First Hawaiian Bank Buys 186 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

First Hawaiian Bank boosted its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 2.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,286 shares of the semiconductor company’s stock after purchasing an additional 186 shares during the quarter. First Hawaiian Bank’s holdings in Marvell Technology were worth $587,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of MRVL. NBC Securities Inc. lifted its position in Marvell Technology by 124.8% during the first quarter. NBC Securities Inc. now owns 1,938 shares of the semiconductor company’s stock valued at $137,000 after acquiring an additional 1,076 shares during the last quarter. CWM LLC grew its stake in Marvell Technology by 10.3% during the 1st quarter. CWM LLC now owns 15,761 shares of the semiconductor company’s stock worth $1,117,000 after buying an additional 1,472 shares during the last quarter. Adirondack Trust Co. increased its position in Marvell Technology by 757.3% during the 4th quarter. Adirondack Trust Co. now owns 2,126 shares of the semiconductor company’s stock valued at $128,000 after buying an additional 1,878 shares in the last quarter. HighPoint Advisor Group LLC acquired a new position in Marvell Technology during the 4th quarter valued at about $419,000. Finally, PNC Financial Services Group Inc. boosted its holdings in Marvell Technology by 5.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 60,016 shares of the semiconductor company’s stock worth $3,620,000 after acquiring an additional 3,109 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Price Performance

Shares of MRVL opened at $71.89 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. The stock’s 50 day moving average is $70.00 and its two-hundred day moving average is $67.75. Marvell Technology, Inc. has a 12 month low of $46.07 and a 12 month high of $85.76.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, hitting the consensus estimate of $0.24. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. During the same quarter in the previous year, the firm earned $0.17 EPS. The firm’s revenue was down 12.2% compared to the same quarter last year. As a group, sell-side analysts expect that Marvell Technology, Inc. will post 0.75 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology’s payout ratio is -21.24%.

Marvell Technology declared that its Board of Directors has authorized a stock buyback program on Thursday, March 7th that authorizes the company to buyback $3.00 billion in outstanding 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 often an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

MRVL has been the subject of several research analyst reports. Citigroup reaffirmed a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a research report on Wednesday, March 27th. KeyCorp dropped their price objective on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a report on Monday, April 8th. Oppenheimer restated an “outperform” rating and issued a $90.00 target price (up previously from $80.00) on shares of Marvell Technology in a research note on Friday, May 31st. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Marvell Technology in a research note on Monday, March 4th. Finally, Morgan Stanley increased their price objective on Marvell Technology from $71.00 to $77.00 and gave the company an “equal weight” rating in a report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $85.00.

Insiders Place Their Bets

In other news, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $68.82, for a total value of $2,064,600.00. Following the sale, the chief executive officer now directly owns 716,545 shares of the company’s stock, valued at $49,312,626.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total value of $64,490.00. Following the transaction, the chief financial officer now directly owns 110,218 shares of the company’s stock, valued at $7,107,958.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $68.82, for a total transaction of $2,064,600.00. Following the transaction, the chief executive officer now owns 716,545 shares in the company, valued at $49,312,626.90. The disclosure for this sale can be found here. In the last three months, insiders sold 79,500 shares of company stock worth $5,504,065. Corporate 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.