Sumitomo Mitsui Trust Group Inc. Grows Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 5.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,174,932 shares of the semiconductor company's stock after purchasing an additional 121,799 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.25% of Marvell Technology worth $133,911,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Golden State Wealth Management LLC increased its holdings in shares of Marvell Technology by 42.3% in the 1st quarter. Golden State Wealth Management LLC now owns 2,339 shares of the semiconductor company's stock valued at $144,000 after acquiring an additional 695 shares during the last quarter. Jeppson Wealth Management LLC lifted its stake in Marvell Technology by 25.8% during the first quarter. Jeppson Wealth Management LLC now owns 3,433 shares of the semiconductor company's stock worth $211,000 after purchasing an additional 703 shares during the last quarter. Hoertkorn Richard Charles acquired a new position in Marvell Technology in the first quarter valued at approximately $16,664,000. Sunbelt Securities Inc. increased its stake in Marvell Technology by 33.8% in the first quarter. Sunbelt Securities Inc. now owns 5,529 shares of the semiconductor company's stock valued at $340,000 after purchasing an additional 1,398 shares during the last quarter. Finally, Tsfg LLC raised its holdings in Marvell Technology by 18.8% during the first quarter. Tsfg LLC now owns 1,893 shares of the semiconductor company's stock worth $117,000 after purchasing an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $77.16 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. The firm has a market cap of $66.65 billion, a PE ratio of -135.37, a P/E/G ratio of 0.84 and a beta of 1.76. The firm has a 50 day simple moving average of $64.38 and a 200-day simple moving average of $83.06. Marvell Technology, Inc. has a 1-year low of $47.09 and a 1-year 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 earnings per share for the quarter, beating the consensus estimate 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 in the previous year, the firm posted $0.24 EPS. Marvell Technology's revenue was up 63.3% on a year-over-year basis. On average, equities analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is -42.11%.

Insider Activity

In other Marvell Technology news, CAO Panteha Dixon sold 1,283 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.50, for a total transaction of $87,885.50. Following the completion of the sale, the chief accounting officer now directly owns 29,572 shares in the company, valued at $2,025,682. This represents a 4.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Mark Casper sold 12,460 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The disclosure for this sale can be found here. Insiders sold a total of 27,394 shares of company stock valued at $1,656,076 in the last 90 days. 0.19% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

MRVL has been the topic of several research analyst reports. Evercore ISI cut their price target on shares of Marvell Technology from $135.00 to $133.00 and set an "outperform" rating on the stock in a research note on Friday, May 30th. Morgan Stanley lifted their target price on Marvell Technology from $70.00 to $73.00 and gave the stock an "equal weight" rating in a research report on Friday, May 30th. Rosenblatt Securities reissued a "buy" rating and issued a $124.00 target price on shares of Marvell Technology in a research report on Wednesday, June 18th. China Renaissance started coverage on Marvell Technology in a research report on Thursday, June 5th. They set a "buy" rating and a $110.00 price target on the stock. Finally, Redburn Atlantic assumed coverage on Marvell Technology in a report on Wednesday, May 28th. They issued a "neutral" rating and a $67.00 price objective for the company. Six research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Marvell Technology currently has a consensus rating of "Moderate Buy" and an average target price of $96.33.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.