Amalgamated Bank Trims Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Amalgamated Bank lessened its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 2.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 47,839 shares of the semiconductor company’s stock after selling 1,210 shares during the period. Amalgamated Bank’s holdings in Marvell Technology were worth $3,344,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC raised its stake in Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 141 shares in the last quarter. Salomon & Ludwin LLC bought a new position in Marvell Technology during the first quarter worth $31,000. Optimum Investment Advisors acquired a new position in Marvell Technology in the first quarter worth $35,000. Mark Sheptoff Financial Planning LLC acquired a new stake in shares of Marvell Technology during the first quarter worth $35,000. Finally, Bogart Wealth LLC lifted its position in shares of Marvell Technology by 1,480.0% in the 1st quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock worth $45,000 after buying an additional 592 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the 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 completion of the sale, the chief financial officer now directly owns 109,318 shares of the company’s stock, valued at approximately $8,076,413.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $369,400.00. Following the completion of the sale, the executive vice president now owns 110,318 shares in the company, valued at approximately $8,150,293.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 109,318 shares in the company, valued at $8,076,413.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 160,000 shares of company stock worth $11,878,785. Insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on MRVL shares. Barclays boosted their price objective on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Oppenheimer reissued an “outperform” rating and issued a $90.00 price target (up previously from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Benchmark upped their price objective on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating 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 upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Wednesday, September 18th. Two equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Price Performance

NASDAQ MRVL opened at $71.81 on Tuesday. The company has a market cap of $62.16 billion, a P/E ratio of -63.55, a P/E/G ratio of 3.29 and a beta of 1.46. Marvell Technology, Inc. has a 1 year low of $46.07 and a 1 year high of $85.76. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The company has a fifty day simple moving average of $68.16 and a 200 day simple moving average of $69.54.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.25 billion. During the same period last year, the business posted $0.18 earnings per share. The firm’s revenue was down 5.1% compared to the same quarter last year. On average, sell-side analysts predict that Marvell Technology, Inc. will post 0.77 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology’s dividend 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.