Fifth Third Wealth Advisors LLC Has $527,000 Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Fifth Third Wealth Advisors LLC boosted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 36.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,314 shares of the semiconductor company’s stock after buying an additional 1,954 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Marvell Technology were worth $527,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MRVL. Lazard Asset Management LLC lifted its holdings in Marvell Technology by 47,934.4% during the 1st quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock worth $283,643,000 after buying an additional 3,993,414 shares during the period. Whale Rock Capital Management LLC acquired a new position in Marvell Technology during the 1st quarter worth about $181,559,000. Ameriprise Financial Inc. lifted its holdings in Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after buying an additional 2,254,610 shares during the period. Swedbank AB lifted its holdings in Marvell Technology by 653.5% during the 2nd quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after buying an additional 2,024,269 shares during the period. Finally, Janus Henderson Group PLC raised its position in shares of Marvell Technology by 13.4% in the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after acquiring an additional 1,591,874 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $89.86 on Thursday. Marvell Technology, Inc. has a twelve month low of $50.35 and a twelve month high of $95.09. The stock’s 50 day moving average price is $79.94 and its 200-day moving average price is $73.22. The company has a market capitalization of $79.63 billion, a PE ratio of -80.95, a PEG ratio of 3.82 and a beta of 1.44. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the business earned $0.18 EPS. The company’s revenue was down 5.1% compared to the same quarter last year. On average, equities analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were paid a $0.06 dividend. The ex-dividend date was Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.27%. Marvell Technology’s payout ratio is -21.62%.

Insider Activity at Marvell Technology

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the sale, the insider now owns 694,487 shares of the company’s stock, valued at $55,906,203.50. The trade was a 17.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total transaction of $177,075.00. Following the sale, the executive vice president now directly owns 22,494 shares in the company, valued at $1,593,250.02. The trade was a 10.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 267,000 shares of company stock worth $20,899,260. Insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Stifel Nicolaus reissued a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Loop Capital assumed coverage on Marvell Technology in a research report on Monday, November 11th. They issued a “hold” rating and a $95.00 price objective for the company. Benchmark lifted their price objective on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Bank of America lifted their price objective on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, TD Cowen raised Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $91.77.

Marvell Technology Company 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.