Advisors Asset Management Inc. Sells 483 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Advisors Asset Management Inc. reduced its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 17.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,236 shares of the semiconductor company’s stock after selling 483 shares during the quarter. Advisors Asset Management Inc.’s holdings in Marvell Technology were worth $161,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Strategic Investment Solutions Inc. IL bought a new stake in Marvell Technology during the second quarter valued at $32,000. Quarry LP bought a new stake in shares of Marvell Technology during the 2nd quarter valued at about $32,000. Whittier Trust Co. boosted its position in shares of Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares in the last quarter. Briaud Financial Planning Inc acquired a new stake in Marvell Technology during the third quarter worth approximately $43,000. Finally, Exchange Traded Concepts LLC increased its holdings in Marvell Technology by 125.4% in the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock worth $44,000 after purchasing an additional 336 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Stifel Nicolaus reaffirmed a “buy” rating and set a $95.00 price objective (up previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Roth Mkm restated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Rosenblatt Securities upped their price objective on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 30th. StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a research note on Friday, November 22nd. Finally, Wells Fargo & Company increased their price target on Marvell Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $95.39.

Marvell Technology Stock Performance

Shares of Marvell Technology stock opened at $92.69 on Friday. The business’s fifty day simple moving average is $82.13 and its 200 day simple moving average is $74.16. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 12 month low of $50.35 and a 12 month high of $95.55. The firm has a market capitalization of $82.14 billion, a P/E ratio of -83.50, a price-to-earnings-growth ratio of 3.92 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion for 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 business’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.18 EPS. As a group, analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology’s payout ratio is -21.62%.

Insider Activity

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the transaction, the insider now owns 694,487 shares in the company, valued at approximately $55,906,203.50. This represents a 17.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the sale, the chief financial officer now directly owns 114,211 shares in the company, valued at approximately $10,180,768.54. This trade represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock valued at $20,899,260 in the last three months. Company insiders own 0.33% of the company’s stock.

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.