Huntington National Bank Boosts Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Huntington National Bank grew its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVLFree Report) by 36.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,091 shares of the semiconductor company’s stock after buying an additional 555 shares during the quarter. Huntington National Bank’s holdings in Marvell Technology were worth $113,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in MRVL. Moneta Group Investment Advisors LLC raised its position in shares of Marvell Technology by 118,898.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 62,452,538 shares of the semiconductor company’s stock valued at $2,313,242,000 after buying an additional 62,400,056 shares in the last quarter. Capital Research Global Investors raised its position in Marvell Technology by 13,107.9% in the 2nd quarter. Capital Research Global Investors now owns 32,634,677 shares of the semiconductor company’s stock worth $1,950,859,000 after purchasing an additional 32,387,593 shares during the period. Matrix Capital Management Company LP purchased a new stake in Marvell Technology in the 2nd quarter worth about $510,085,000. BlackRock Inc. raised its position in Marvell Technology by 10.9% in the 2nd quarter. BlackRock Inc. now owns 58,468,789 shares of the semiconductor company’s stock worth $3,495,264,000 after purchasing an additional 5,739,560 shares during the period. Finally, Norges Bank purchased a new stake in Marvell Technology in the 4th quarter worth about $188,566,000. 83.32% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MRVL shares. Cantor Fitzgerald started coverage on shares of Marvell Technology in a research report on Tuesday, January 23rd. They issued an “overweight” rating and a $80.00 price objective on the stock. Susquehanna reduced their price objective on shares of Marvell Technology from $70.00 to $65.00 and set a “positive” rating on the stock in a research report on Friday, December 1st. StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Thursday, January 25th. Needham & Company LLC reissued a “buy” rating and issued a $65.00 price objective on shares of Marvell Technology in a research report on Friday, December 1st. Finally, Morgan Stanley reduced their target price on shares of Marvell Technology from $65.00 to $63.00 and set an “equal weight” rating on the stock in a research report on Friday, December 1st. Two investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.96.

Check Out Our Latest Stock Report on Marvell Technology

Marvell Technology Stock Performance

Shares of MRVL stock opened at $68.83 on Monday. The company’s 50 day moving average is $62.64 and its 200 day moving average is $57.85. The company has a quick ratio of 1.08, a current ratio of 1.58 and a debt-to-equity ratio of 0.27. Marvell Technology, Inc. has a 52-week low of $36.64 and a 52-week high of $73.53. The firm has a market cap of $59.50 billion, a price-to-earnings ratio of -105.89, a PEG ratio of 6.99 and a beta of 1.52.

Marvell Technology (NASDAQ:MRVLGet Free Report) last released its quarterly earnings results on Thursday, November 30th. The semiconductor company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.01. Marvell Technology had a negative net margin of 10.11% and a positive return on equity of 5.20%. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the company earned $0.41 earnings per share. The business’s revenue for the quarter was down 7.7% on a year-over-year basis. On average, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.85 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 31st. Shareholders of record on Friday, January 5th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.35%. The ex-dividend date was Thursday, January 4th. Marvell Technology’s dividend payout ratio is currently -36.92%.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total value of $68,200.00. Following the transaction, the chief financial officer now directly owns 103,986 shares of the company’s stock, valued at $7,091,845.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $57.33, for a total transaction of $286,650.00. Following the sale, the executive vice president now directly owns 129,492 shares of the company’s stock, valued at $7,423,776.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Willem A. Meintjes sold 1,000 shares of the business’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 directly owns 103,986 shares in the company, valued at $7,091,845.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 201,000 shares of company stock valued at $12,056,240. 0.45% of the stock is currently owned by insiders.

About Marvell Technology

(Free Report)

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops, scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.

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Institutional Ownership by Quarter for Marvell Technology (NASDAQ:MRVL)

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