Huntington National Bank Trims Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Huntington National Bank decreased its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 19.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,259 shares of the semiconductor company’s stock after selling 537 shares during the period. Huntington National Bank’s holdings in Marvell Technology were worth $163,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of MRVL. Orion Portfolio Solutions LLC boosted its position in Marvell Technology by 47.1% during the 1st quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock valued at $2,282,000 after acquiring an additional 10,306 shares in the last quarter. Edgestream Partners L.P. purchased a new stake in shares of Marvell Technology during the 1st quarter worth $394,000. Covestor Ltd boosted its position in Marvell Technology by 231.1% during the first quarter. Covestor Ltd now owns 1,311 shares of the semiconductor company’s stock valued at $93,000 after purchasing an additional 915 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its position in Marvell Technology by 22.3% during the first quarter. O Shaughnessy Asset Management LLC now owns 26,743 shares of the semiconductor company’s stock valued at $1,896,000 after purchasing an additional 4,882 shares in the last quarter. Finally, UniSuper Management Pty Ltd grew its stake in Marvell Technology by 93.7% in the first quarter. UniSuper Management Pty Ltd now owns 12,200 shares of the semiconductor company’s stock valued at $865,000 after purchasing an additional 5,900 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

MRVL has been the subject of a number of analyst reports. Bank of America increased their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Morgan Stanley raised their price objective on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Evercore ISI boosted their target price on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Benchmark boosted their price target on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $91.77.

Insider Activity at Marvell Technology

In related news, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the transaction, the director now owns 351,193 shares in the company, valued at $26,044,472.88. The trade was a 20.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the transaction, the executive vice president now directly owns 109,244 shares of the company’s stock, valued at $8,823,637.88. The trade was a 5.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 259,500 shares of company stock worth $20,230,710 in the last three months. Company insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $87.83 on Monday. The firm’s fifty day moving average is $78.89 and its two-hundred day moving average is $72.80. The firm has a market cap of $77.83 billion, a price-to-earnings ratio of -79.13, a PEG ratio of 3.82 and a beta of 1.44. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. Marvell Technology, Inc. has a one year low of $50.35 and a one year high of $95.09.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. Marvell Technology’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period last year, the company earned $0.18 earnings per share. Research analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.27%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is -21.62%.

Marvell Technology 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.