Hennion & Walsh Asset Management Inc. Has $578,000 Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Hennion & Walsh Asset Management Inc. boosted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 39.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,151 shares of the semiconductor company’s stock after purchasing an additional 2,286 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Marvell Technology were worth $578,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MRVL. Synovus Financial Corp raised its holdings in Marvell Technology by 4.6% in the 3rd quarter. Synovus Financial Corp now owns 4,237 shares of the semiconductor company’s stock valued at $229,000 after acquiring an additional 185 shares during the period. Schonfeld Strategic Advisors LLC bought a new position in shares of Marvell Technology during the third quarter worth approximately $1,419,000. AQR Capital Management LLC lifted its holdings in Marvell Technology by 34.6% during the 3rd quarter. AQR Capital Management LLC now owns 129,847 shares of the semiconductor company’s stock worth $7,029,000 after purchasing an additional 33,374 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in Marvell Technology by 39.8% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,088,506 shares of the semiconductor company’s stock valued at $58,921,000 after purchasing an additional 310,000 shares during the period. Finally, Legal & General Group Plc grew its holdings in Marvell Technology by 0.6% in the 3rd quarter. Legal & General Group Plc now owns 5,171,627 shares of the semiconductor company’s stock valued at $279,940,000 after buying an additional 30,278 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Trading Up 0.8 %

Shares of MRVL stock opened at $71.60 on Wednesday. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $61.98 billion, a P/E ratio of -63.36, a P/E/G ratio of 3.31 and a beta of 1.47. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76. The stock’s fifty day simple moving average is $70.58 and its 200 day simple moving average is $68.66.

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

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, July 12th. 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 -21.24%.

Marvell Technology declared that its board has initiated a share repurchase plan on Thursday, March 7th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on MRVL shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research report on Friday, May 31st. Morgan Stanley increased their target price on shares of Marvell Technology from $71.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Friday, May 31st. StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. TD Cowen increased their price target 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, B. Riley lifted their price objective on Marvell Technology from $95.00 to $100.00 and gave the company a “buy” 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 issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $85.00.

Insider Transactions at Marvell Technology

In related news, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $68.82, for a total value 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 transaction was disclosed in a document filed 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 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 Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction dated Monday, April 15th. The shares were 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 of the company’s stock, valued at $49,312,626.90. The disclosure for this sale can be found here. Insiders sold a total of 81,000 shares of company stock worth $5,607,740 over the last three months. 0.33% of the stock is owned by company insiders.

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.