Montag & Caldwell LLC Cuts Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Montag & Caldwell LLC lowered its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 6.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,112 shares of the semiconductor company’s stock after selling 722 shares during the period. Montag & Caldwell LLC’s holdings in Marvell Technology were worth $670,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in MRVL. Massachusetts Financial Services Co. MA increased its stake in Marvell Technology by 43.7% during 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 during the last quarter. Kingswood Wealth Advisors LLC boosted its position in Marvell Technology by 328.3% during the third quarter. Kingswood Wealth Advisors LLC now owns 23,949 shares of the semiconductor company’s stock worth $1,296,000 after purchasing an additional 18,357 shares during the period. Fred Alger Management LLC boosted its position 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 acquiring an additional 95,003 shares during the period. NewEdge Wealth LLC lifted its position in Marvell Technology by 15.6% in the third quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock worth $390,000 after purchasing an additional 973 shares during the period. Finally, Montag A & Associates Inc. raised its stake in Marvell Technology by 15.8% during the third quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock worth $3,510,000 after acquiring an additional 8,836 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Trading Down 0.6 %

Shares of NASDAQ:MRVL traded down $0.42 during mid-day trading on Monday, hitting $69.20. The company had a trading volume of 3,024,426 shares, compared to its average volume of 13,848,586. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. The company has a market capitalization of $59.93 billion, a PE ratio of -64.46, a price-to-earnings-growth ratio of 5.09 and a beta of 1.50. The firm has a fifty day moving average price of $69.87 and a 200 day moving average price of $62.73. Marvell Technology, Inc. has a one year low of $38.63 and a one year high of $85.76.

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

Marvell Technology announced that its Board of Directors has approved a share repurchase program on Thursday, March 7th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are typically an indication 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 will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s payout ratio is -22.22%.

Insider Buying and Selling

In other news, EVP Mark Casper sold 2,500 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 21,266 shares in the company, valued at $1,376,973.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now owns 21,266 shares of the company’s stock, valued at approximately $1,376,973.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the completion of the transaction, the chief executive officer now owns 762,929 shares in the company, valued at $51,627,405.43. The disclosure for this sale can be found here. In the last quarter, insiders sold 110,500 shares of company stock valued at $7,477,515. Company insiders own 0.45% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MRVL. Stifel Nicolaus restated a “buy” rating and set a $86.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. StockNews.com lowered Marvell Technology from a “hold” rating to a “sell” rating in a report on Sunday. Barclays increased their target price on Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, January 16th. KeyCorp lowered their target price on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Monday, April 8th. Finally, Roth Mkm reissued a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $81.13.

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.