AAFMAA Wealth Management & Trust LLC Lowers Position in Marvell Technology, Inc. (NASDAQ:MRVL)

AAFMAA Wealth Management & Trust LLC decreased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 24.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 64,803 shares of the semiconductor company’s stock after selling 20,965 shares during the period. Marvell Technology comprises 2.5% of AAFMAA Wealth Management & Trust LLC’s portfolio, making the stock its 10th largest holding. AAFMAA Wealth Management & Trust LLC’s holdings in Marvell Technology were worth $4,593,000 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 MRVL. Norges Bank purchased a new stake in Marvell Technology during the fourth quarter valued at approximately $511,215,000. Brown Advisory Inc. increased its holdings in Marvell Technology by 25.9% during the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock valued at $890,475,000 after buying an additional 3,036,495 shares during the last quarter. Aspex Management HK Ltd increased its holdings in Marvell Technology by 103.8% during the fourth quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock valued at $344,525,000 after buying an additional 2,908,912 shares during the last quarter. Wellington Management Group LLP increased its holdings in Marvell Technology by 87.0% during the third quarter. Wellington Management Group LLP now owns 4,548,206 shares of the semiconductor company’s stock valued at $246,194,000 after buying an additional 2,115,366 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Marvell Technology by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 72,342,362 shares of the semiconductor company’s stock valued at $4,362,968,000 after buying an additional 1,890,753 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Insider Buying and Selling

In related news, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $70.07, for a total transaction of $175,175.00. Following the completion of the transaction, the executive vice president now directly owns 20,450 shares of the company’s stock, valued at approximately $1,432,931.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $70.07, for a total transaction of $175,175.00. Following the completion of the transaction, the executive vice president now directly owns 20,450 shares of the company’s stock, valued at approximately $1,432,931.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Daniel Durn purchased 1,425 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The shares were purchased at an average cost of $70.21 per share, with a total value of $100,049.25. Following the completion of the purchase, the director now owns 1,923 shares in the company, valued at approximately $135,013.83. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 81,000 shares of company stock valued at $5,607,740. Company insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

MRVL has been the subject of a number of research reports. KeyCorp reduced their target price on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Monday, April 8th. Barclays raised their price objective on shares of Marvell Technology from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, May 31st. StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. B. Riley raised their price objective on shares of Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Finally, Oppenheimer restated 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. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $85.00.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL traded up $2.83 on Monday, reaching $74.91. The company’s stock had a trading volume of 12,760,032 shares, compared to its average volume of 12,869,254. Marvell Technology, Inc. has a 52-week low of $46.07 and a 52-week high of $85.76. The company has a market cap of $64.84 billion, a P/E ratio of -66.29, a PEG ratio of 3.42 and a beta of 1.47. The company has a 50-day simple moving average of $70.99 and a 200 day simple moving average of $69.04. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, hitting analysts’ consensus estimates of $0.24. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the company posted $0.17 EPS. The business’s revenue was down 12.2% on a year-over-year basis. As a group, equities research analysts anticipate that Marvell Technology, Inc. will post 0.75 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.32%. Marvell Technology’s dividend payout ratio is presently -21.24%.

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.