Whittier Trust Co. Buys 210 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Whittier Trust Co. lifted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 74.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 492 shares of the semiconductor company’s stock after acquiring an additional 210 shares during the quarter. Whittier Trust Co.’s holdings in Marvell Technology were worth $35,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MRVL. Corundum Group Inc. purchased a new position in Marvell Technology in the 3rd quarter worth approximately $204,000. Brown Lisle Cummings Inc. lifted its holdings in Marvell Technology by 100.0% in the 3rd quarter. Brown Lisle Cummings Inc. now owns 2,400 shares of the semiconductor company’s stock worth $173,000 after purchasing an additional 1,200 shares in the last quarter. Cyndeo Wealth Partners LLC lifted its holdings in Marvell Technology by 15.2% in the 3rd quarter. Cyndeo Wealth Partners LLC now owns 3,934 shares of the semiconductor company’s stock worth $284,000 after purchasing an additional 519 shares in the last quarter. New Century Financial Group LLC lifted its holdings in Marvell Technology by 3.0% in the 3rd quarter. New Century Financial Group LLC now owns 5,428 shares of the semiconductor company’s stock worth $391,000 after purchasing an additional 156 shares in the last quarter. Finally, Meridiem Investment Management Ltd. purchased a new position in Marvell Technology in the 3rd quarter worth approximately $180,000. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Performance

Shares of Marvell Technology stock opened at $81.93 on Friday. Marvell Technology, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The stock’s fifty day moving average is $73.42 and its two-hundred day moving average is $70.50. The company has a market capitalization of $70.92 billion, a PE ratio of -72.50, a price-to-earnings-growth ratio of 3.17 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.18 EPS. As a group, analysts expect that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Wall Street Analyst Weigh In

A number of research firms recently commented on MRVL. Rosenblatt Securities boosted their price target on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Roth Mkm reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Citigroup reaffirmed a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a report on Monday, October 14th. Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Finally, The Goldman Sachs Group upped their price objective on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the transaction, the executive vice president now directly owns 109,244 shares of the company’s stock, valued at approximately $8,823,637.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the transaction, the chief financial officer now directly owns 113,253 shares in the company, valued at $7,559,637.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 261,000 shares of company stock worth $20,330,835. 0.33% of the stock is owned by insiders.

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.