Eastern Bank Buys New Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Eastern Bank acquired a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 971 shares of the semiconductor company’s stock, valued at approximately $70,000.

Other large investors have also recently added to or reduced their stakes in the company. Salomon & Ludwin LLC bought a new stake in Marvell Technology during the first quarter worth about $31,000. Quarry LP bought a new stake in Marvell Technology during the second quarter worth about $32,000. Strategic Investment Solutions Inc. IL bought a new stake in Marvell Technology during the second quarter worth about $32,000. Whittier Trust Co. grew its stake in Marvell Technology by 74.5% during the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after buying an additional 210 shares during the last quarter. Finally, Mark Sheptoff Financial Planning LLC bought a new stake in Marvell Technology during the first quarter worth about $35,000. 83.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MRVL has been the topic of several research analyst reports. Citigroup reaffirmed a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research note on Monday, October 14th. Roth Mkm reissued a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Stifel Nicolaus reissued a “buy” rating and set a $95.00 price target (up from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Benchmark increased their price target on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Insiders Place Their Bets

In related news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the sale, the executive vice president now directly owns 109,244 shares in the company, valued at $8,823,637.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the sale, the executive vice president now directly owns 109,244 shares in the company, valued at $8,823,637.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Matthew J. Murphy acquired 13,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were bought at an average price of $77.63 per share, for a total transaction of $1,009,190.00. Following the completion of the acquisition, the chief executive officer now owns 221,915 shares of the company’s stock, valued at $17,227,261.45. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 261,000 shares of company stock worth $20,330,835. Company insiders own 0.33% of the company’s stock.

Marvell Technology Trading Down 0.4 %

MRVL opened at $81.61 on Friday. The firm’s fifty day moving average is $73.67 and its two-hundred day moving average is $70.57. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The firm has a market cap of $72.32 billion, a PE ratio of -73.52, a price-to-earnings-growth ratio of 3.62 and a beta of 1.45. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting the consensus estimate of $0.30. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period last year, the business posted $0.18 earnings per share. Equities research analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current 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 issued a $0.06 dividend. The ex-dividend date is Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.29%. Marvell Technology’s dividend payout ratio (DPR) is presently -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.