Mechanics Financial Corp acquired a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 3,867 shares of the semiconductor company's stock, valued at approximately $238,000.
Other hedge funds have also modified their holdings of the company. Kornitzer Capital Management Inc. KS boosted its position in Marvell Technology by 111.6% during the first quarter. Kornitzer Capital Management Inc. KS now owns 21,541 shares of the semiconductor company's stock valued at $1,326,000 after purchasing an additional 11,360 shares during the last quarter. Larson Financial Group LLC lifted its position in shares of Marvell Technology by 348.1% in the first quarter. Larson Financial Group LLC now owns 1,192 shares of the semiconductor company's stock valued at $73,000 after buying an additional 926 shares during the last quarter. Wealthfront Advisers LLC lifted its position in shares of Marvell Technology by 61.0% in the first quarter. Wealthfront Advisers LLC now owns 79,291 shares of the semiconductor company's stock valued at $4,882,000 after buying an additional 30,034 shares during the last quarter. Whittier Trust Co. lifted its position in shares of Marvell Technology by 49.4% in the first quarter. Whittier Trust Co. now owns 665 shares of the semiconductor company's stock valued at $41,000 after buying an additional 220 shares during the last quarter. Finally, TimesSquare Capital Management LLC lifted its position in shares of Marvell Technology by 3.7% in the first quarter. TimesSquare Capital Management LLC now owns 543,290 shares of the semiconductor company's stock valued at $33,450,000 after buying an additional 19,300 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
MRVL has been the subject of several research reports. Melius Research lifted their price target on Marvell Technology from $67.00 to $76.00 and gave the stock a "hold" rating in a report on Wednesday, June 18th. TD Cowen lifted their price target on Marvell Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Cantor Fitzgerald lifted their price target on Marvell Technology from $60.00 to $75.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. Redburn Atlantic began coverage on Marvell Technology in a research report on Wednesday, May 28th. They set a "neutral" rating and a $67.00 target price for the company. Finally, Loop Capital cut their target price on Marvell Technology from $110.00 to $90.00 and set a "buy" rating for the company in a research report on Friday, May 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $94.47.
Read Our Latest Report on MRVL
Insider Transactions at Marvell Technology
In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.52, for a total value of $102,780.00. Following the completion of the transaction, the chief financial officer directly owned 121,348 shares of the company's stock, valued at $8,314,764.96. This trade represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark Casper sold 626 shares of the firm's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $61.10, for a total value of $38,248.60. Following the completion of the transaction, the executive vice president directly owned 626 shares of the company's stock, valued at $38,248.60. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,394 shares of company stock valued at $1,656,076. Corporate insiders own 0.19% of the company's stock.
Marvell Technology Stock Performance
Shares of MRVL traded up $2.16 on Friday, reaching $74.17. 7,280,052 shares of the company's stock traded hands, compared to its average volume of 15,848,359. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The stock has a market cap of $64.07 billion, a PE ratio of -129.42, a PEG ratio of 0.77 and a beta of 1.81. The stock's 50 day simple moving average is $68.81 and its two-hundred day simple moving average is $79.37. Marvell Technology, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48.
Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same period last year, the business posted $0.24 earnings per share. Marvell Technology's revenue was up 63.3% on a year-over-year basis. On average, analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.
Marvell Technology Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date is Friday, July 11th. Marvell Technology's dividend payout ratio is currently -42.11%.
Marvell Technology Profile
(
Free Report)
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.
Further Reading
Before you consider Marvell Technology, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Marvell Technology wasn't on the list.
While Marvell Technology currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
