Dorsey & Whitney Trust CO LLC Increases Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Dorsey & Whitney Trust CO LLC grew its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 51.7% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 19,188 shares of the semiconductor company’s stock after acquiring an additional 6,537 shares during the period. Dorsey & Whitney Trust CO LLC’s holdings in Marvell Technology were worth $1,360,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Benjamin F. Edwards & Company Inc. raised its holdings in Marvell Technology by 157.3% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 772 shares of the semiconductor company’s stock worth $46,000 after purchasing an additional 472 shares in the last quarter. Hoylecohen LLC bought a new position in Marvell Technology in the fourth quarter worth about $658,000. US Bancorp DE lifted its holdings in Marvell Technology by 8.6% in the fourth quarter. US Bancorp DE now owns 185,347 shares of the semiconductor company’s stock worth $11,178,000 after buying an additional 14,651 shares during the period. Franklin Resources Inc. boosted its position in Marvell Technology by 6.2% during the 4th quarter. Franklin Resources Inc. now owns 3,199,865 shares of the semiconductor company’s stock valued at $192,984,000 after acquiring an additional 187,998 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its holdings in shares of Marvell Technology by 85.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 77,850 shares of the semiconductor company’s stock worth $5,518,000 after acquiring an additional 35,760 shares during the period. 83.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Evercore ISI raised their target price on Marvell Technology from $88.00 to $91.00 and gave the company an “outperform” rating in a research note on Friday, May 31st. Jefferies Financial Group assumed coverage on Marvell Technology in a research report on Monday, May 13th. They set a “buy” rating and a $85.00 price objective for the company. Morgan Stanley upped their target price on shares of Marvell Technology from $71.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Friday, May 31st. KeyCorp lifted their price target on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a research note on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $85.50.

Marvell Technology Stock Performance

MRVL traded down $1.69 during midday trading on Friday, hitting $66.51. 9,367,768 shares of the company traded hands, compared to its average volume of 10,091,948. The company’s 50-day moving average is $71.76 and its 200 day moving average is $69.62. Marvell Technology, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76. The firm has a market capitalization of $57.57 billion, a PE ratio of -58.86, a price-to-earnings-growth ratio of 3.23 and a beta of 1.47. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.24. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the firm earned $0.17 earnings per share. The firm’s revenue for the quarter was down 12.2% compared to the same quarter last year. On average, research analysts expect that Marvell Technology, Inc. will post 0.75 EPS for the current year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.36%. The ex-dividend date is Friday, July 12th. Marvell Technology’s payout ratio is currently -21.24%.

Insider Buying and Selling at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the completion of the sale, the chief financial officer now directly owns 110,218 shares in the company, valued at approximately $7,107,958.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total transaction of $64,490.00. Following the transaction, the chief financial officer now owns 110,218 shares of the company’s stock, valued at $7,107,958.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the completion of the sale, the chief financial officer now directly owns 109,318 shares of the company’s stock, valued at $8,076,413.84. The disclosure for this sale can be found here. Insiders sold a total of 100,000 shares of company stock worth $7,255,235 in the last three months. 0.33% of the stock is currently owned by company 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.