a total value of $68,200.00. Following the sale, the chief financial officer now directly owns 103,986 shares in the company, valued at approximately $7,091,845.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ford Tamer sold 30,000 shares of the stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $60.20, for a total transaction of $1,806,000.00. Following the completion of the transaction, the director now directly owns 40,403 shares of the company’s stock, valued at approximately $2,432,260.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 138,000 shares of company stock valued at $8,983,290. 0.45% of the stock is owned by corporate 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.