US Bancorp DE Has $8.91 Million Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• US Bancorp DE has reduced its stake in Marvell Technology, Inc. by 11.2%, now holding 144,684 shares valued at $8.91 million.
• In the 1st quarter, several institutional investors increased their holdings in Marvell Technology, with Edgestream Partners L.P. making a substantial addition of 1,480.2% to their position.
• Marvell Technology reported an EPS of $0.62, beating analyst estimates, and noted a 63.3% year-over-year increase in quarterly revenue, totaling $1.90 billion.

US Bancorp DE trimmed its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 11.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 144,684 shares of the semiconductor company's stock after selling 18,227 shares during the quarter. US Bancorp DE's holdings in Marvell Technology were worth $8,909,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in MRVL. Capital Analysts LLC increased its position in Marvell Technology by 236.3% in the 4th quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock valued at $38,000 after acquiring an additional 241 shares during the period. Chelsea Counsel Co. bought a new position in Marvell Technology during the 4th quarter valued at $44,000. Bernard Wealth Management Corp. bought a new position in Marvell Technology during the 4th quarter valued at $45,000. Hughes Financial Services LLC bought a new position in Marvell Technology during the 1st quarter valued at $26,000. Finally, Johnson Financial Group Inc. boosted its stake in Marvell Technology by 125.0% during the 4th quarter. Johnson Financial Group Inc. now owns 423 shares of the semiconductor company's stock valued at $48,000 after purchasing an additional 235 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on MRVL shares. Rosenblatt Securities reaffirmed a "buy" rating and set a $124.00 price target on shares of Marvell Technology in a research note on Wednesday, June 18th. Melius Research increased their target price on Marvell Technology from $67.00 to $76.00 and gave the company a "hold" rating in a report on Wednesday, June 18th. TD Cowen increased their price objective on Marvell Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Needham & Company LLC lowered Marvell Technology from a "buy" rating to a "cautious" rating in a report on Wednesday, July 16th. Finally, China Renaissance started coverage on Marvell Technology in a report on Thursday, June 5th. They set a "buy" rating and a $110.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $94.70.

Marvell Technology Stock Performance

MRVL stock traded down $1.19 during trading on Tuesday, reaching $75.34. 2,480,044 shares of the stock were exchanged, compared to its average volume of 18,734,189. Marvell Technology, Inc. has a twelve month low of $47.08 and a twelve month high of $127.48. The company has a market capitalization of $65.08 billion, a P/E ratio of -131.68, a price-to-earnings-growth ratio of 0.81 and a beta of 1.83. The stock has a 50 day simple moving average of $71.91 and a 200-day simple moving average of $75.44. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

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 for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. The company had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The company's quarterly revenue was up 63.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.24 earnings per share. As a group, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Friday, July 11th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Friday, July 11th. Marvell Technology's payout ratio is presently -42.11%.

Insider Buying and Selling

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the sale, the chief financial officer directly owned 121,348 shares of the company's stock, valued at approximately $8,314,764.96. The trade was a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Panteha Dixon sold 1,283 shares of Marvell Technology stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $68.50, for a total value of $87,885.50. Following the sale, the chief accounting officer directly owned 29,572 shares in the company, valued at $2,025,682. The trade was a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,434 shares of company stock valued at $1,097,826 over the last ninety days. Company insiders own 0.33% of the company's stock.

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.