Northwestern Mutual Wealth Management Co. Purchases 4,154 Shares of Marvell Technology, Inc. $MRVL

Northwestern Mutual Wealth Management Co. raised its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 0.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 682,309 shares of the semiconductor company’s stock after buying an additional 4,154 shares during the quarter. Northwestern Mutual Wealth Management Co. owned about 0.08% of Marvell Technology worth $52,811,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in MRVL. First Horizon Advisors Inc. increased its holdings in shares of Marvell Technology by 6.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,115 shares of the semiconductor company’s stock worth $164,000 after acquiring an additional 137 shares during the last quarter. Richards Merrill & Peterson Inc. boosted its position in Marvell Technology by 4.0% during the second quarter. Richards Merrill & Peterson Inc. now owns 3,606 shares of the semiconductor company’s stock worth $279,000 after purchasing an additional 139 shares during the period. Retirement Planning Group LLC NY increased its holdings in shares of Marvell Technology by 4.0% in the second quarter. Retirement Planning Group LLC NY now owns 3,722 shares of the semiconductor company’s stock valued at $288,000 after purchasing an additional 142 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in shares of Marvell Technology by 0.8% in the second quarter. Harbor Capital Advisors Inc. now owns 19,945 shares of the semiconductor company’s stock valued at $1,544,000 after purchasing an additional 151 shares during the period. Finally, Mayflower Financial Advisors LLC lifted its stake in shares of Marvell Technology by 3.4% during the 2nd quarter. Mayflower Financial Advisors LLC now owns 4,579 shares of the semiconductor company’s stock worth $354,000 after buying an additional 151 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on MRVL. Evercore ISI decreased their price target 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. Bank of America restated a “neutral” rating and issued a $78.00 price target (down from $90.00) on shares of Marvell Technology in a report on Friday, August 29th. Roth Capital reiterated a “buy” rating on shares of Marvell Technology in a research note on Wednesday, October 15th. Needham & Company LLC increased their price target on Marvell Technology from $80.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, September 25th. Finally, Susquehanna lifted their price objective on Marvell Technology from $80.00 to $100.00 and gave the stock a “positive” rating in a report on Tuesday, November 25th. Three investment 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $94.41.

Marvell Technology Stock Up 1.7%

Shares of NASDAQ MRVL opened at $89.24 on Friday. The stock has a market capitalization of $76.93 billion, a P/E ratio of -686.44, 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. The firm’s 50 day simple moving average is $86.07 and its two-hundred day simple moving average is $76.15. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.88 and a quick ratio of 1.44.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 28th. The semiconductor company reported $0.67 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.67. The company had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Marvell Technology had a negative net margin of 1.43% and a positive return on equity of 11.01%. The firm’s revenue was up 57.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.30 EPS. As a group, analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

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

Marvell Technology declared that its Board of Directors has authorized a share repurchase program on Wednesday, September 24th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the semiconductor company to repurchase up to 7.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, CFO Willem A. Meintjes bought 3,400 shares of the firm’s stock in a transaction dated Thursday, September 25th. The stock was purchased at an average price of $78.03 per share, with a total value of $265,302.00. Following the transaction, the chief financial officer owned 132,159 shares of the company’s stock, valued at approximately $10,312,366.77. The trade was a 2.64% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Chris Koopmans acquired 6,800 shares of the stock in a transaction on Thursday, September 25th. The shares were purchased at an average cost of $78.03 per share, with a total value 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 trade represents a 6.94% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought a total of 27,200 shares of company stock worth $2,109,632 over the last ninety days. Company insiders own 0.19% of the company’s stock.

Marvell Technology Company Profile

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.