Sumitomo Mitsui Trust Holdings Inc. Sells 140,585 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Sumitomo Mitsui Trust Holdings Inc. decreased its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 6.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,021,766 shares of the semiconductor company’s stock after selling 140,585 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.23% of Marvell Technology worth $141,321,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC increased its position 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 worth $28,000 after acquiring an additional 141 shares during the period. Salomon & Ludwin LLC acquired a new position in Marvell Technology in the 1st quarter valued at approximately $31,000. Optimum Investment Advisors bought a new position in Marvell Technology during the 1st quarter worth $35,000. Mark Sheptoff Financial Planning LLC bought a new stake in Marvell Technology in the first quarter valued at approximately $35,000. Finally, Oliver Lagore Vanvalin Investment Group increased its position in shares of Marvell Technology by 46.2% during the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after buying an additional 165 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Stock Down 0.0 %

Shares of MRVL stock traded down $0.01 during mid-day trading on Friday, hitting $69.32. 11,575,832 shares of the stock traded hands, compared to its average volume of 12,575,054. The stock’s fifty day moving average is $68.29 and its two-hundred day moving average is $69.32. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. Marvell Technology, Inc. has a 52-week low of $46.07 and a 52-week high of $85.76. The stock has a market cap of $60.00 billion, a P/E ratio of -61.35, a P/E/G ratio of 2.99 and a beta of 1.47.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, hitting the consensus estimate of $0.24. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The business’s revenue for the quarter was down 12.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.17 earnings per share. Equities analysts predict that Marvell Technology, Inc. will post 0.75 EPS for the current year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. Marvell Technology’s payout ratio is -21.24%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MRVL. Barclays raised their price objective on shares of Marvell Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, May 31st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a report on Friday, May 31st. Morgan Stanley lifted their price target on Marvell Technology from $71.00 to $77.00 and gave the stock an “equal weight” rating in a report on Friday, May 31st. Jefferies Financial Group began coverage on shares of Marvell Technology in a research note on Monday, May 13th. They issued a “buy” rating and a $85.00 target price on the stock. Finally, Stifel Nicolaus increased their price target on Marvell Technology from $86.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $85.50.

Insider Activity

In related news, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction on Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the sale, the insider now directly owns 838,571 shares of the company’s stock, valued at $62,892,825. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Muhammad Raghib Hussain sold 50,000 shares of the business’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $75.00, for a total value of $3,750,000.00. Following the completion of the sale, the insider now owns 838,571 shares of the company’s stock, valued at approximately $62,892,825. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Daniel Durn acquired 1,425 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were bought at an average cost of $70.21 per share, for a total transaction of $100,049.25. Following the completion of the acquisition, the director now owns 1,923 shares of the company’s stock, valued at $135,013.83. The disclosure for this purchase can be found here. Insiders sold a total of 64,000 shares of company stock valued at $4,772,495 in the last three months. 0.33% of the stock is currently owned by corporate insiders.

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.