Thrivent Financial for Lutherans Sells 59,940 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Thrivent Financial for Lutherans reduced its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 19.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 247,285 shares of the semiconductor company’s stock after selling 59,940 shares during the period. Thrivent Financial for Lutherans’ holdings in Marvell Technology were worth $17,834,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the business. Janus Henderson Group PLC grew its stake in Marvell Technology by 13.4% during the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after buying an additional 1,591,874 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after acquiring an additional 2,254,610 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Marvell Technology by 26.6% in the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after purchasing an additional 1,570,050 shares during the last quarter. Clearbridge Investments LLC raised its holdings in shares of Marvell Technology by 3.0% in the second quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock worth $362,759,000 after buying an additional 150,109 shares during the last quarter. Finally, Lazard Asset Management LLC grew its holdings in shares of Marvell Technology by 47,934.4% during the first quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after buying an additional 3,993,414 shares during 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. The firm has a 50-day simple moving average of $79.94 and a 200-day simple moving average of $73.22. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $79.63 billion, a price-to-earnings ratio of -80.95, a price-to-earnings-growth ratio of 3.82 and a beta of 1.44. Marvell Technology, Inc. has a 52 week low of $50.35 and a 52 week high of $95.09.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the firm posted $0.18 earnings per share. Marvell Technology’s quarterly revenue was down 5.1% on a year-over-year basis. On average, equities analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages have commented on MRVL. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Needham & Company LLC reissued a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Evercore ISI raised their target price on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. StockNews.com lowered Marvell Technology from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. Finally, Benchmark lifted their target price on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $91.77.

Insider Activity at Marvell Technology

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the transaction, the insider now directly owns 694,487 shares in the company, valued at approximately $55,906,203.50. This represents a 17.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the sale, the chief financial officer now directly owns 114,211 shares in the company, valued at approximately $10,180,768.54. The trade was a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 267,000 shares of company stock worth $20,899,260. Insiders own 0.33% of the company’s stock.

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.