Amalgamated Bank Has $4.82 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Amalgamated Bank cut its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 5.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 79,845 shares of the semiconductor company’s stock after selling 5,017 shares during the quarter. Amalgamated Bank’s holdings in Marvell Technology were worth $4,815,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Buck Wealth Strategies LLC boosted its position in shares of Marvell Technology by 1,328.1% during the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 425 shares in the last quarter. SJS Investment Consulting Inc. boosted its position in shares of Marvell Technology by 56.8% during the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 155 shares during the last quarter. BluePath Capital Management LLC purchased a new stake in Marvell Technology in the 3rd quarter valued at $31,000. Oliver Lagore Vanvalin Investment Group lifted its stake in Marvell Technology by 46.2% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 165 shares in the last quarter. Finally, Whittier Trust Co. boosted its holdings in Marvell Technology by 59.9% during the 3rd quarter. Whittier Trust Co. now owns 603 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 226 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Stock Down 1.6 %

Shares of NASDAQ MRVL opened at $68.68 on Wednesday. The business has a 50-day simple moving average of $69.87 and a two-hundred day simple moving average of $63.48. Marvell Technology, Inc. has a 52 week low of $39.23 and a 52 week high of $85.76. The company has a market cap of $59.48 billion, a P/E ratio of -63.59, a P/E/G ratio of 5.01 and a beta of 1.48. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.34 earnings per share. Research analysts anticipate that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology announced that its Board of Directors has authorized a stock repurchase plan on Thursday, March 7th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.35%. The ex-dividend date was Thursday, April 11th. Marvell Technology’s payout ratio is -22.22%.

Insider Buying and Selling

In other news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the sale, the executive vice president now owns 119,117 shares in the company, valued at approximately $8,097,573.66. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $67.79, for a total value of $67,790.00. Following the completion of the sale, the chief financial officer now owns 102,986 shares of the company’s stock, valued at $6,981,420.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the transaction, the executive vice president now owns 119,117 shares in the company, valued at $8,097,573.66. The disclosure for this sale can be found here. Over the last three months, insiders have sold 110,500 shares of company stock worth $7,473,805. Insiders own 0.45% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MRVL. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Tuesday. Oppenheimer restated an “outperform” rating and issued a $80.00 target price (up previously from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. Raymond James increased their price target on Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. KeyCorp cut their price objective on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Monday, April 8th. Finally, Evercore ISI began coverage on Marvell Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $88.00 target price for the company. Two analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $81.13.

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.