Moors & Cabot Inc. Cuts Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Moors & Cabot Inc. cut its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 24.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,622 shares of the semiconductor company’s stock after selling 1,782 shares during the quarter. Moors & Cabot Inc.’s holdings in Marvell Technology were worth $393,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MRVL. Lmcg Investments LLC increased its holdings in Marvell Technology by 13.3% during the second quarter. Lmcg Investments LLC now owns 115,980 shares of the semiconductor company’s stock worth $8,107,000 after buying an additional 13,598 shares during the last quarter. Citizens Financial Group Inc. RI bought a new position in shares of Marvell Technology during the 2nd quarter valued at approximately $540,000. Dimensional Fund Advisors LP increased its stake in shares of Marvell Technology by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,844,719 shares of the semiconductor company’s stock worth $268,711,000 after purchasing an additional 25,983 shares during the last quarter. Waycross Partners LLC raised its holdings in shares of Marvell Technology by 13.1% in the 2nd quarter. Waycross Partners LLC now owns 190,868 shares of the semiconductor company’s stock worth $13,342,000 after purchasing an additional 22,156 shares during the period. Finally, Rathbones Group PLC lifted its stake in Marvell Technology by 16.1% in the second quarter. Rathbones Group PLC now owns 706,657 shares of the semiconductor company’s stock valued at $49,395,000 after purchasing an additional 98,167 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $110,820.00. Following the sale, the chief financial officer now directly owns 109,318 shares of the company’s stock, valued at $8,076,413.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Muhammad Raghib Hussain sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the completion of the transaction, the insider now owns 838,571 shares in the company, valued at approximately $62,892,825. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $110,820.00. Following the transaction, the chief financial officer now directly owns 109,318 shares of the company’s stock, valued at approximately $8,076,413.84. The disclosure for this sale can be found here. Insiders sold 160,000 shares of company stock worth $11,878,785 in the last three months. 0.33% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have commented on MRVL. The Goldman Sachs Group upped their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a report on Friday, August 30th. Oppenheimer reissued an “outperform” rating and issued a $90.00 price target (up from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Finally, StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Wednesday. Two research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Price Performance

MRVL stock opened at $74.88 on Friday. The firm has a market cap of $64.82 billion, a P/E ratio of -66.27, a P/E/G ratio of 3.29 and a beta of 1.46. The firm’s fifty day moving average is $68.19 and its 200 day moving average is $69.81. Marvell Technology, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the company posted $0.18 EPS. Marvell Technology’s revenue for the quarter was down 5.1% on a year-over-year basis. Research analysts predict that Marvell Technology, Inc. will post 0.77 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. The ex-dividend date is Friday, October 11th. Marvell Technology’s payout ratio is -21.24%.

Marvell Technology 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.