Citizens Financial Group Inc. RI Boosts Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Citizens Financial Group Inc. RI grew its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 1.5% during the third quarter, Holdings Channel reports. The firm owned 7,842 shares of the semiconductor company’s stock after acquiring an additional 116 shares during the period. Citizens Financial Group Inc. RI’s holdings in Marvell Technology were worth $566,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Janus Henderson Group PLC increased its holdings in Marvell Technology by 13.4% in the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after buying an additional 1,591,874 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of Marvell Technology by 24.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after acquiring an additional 2,254,610 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Marvell Technology by 26.6% in the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after acquiring an additional 1,570,050 shares during the period. Clearbridge Investments LLC raised its holdings in shares of Marvell Technology by 3.0% during the second quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock worth $362,759,000 after purchasing an additional 150,109 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Marvell Technology by 0.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,844,719 shares of the semiconductor company’s stock valued at $268,711,000 after purchasing an additional 25,983 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on MRVL. Citigroup reiterated a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research note on Monday, October 14th. Piper Sandler reiterated an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Stifel Nicolaus restated a “buy” rating and issued a $95.00 price objective (up previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Barclays raised their price objective on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Finally, TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Three research 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’s stock. Based on data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.77.

Insider Buying and Selling at Marvell Technology

In other news, Director Ford Tamer sold 92,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the sale, the director now directly owns 351,193 shares in the company, valued at approximately $26,044,472.88. This trade represents a 20.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the transaction, the chief financial officer now directly owns 114,211 shares of the company’s stock, valued at approximately $10,180,768.54. This represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 267,000 shares of company stock valued at $20,899,260 over the last quarter. 0.33% of the stock is owned by company insiders.

Marvell Technology Trading Down 0.5 %

MRVL opened at $92.51 on Friday. The firm has a market capitalization of $81.98 billion, a price-to-earnings ratio of -83.34, a price-to-earnings-growth ratio of 3.88 and a beta of 1.44. The company’s 50 day simple moving average is $80.31 and its two-hundred day simple moving average is $73.36. Marvell Technology, Inc. has a 1-year low of $50.35 and a 1-year high of $95.09. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the firm posted $0.18 earnings per share. Marvell Technology’s quarterly revenue was down 5.1% on a year-over-year basis. Analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were issued a $0.06 dividend. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.26%. 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.