MidWestOne Financial Group Inc. Acquires 7,251 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

MidWestOne Financial Group Inc. boosted its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 90.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,264 shares of the semiconductor company’s stock after buying an additional 7,251 shares during the quarter. MidWestOne Financial Group Inc.’s holdings in Marvell Technology were worth $1,067,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Marvell Technology by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock valued at $5,160,805,000 after buying an additional 468,086 shares during the last quarter. Capital Research Global Investors raised its holdings in Marvell Technology by 0.5% during the 4th quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock valued at $2,158,601,000 after buying an additional 185,479 shares during the last quarter. Matrix Capital Management Company LP raised its holdings in Marvell Technology by 14.3% during the 4th quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company’s stock valued at $907,997,000 after buying an additional 1,888,676 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Marvell Technology by 13.4% during the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock valued at $955,400,000 after buying an additional 1,591,874 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after buying an additional 2,254,610 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the transaction, the insider now owns 838,571 shares in the company, valued at approximately $62,892,825. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Mark Casper sold 2,500 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 20,450 shares in the company, valued at approximately $1,432,931.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the completion of the transaction, the insider now owns 838,571 shares in the company, valued at approximately $62,892,825. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 160,000 shares of company stock worth $11,878,785. Company insiders own 0.33% of the company’s stock.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $70.99 on Friday. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76. The company’s 50-day moving average is $68.33 and its 200 day moving average is $69.52. The company has a market capitalization of $61.45 billion, a price-to-earnings ratio of -62.82, a price-to-earnings-growth ratio of 3.12 and a beta of 1.46. 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 (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the prior year, the firm posted $0.18 EPS. Marvell Technology’s revenue for the quarter was down 5.1% on a year-over-year basis. Sell-side analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

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

Wall Street Analyst Weigh In

MRVL has been the subject of a number of recent analyst reports. Roth Mkm reiterated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Wednesday, September 18th. The Goldman Sachs Group upped their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Evercore ISI upped their price objective on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Finally, TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Two investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

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.