Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Huntington National Bank

Huntington National Bank lessened its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 19.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,259 shares of the semiconductor company’s stock after selling 537 shares during the period. Huntington National Bank’s holdings in Marvell Technology were worth $163,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MRVL. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Marvell Technology in the second quarter worth approximately $32,000. Quarry LP purchased a new position in Marvell Technology in the 2nd quarter valued at $32,000. Whittier Trust Co. boosted its stake in Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 210 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in shares of Marvell Technology by 125.4% during the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock worth $44,000 after buying an additional 336 shares in the last quarter. Finally, Unique Wealth Strategies LLC acquired a new stake in shares of Marvell Technology in the second quarter valued at about $45,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Stock Down 3.2 %

NASDAQ:MRVL opened at $87.83 on Monday. Marvell Technology, Inc. has a 52 week low of $50.35 and a 52 week high of $95.09. The stock’s fifty day moving average is $78.89 and its two-hundred day moving average is $72.80. The stock has a market capitalization of $77.83 billion, a price-to-earnings ratio of -79.13, a price-to-earnings-growth 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 posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates 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 was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.18 EPS. Research analysts anticipate 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 was paid on Thursday, October 31st. Investors of record on Friday, October 11th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -21.62%.

Insider Buying and Selling

In related news, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction 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 transaction, the director now directly owns 351,193 shares in the company, valued at approximately $26,044,472.88. This trade represents a 20.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew J. Murphy sold 6,000 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.29, for a total value of $439,740.00. Following the sale, the chief executive officer now owns 208,915 shares in the company, valued at approximately $15,311,380.35. This trade represents a 2.79 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 259,500 shares of company stock valued at $20,230,710 in the last ninety days. Company insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MRVL. Benchmark boosted their price target on shares of 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 upped their price target on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Stifel Nicolaus reiterated a “buy” rating and set a $95.00 price objective (up previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Finally, Morgan Stanley lifted their price target on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $91.77.

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.