Toronto Dominion Bank Raises Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Toronto Dominion Bank raised its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 38.7% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,307 shares of the semiconductor company’s stock after buying an additional 2,319 shares during the period. Toronto Dominion Bank’s holdings in Marvell Technology were worth $501,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Advisory Services Network LLC lifted its position in shares of Marvell Technology by 14.2% during the 2nd quarter. Advisory Services Network LLC now owns 19,418 shares of the semiconductor company’s stock worth $1,132,000 after purchasing an additional 2,418 shares during the last quarter. AtonRa Partners purchased a new stake in shares of Marvell Technology during the 2nd quarter worth $3,605,000. Private Advisor Group LLC raised its stake in Marvell Technology by 9.9% during the 2nd quarter. Private Advisor Group LLC now owns 73,576 shares of the semiconductor company’s stock worth $4,292,000 after acquiring an additional 6,628 shares in the last quarter. Franklin Resources Inc. raised its stake in Marvell Technology by 11,790.8% during the 2nd quarter. Franklin Resources Inc. now owns 1,945,217 shares of the semiconductor company’s stock worth $113,464,000 after acquiring an additional 1,928,858 shares in the last quarter. Finally, Stifel Financial Corp raised its stake in Marvell Technology by 52.3% during the 2nd quarter. Stifel Financial Corp now owns 270,549 shares of the semiconductor company’s stock worth $15,780,000 after acquiring an additional 92,865 shares in the last quarter. 82.24% of the stock is owned by institutional investors and hedge funds.

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 224,957 shares of the company’s stock in a transaction dated Monday, November 15th. The shares were sold at an average price of $72.58, for a total value of $16,327,379.06. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Loi Nguyen sold 495 shares of the company’s stock in a transaction dated Tuesday, December 28th. The shares were sold at an average price of $90.81, for a total transaction of $44,950.95. The disclosure for this sale can be found here. In the last three months, insiders have sold 599,573 shares of company stock worth $46,543,921. 0.29% of the stock is owned by insiders.

Several brokerages recently commented on MRVL. Cowen upgraded shares of Marvell Technology from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $66.00 to $100.00 in a research note on Friday, December 3rd. Needham & Company LLC lifted their price target on shares of Marvell Technology from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, January 4th. Susquehanna reiterated a “buy” rating and set a $99.00 price target on shares of Marvell Technology in a research note on Friday, December 3rd. The Goldman Sachs Group upgraded shares of Marvell Technology from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $63.00 to $95.00 in a research note on Friday, December 3rd. Finally, BMO Capital Markets lifted their price target on shares of Marvell Technology from $85.00 to $98.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 30th. Three research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to MarketBeat.com, Marvell Technology presently has an average rating of “Buy” and an average target price of $98.46.

Shares of Marvell Technology stock opened at $83.00 on Friday. Marvell Technology, Inc. has a 52-week low of $37.92 and a 52-week high of $93.85. The company’s 50-day simple moving average is $81.37 and its 200-day simple moving average is $68.47. The firm has a market cap of $70.04 billion, a price-to-earnings ratio of -156.60, a price-to-earnings-growth ratio of 3.56 and a beta of 1.11.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Wednesday, December 1st. The semiconductor company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.15 billion. Marvell Technology had a negative net margin of 10.48% and a positive return on equity of 8.26%. The firm’s revenue was up 61.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.17 earnings per share. Equities analysts forecast that Marvell Technology, Inc. will post 0.98 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 26th. Investors of record on Friday, January 7th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date is Thursday, January 6th. Marvell Technology’s dividend payout ratio is currently -45.28%.

Marvell Technology Company Profile

Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage and custom related solutions. The company was founded in 1995 and is headquartered in Wilmington, DE.

Further Reading: How does the Beige Book influence monetary policy?

Want to see what other hedge funds are holding MRVL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marvell Technology, Inc. (NASDAQ:MRVL).

Institutional Ownership by Quarter for Marvell Technology (NASDAQ:MRVL)

Receive News & Ratings for Marvell Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology and related companies with MarketBeat.com's FREE daily email newsletter.