Marvell Technology, Inc. (NASDAQ:MRVL) Stock Position Raised by Fifth Third Bancorp

Fifth Third Bancorp lifted its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 7.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 678,728 shares of the semiconductor company's stock after buying an additional 49,482 shares during the quarter. Fifth Third Bancorp owned approximately 0.08% of Marvell Technology worth $41,789,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in MRVL. Point72 Asia Singapore Pte. Ltd. bought a new stake in Marvell Technology during the fourth quarter valued at about $234,000. Hudock Inc. acquired a new stake in shares of Marvell Technology during the fourth quarter worth about $265,000. Everhart Financial Group Inc. purchased a new stake in shares of Marvell Technology in the 4th quarter valued at $437,000. Union Bancaire Privee UBP SA purchased a new stake in Marvell Technology in the fourth quarter valued at $16,699,000. Finally, CIBC Asset Management Inc grew its holdings in Marvell Technology by 3.5% during the fourth quarter. CIBC Asset Management Inc now owns 197,102 shares of the semiconductor company's stock worth $21,770,000 after acquiring an additional 6,699 shares during the period. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Up 4.6%

MRVL stock traded up $3.09 during mid-day trading on Monday, reaching $70.28. The company had a trading volume of 14,116,840 shares, compared to its average volume of 14,765,348. Marvell Technology, Inc. has a fifty-two week low of $47.09 and a fifty-two week high of $127.48. The company has a market capitalization of $60.71 billion, a price-to-earnings ratio of -41.45, a price-to-earnings-growth ratio of 1.61 and a beta of 1.76. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The firm has a fifty day simple moving average of $60.30 and a 200 day simple moving average of $85.13.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.01. Marvell Technology had a negative net margin of 27.49% and a positive return on equity of 4.59%. The business had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.88 billion. During the same period in the previous year, the company earned $0.24 EPS. The company's revenue for the quarter was up 63.3% on a year-over-year basis. Analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.34%. Marvell Technology's payout ratio is currently -42.11%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MRVL. Roth Capital set a $100.00 target price on shares of Marvell Technology in a research note on Thursday, March 6th. Raymond James reiterated an "outperform" rating and issued a $90.00 price objective (down previously from $110.00) on shares of Marvell Technology in a research report on Friday, May 30th. Melius Research lowered shares of Marvell Technology from a "strong-buy" rating to a "hold" rating and set a $66.00 target price on the stock. in a research note on Thursday, May 22nd. Barclays cut their price target on Marvell Technology from $130.00 to $80.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Finally, B. Riley dropped their price objective on Marvell Technology from $135.00 to $110.00 and set a "buy" rating on the stock in a report on Monday, May 19th. Seven investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $94.73.

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $60.00, for a total value of $90,000.00. Following the sale, the chief financial officer now directly owns 124,348 shares of the company's stock, valued at $7,460,880. This represents a 1.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mark Casper sold 626 shares of the business's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $61.10, for a total transaction of $38,248.60. Following the sale, the executive vice president now directly owns 626 shares of the company's stock, valued at approximately $38,248.60. This represents a 50.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,611 shares of company stock valued at $1,465,411 over the last quarter. 0.19% of the stock is currently owned by insiders.

Marvell Technology 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.