M.D. Sass LLC Takes Position in Marvell Technology, Inc. $MRVL

M.D. Sass LLC bought a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 83,433 shares of the semiconductor company’s stock, valued at approximately $6,458,000. Marvell Technology makes up approximately 0.5% of M.D. Sass LLC’s investment portfolio, making the stock its 24th biggest position.

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

Marvell Technology Price Performance

Shares of MRVL stock opened at $89.24 on Monday. The firm’s 50 day moving average price is $86.07 and its two-hundred day moving average price is $76.22. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.44 and a current ratio of 1.88. Marvell Technology, Inc. has a 52-week low of $47.08 and a 52-week high of $127.48. The stock has a market cap of $76.93 billion, a PE ratio of -686.44, a PEG ratio of 1.10 and a beta of 1.95.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 28th. The semiconductor company reported $0.67 EPS for the quarter, meeting 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 during the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter in the previous year, the company posted $0.30 EPS. The business’s revenue for the quarter was up 57.6% compared to the same quarter last year. As a group, analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 30th. Shareholders of record on Friday, October 10th were paid 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 presently -184.62%.

Marvell Technology announced that its Board of Directors has approved a stock repurchase program on Wednesday, September 24th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to repurchase up to 7.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts have recently commented on MRVL shares. Raymond James Financial started coverage on Marvell Technology in a report on Thursday, November 20th. They set a “strong-buy” rating and a $121.00 target price on the stock. Jefferies Financial Group decreased their price objective on shares of Marvell Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, August 29th. Barclays reaffirmed an “equal weight” rating and issued a $80.00 target price on shares of Marvell Technology in a research note on Monday, October 20th. Roth Capital reissued a “buy” rating on shares of Marvell Technology in a research note on Wednesday, October 15th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Marvell Technology from $130.00 to $120.00 and set an “overweight” rating for the company in a report on Friday, August 29th. Three investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and fifteen have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $94.41.

Insider Buying and Selling

In other news, CEO Matthew J. Murphy purchased 13,600 shares of the firm’s stock in a transaction dated Thursday, September 25th. The stock was bought at an average price of $77.09 per share, with a total value of $1,048,424.00. Following the acquisition, the chief executive officer directly owned 268,637 shares of the company’s stock, valued at approximately $20,709,226.33. This represents a 5.33% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Chris Koopmans purchased 6,800 shares of the stock in a transaction on Thursday, September 25th. The stock was acquired at an average price of $78.03 per share, with a total value of $530,604.00. Following the completion of the acquisition, 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 disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 27,200 shares of company stock worth $2,109,632 in the last ninety days. 0.19% of the stock is currently owned by corporate insiders.

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.