PNC Financial Services Group Inc. Grows Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Marvell Technology logo PNC Financial Services Group Inc. increased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) by 5.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 60,016 shares of the semiconductor company’s stock after buying an additional 3,109 shares during the period. PNC Financial Services Group Inc.’s holdings in Marvell Technology were worth $3,620,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA lifted its holdings in shares of Marvell Technology by 43.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after purchasing an additional 2,142,391 shares in the last quarter. Fred Alger Management LLC lifted its holdings in shares of Marvell Technology by 2.4% in the third quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock valued at $218,499,000 after purchasing an additional 95,003 shares in the last quarter. NewEdge Wealth LLC lifted its holdings in shares of Marvell Technology by 15.6% in the third quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock valued at $390,000 after purchasing an additional 973 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Marvell Technology by 157.3% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 772 shares of the semiconductor company’s stock valued at $46,000 after purchasing an additional 472 shares in the last quarter. Finally, Montag A & Associates Inc. lifted its holdings in shares of Marvell Technology by 15.8% in the third quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock valued at $3,510,000 after purchasing an additional 8,836 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total value of $64,490.00. Following the completion of the transaction, the chief financial officer now directly owns 110,218 shares in the company, 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. In other news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total value of $64,490.00. Following the completion of the transaction, the chief financial officer now directly owns 110,218 shares in the company, 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, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $64.75, for a total transaction of $161,875.00. Following the completion of the transaction, the executive vice president now owns 21,266 shares of the company’s stock, valued at $1,376,973.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 110,500 shares of company stock worth $7,522,055. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Stock Performance

Marvell Technology stock opened at $76.68 on Friday. Marvell Technology, Inc. has a 52-week low of $46.07 and a 52-week high of $85.76. The firm has a fifty day moving average of $69.23 and a 200-day moving average of $65.35. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21.

Marvell Technology (NASDAQ:MRVL – Get Free Report) last released its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the prior year, the business earned $0.34 earnings per share. The business’s quarterly revenue was up .6% compared to the same quarter last year. As a group, analysts predict that Marvell Technology, Inc. will post 0.73 EPS for the current year.

Marvell Technology declared that its board has approved a share buyback plan on Thursday, March 7th that authorizes the company to buyback $3.00 billion in outstanding 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th were paid a $0.06 dividend. The ex-dividend date was Thursday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.31%. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.

Analyst Upgrades and Downgrades

MRVL has been the topic of several recent research reports. StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Stifel Nicolaus reissued a “buy” rating and set a $86.00 price objective on shares of Marvell Technology in a research note on Friday, April 12th. Roth Mkm reissued a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Friday, April 12th. Rosenblatt Securities reissued a “buy” rating and set a $100.00 price objective on shares of Marvell Technology in a research note on Monday, March 4th. Finally, Citigroup reissued a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research note on Wednesday, March 27th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus price target of $81.28.

View Our Latest Analysis on MRVL

Marvell Technology Profile

(Free Report)

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.

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