Bank of Montreal Can Sells 453,489 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Bank of Montreal Can cut its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 57.3% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 338,583 shares of the semiconductor company’s stock after selling 453,489 shares during the quarter. Bank of Montreal Can’s holdings in Marvell Technology were worth $23,704,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Bruce G. Allen Investments LLC boosted its holdings in shares of Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 141 shares during the last quarter. Salomon & Ludwin LLC acquired a new stake in Marvell Technology in the first quarter valued at $31,000. Optimum Investment Advisors bought a new position in shares of Marvell Technology in the 1st quarter valued at about $35,000. Mark Sheptoff Financial Planning LLC acquired a new position in shares of Marvell Technology during the 1st quarter worth about $35,000. Finally, Bogart Wealth LLC raised its holdings in shares of Marvell Technology by 1,480.0% in the 1st quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock valued at $45,000 after purchasing an additional 592 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on MRVL. The Goldman Sachs Group boosted their price target on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. KeyCorp increased their price target on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Oppenheimer reaffirmed an “outperform” rating and set a $90.00 price objective (up from $80.00) on shares of Marvell Technology in a research report on Friday, May 31st. Bank of America increased their price objective 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. Finally, Evercore ISI upped their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Insider Activity at Marvell Technology

In other Marvell Technology news, CEO Matthew J. Murphy sold 6,000 shares of Marvell Technology stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.29, for a total transaction of $439,740.00. Following the transaction, the chief executive officer now directly owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Matthew J. Murphy sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the transaction, the chief executive officer now owns 208,915 shares in the company, valued at approximately $15,311,380.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following the sale, the chief financial officer now directly owns 111,753 shares in the company, valued at approximately $8,255,194.11. The disclosure for this sale can be found here. Insiders sold a total of 160,000 shares of company stock worth $11,878,785 in the last quarter. 0.33% of the stock is owned by insiders.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $70.99 on Friday. The firm has a 50 day moving average of $68.33 and a 200-day moving average of $69.54. The stock has a market capitalization of $61.45 billion, a PE ratio of -62.82, a PEG ratio of 3.12 and a beta of 1.46. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 12 month low of $46.07 and a 12 month high of $85.76.

Marvell Technology (NASDAQ:MRVL) last issued 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 during the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.18 earnings per share. On average, equities research analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.34%. Marvell Technology’s dividend payout ratio is presently -21.24%.

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.