Northwestern Mutual Wealth Management Co. Boosts Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Northwestern Mutual Wealth Management Co. lifted its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 12.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 249,422 shares of the semiconductor company’s stock after purchasing an additional 27,553 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Marvell Technology were worth $17,435,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of MRVL. NewEdge Advisors LLC increased its stake in shares of Marvell Technology by 30.9% in the 2nd quarter. NewEdge Advisors LLC now owns 129,643 shares of the semiconductor company’s stock worth $9,062,000 after acquiring an additional 30,596 shares in the last quarter. Creative Planning increased its stake in shares of Marvell Technology by 4.1% in the 2nd quarter. Creative Planning now owns 75,454 shares of the semiconductor company’s stock worth $5,274,000 after acquiring an additional 2,982 shares in the last quarter. MidWestOne Financial Group Inc. increased its stake in shares of Marvell Technology by 90.5% in the 2nd quarter. MidWestOne Financial Group Inc. now owns 15,264 shares of the semiconductor company’s stock worth $1,067,000 after acquiring an additional 7,251 shares in the last quarter. Lighthouse Investment Partners LLC bought a new position in shares of Marvell Technology in the 2nd quarter worth about $512,000. Finally, Mackenzie Financial Corp increased its stake in shares of Marvell Technology by 30.8% in the 2nd quarter. Mackenzie Financial Corp now owns 73,644 shares of the semiconductor company’s stock worth $5,148,000 after acquiring an additional 17,342 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Trading Up 1.6 %

Shares of NASDAQ:MRVL opened at $72.12 on Tuesday. Marvell Technology, Inc. has a 12-month low of $46.07 and a 12-month high of $85.76. The company has a market capitalization of $62.43 billion, a PE ratio of -63.82, a PEG ratio of 3.12 and a beta of 1.46. The business has a 50 day moving average of $68.40 and a two-hundred day moving average of $69.58. 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 (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. Marvell Technology’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 earnings per share. As a group, analysts forecast that Marvell Technology, Inc. will post 0.78 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. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Insider Activity

In other news, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the sale, the director now directly owns 351,193 shares in the company, valued at $26,044,472.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the sale, the director now directly owns 351,193 shares in the company, valued at $26,044,472.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.87, for a total value of $110,805.00. Following the sale, the chief financial officer now owns 111,753 shares of the company’s stock, valued at $8,255,194.11. The disclosure for this sale can be found here. Insiders sold 157,500 shares of company stock worth $11,703,610 over the last three months. 0.33% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on MRVL. Piper Sandler restated an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Barclays raised their price objective on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. Morgan Stanley raised their price objective on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Finally, Bank of America raised their price objective on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Two analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $91.62.

About Marvell Technology

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.