GM Advisory Group LLC Grows Stock Position in Marvell Technology, Inc. $MRVL

GM Advisory Group LLC raised its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 3.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,977 shares of the semiconductor company’s stock after purchasing an additional 780 shares during the period. GM Advisory Group LLC’s holdings in Marvell Technology were worth $1,933,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in MRVL. Taylor Frigon Capital Management LLC boosted its position in shares of Marvell Technology by 16.5% during the 2nd quarter. Taylor Frigon Capital Management LLC now owns 33,605 shares of the semiconductor company’s stock worth $2,601,000 after acquiring an additional 4,748 shares in the last quarter. Waterfront Wealth Inc. lifted its position in shares of Marvell Technology by 21.5% during the 2nd quarter. Waterfront Wealth Inc. now owns 18,394 shares of the semiconductor company’s stock worth $1,424,000 after buying an additional 3,258 shares during the last quarter. BOCHK Asset Management Ltd acquired a new position in shares of Marvell Technology in the 2nd quarter valued at $1,486,000. Westbourne Investments Inc. grew its position in shares of Marvell Technology by 442.4% in the 2nd quarter. Westbourne Investments Inc. now owns 21,695 shares of the semiconductor company’s stock valued at $1,679,000 after buying an additional 17,695 shares during the last quarter. Finally, Triton Financial Group Inc acquired a new stake in Marvell Technology during the 2nd quarter worth $1,543,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of research analyst reports. Evercore ISI cut their target price on Marvell Technology from $133.00 to $122.00 and set an “outperform” rating on the stock in a research report on Friday, August 29th. Zacks Research upgraded shares of Marvell Technology from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 24th. UBS Group lifted their target price on shares of Marvell Technology from $105.00 to $110.00 and gave the company a “buy” rating in a report on Monday. BNP Paribas raised shares of Marvell Technology to a “strong-buy” rating in a research report on Friday, August 29th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Marvell Technology from $130.00 to $120.00 and set an “overweight” rating for the company in a research note on Friday, August 29th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and fifteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus target price of $94.41.

Insider Transactions at Marvell Technology

In other Marvell Technology news, COO Chris Koopmans acquired 6,800 shares of the firm’s stock in a transaction that occurred on Thursday, September 25th. The shares were acquired at an average cost of $78.03 per share, for a total transaction of $530,604.00. Following the transaction, the chief operating officer directly owned 104,825 shares of the company’s stock, valued at approximately $8,179,494.75. This represents a 6.94% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Willem A. Meintjes purchased 3,400 shares of Marvell Technology stock in a transaction on Thursday, September 25th. The stock was acquired at an average cost of $78.03 per share, for a total transaction of $265,302.00. Following the acquisition, the chief financial officer directly owned 132,159 shares of the company’s stock, valued at approximately $10,312,366.77. This represents a 2.64% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders acquired 27,200 shares of company stock worth $2,109,632. Corporate insiders own 0.19% of the company’s stock.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $87.72 on Thursday. The company’s fifty day moving average is $85.50 and its two-hundred day moving average is $75.82. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.44 and a current ratio of 1.88. The firm has a market capitalization of $75.62 billion, a P/E ratio of -674.77, a PEG ratio of 1.10 and a beta of 1.95. Marvell Technology, Inc. has a one year low of $47.08 and a one year high of $127.48.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 28th. The semiconductor company reported $0.67 earnings per share for the quarter, hitting the consensus estimate of $0.67. Marvell Technology had a negative net margin of 1.43% and a positive return on equity of 11.01%. The company had revenue of $2.01 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period in the prior year, the business posted $0.30 earnings per share. The firm’s revenue for the quarter was up 57.6% compared to the same quarter last year. Analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 30th. Shareholders of record on Friday, October 10th were issued a $0.06 dividend. The ex-dividend date of this dividend was Friday, October 10th. This represents a $0.24 annualized dividend and a yield of 0.3%. Marvell Technology’s dividend payout ratio is -184.62%.

Marvell Technology announced that its board has approved a share repurchase plan on Wednesday, September 24th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to buy up to 7.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are 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.