Amalgamated Bank Reduces Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Amalgamated Bank cut its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 5.9% during the fourth quarter, HoldingsChannel reports. The firm owned 79,845 shares of the semiconductor company’s stock after selling 5,017 shares during the quarter. Amalgamated Bank’s holdings in Marvell Technology were worth $4,815,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Buck Wealth Strategies LLC grew its holdings in Marvell Technology by 1,328.1% during the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 425 shares during the last quarter. SJS Investment Consulting Inc. grew its stake in shares of Marvell Technology by 56.8% during the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 155 shares during the last quarter. BluePath Capital Management LLC purchased a new stake in shares of Marvell Technology in the third quarter worth approximately $31,000. Oliver Lagore Vanvalin Investment Group lifted its stake in shares of Marvell Technology by 46.2% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after acquiring an additional 165 shares during the last quarter. Finally, Whittier Trust Co. boosted its holdings in Marvell Technology by 59.9% during the 3rd quarter. Whittier Trust Co. now owns 603 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 226 shares during the period. 83.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Roth Mkm reiterated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. Raymond James boosted their price objective on shares of Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Morgan Stanley boosted their price target on Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a report on Thursday, March 7th. StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Citigroup reaffirmed a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research report on Wednesday, March 27th. Two analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and an average target price of $81.13.

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the transaction, the executive vice president now directly owns 119,117 shares in the company, valued at $8,097,573.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $67.98, for a total value of $339,900.00. Following the completion of the sale, the executive vice president now owns 119,117 shares of the company’s stock, valued at $8,097,573.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $67.79, for a total value of $67,790.00. Following the transaction, the chief financial officer now directly owns 102,986 shares in the company, valued at approximately $6,981,420.94. The disclosure for this sale can be found here. Insiders have sold 110,500 shares of company stock valued at $7,473,805 over the last ninety days. Insiders own 0.45% of the company’s stock.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $68.68 on Wednesday. The company has a market cap of $59.48 billion, a PE ratio of -63.59, a PEG ratio of 5.01 and a beta of 1.48. Marvell Technology, Inc. has a 12-month low of $39.23 and a 12-month high of $85.76. The business’s fifty day simple moving average is $69.87 and its 200-day simple moving average is $63.48. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The company’s quarterly revenue was up .6% on a year-over-year basis. During the same period last year, the firm earned $0.34 EPS. Analysts expect that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th were given a $0.06 dividend. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.35%. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.

Marvell Technology declared that its board has approved a share repurchase plan on Thursday, March 7th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

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.