Comerica Bank Has $1.33 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Comerica Bank raised its holdings in Marvell Technology, Inc. (NASDAQ:MRVLGet Rating) by 7.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 34,727 shares of the semiconductor company’s stock after acquiring an additional 2,265 shares during the quarter. Comerica Bank’s holdings in Marvell Technology were worth $1,333,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MRVL. FMR LLC increased its stake in shares of Marvell Technology by 3.0% during the 2nd quarter. FMR LLC now owns 124,827,357 shares of the semiconductor company’s stock worth $5,433,736,000 after purchasing an additional 3,663,148 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Marvell Technology by 16.1% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 36,482,866 shares of the semiconductor company’s stock worth $1,588,099,000 after purchasing an additional 5,070,739 shares during the last quarter. State Street Corp increased its stake in shares of Marvell Technology by 0.9% during the 1st quarter. State Street Corp now owns 18,632,316 shares of the semiconductor company’s stock worth $1,336,123,000 after purchasing an additional 174,753 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in shares of Marvell Technology by 5.7% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 7,704,726 shares of the semiconductor company’s stock worth $335,393,000 after purchasing an additional 416,104 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Marvell Technology by 1.0% during the 2nd quarter. Northern Trust Corp now owns 5,289,366 shares of the semiconductor company’s stock worth $230,246,000 after purchasing an additional 52,824 shares during the last quarter. 81.28% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Price Performance

MRVL stock opened at $39.48 on Monday. The company has a 50 day simple moving average of $40.30 and a 200 day simple moving average of $44.44. The stock has a market cap of $33.68 billion, a price-to-earnings ratio of -246.75, a P/E/G ratio of 2.41 and a beta of 1.45. Marvell Technology, Inc. has a 1 year low of $33.75 and a 1 year high of $78.19. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.31 and a quick ratio of 0.92.

Marvell Technology (NASDAQ:MRVLGet Rating) last released its quarterly earnings data on Thursday, December 1st. The semiconductor company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.02). The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.56 billion. Marvell Technology had a positive return on equity of 8.50% and a negative net margin of 2.43%. Research analysts anticipate that Marvell Technology, Inc. will post 1.5 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 25th. Investors of record on Friday, January 6th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date is Thursday, January 5th. Marvell Technology’s dividend payout ratio is -150.00%.

Insider Buying and Selling

In other Marvell Technology news, CAO Willem A. Meintjes sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, January 6th. The shares were sold at an average price of $34.92, for a total value of $349,200.00. Following the completion of the transaction, the chief accounting officer now directly owns 72,896 shares in the company, valued at approximately $2,545,528.32. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.45% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on MRVL shares. Barclays lowered their price objective on shares of Marvell Technology from $60.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday, December 2nd. Wells Fargo & Company reduced their target price on shares of Marvell Technology from $58.00 to $54.00 and set an “overweight” rating for the company in a report on Friday, December 2nd. Cowen reduced their target price on shares of Marvell Technology from $70.00 to $55.00 in a report on Friday, December 2nd. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Marvell Technology from $65.00 to $55.00 and set a “buy” rating for the company in a report on Tuesday, October 18th. Finally, Stifel Nicolaus reduced their target price on shares of Marvell Technology from $78.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, September 29th. Four equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $63.92.

About Marvell Technology

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Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.

Further Reading

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Institutional Ownership by Quarter for Marvell Technology (NASDAQ:MRVL)

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