Meyer Handelman Co. Invests $339,000 in Marvell Technology, Inc. (NASDAQ:MRVL)

Meyer Handelman Co. bought a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 4,850 shares of the semiconductor company’s stock, valued at approximately $339,000.

Several other hedge funds have also added to or reduced their stakes in the business. Sequoia Financial Advisors LLC raised its holdings in shares of Marvell Technology by 21.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 11,934 shares of the semiconductor company’s stock valued at $720,000 after acquiring an additional 2,114 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Marvell Technology by 57.7% in the 4th quarter. Geneos Wealth Management Inc. now owns 4,581 shares of the semiconductor company’s stock worth $276,000 after purchasing an additional 1,677 shares during the period. Cerity Partners LLC lifted its position in shares of Marvell Technology by 111.4% in the 4th quarter. Cerity Partners LLC now owns 15,701 shares of the semiconductor company’s stock worth $947,000 after purchasing an additional 8,273 shares during the period. Valeo Financial Advisors LLC boosted its stake in shares of Marvell Technology by 50.5% during the 4th quarter. Valeo Financial Advisors LLC now owns 8,266 shares of the semiconductor company’s stock valued at $499,000 after purchasing an additional 2,774 shares in the last quarter. Finally, NewEdge Wealth LLC increased its position in shares of Marvell Technology by 9.8% during the fourth quarter. NewEdge Wealth LLC now owns 7,902 shares of the semiconductor company’s stock valued at $477,000 after buying an additional 705 shares during the period. 83.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MRVL. Jefferies Financial Group started coverage on Marvell Technology in a report on Monday, May 13th. They issued a “buy” rating and a $85.00 price objective for the company. Barclays lifted their price target on shares of Marvell Technology from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, May 31st. Morgan Stanley upped their price objective on shares of Marvell Technology from $71.00 to $77.00 and gave the stock an “equal weight” rating in a report on Friday, May 31st. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Finally, KeyCorp upped their price target on Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $85.50.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $64.99 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80. The stock has a 50-day simple moving average of $68.36 and a two-hundred day simple moving average of $69.37. The firm has a market capitalization of $56.26 billion, a PE ratio of -56.68, a P/E/G ratio of 2.99 and a beta of 1.47. Marvell Technology, Inc. has a 52-week low of $46.07 and a 52-week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, hitting analysts’ consensus estimates of $0.24. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The firm’s revenue was down 12.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.17 EPS. Analysts forecast that Marvell Technology, Inc. will post 0.75 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, July 12th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.37%. Marvell Technology’s dividend payout ratio is presently -21.24%.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $73.42, for a total value of $367,100.00. Following the completion of the sale, the executive vice president now owns 115,318 shares in the company, valued at $8,466,647.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $73.42, for a total value of $367,100.00. Following the completion of the transaction, the executive vice president now owns 115,318 shares of the company’s stock, valued at $8,466,647.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark Casper sold 2,500 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $70.07, for a total value of $175,175.00. Following the sale, the executive vice president now directly owns 20,450 shares in the company, valued at approximately $1,432,931.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 64,000 shares of company stock worth $4,772,495. Insiders own 0.33% of the company’s stock.

Marvell Technology Company 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.