Bank of Hawaii Has $508,000 Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Bank of Hawaii lessened its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 77.2% in the third quarter, according to its most recent filing with the SEC. The firm owned 7,049 shares of the semiconductor company’s stock after selling 23,819 shares during the period. Bank of Hawaii’s holdings in Marvell Technology were worth $508,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Ameriprise Financial Inc. grew its stake in Marvell Technology by 24.1% in the second 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 period. Van ECK Associates Corp increased its stake in Marvell Technology by 26.6% during the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after purchasing an additional 1,570,050 shares in the last quarter. Clearbridge Investments LLC raised its holdings in Marvell Technology by 3.0% during the 2nd quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock worth $362,759,000 after buying an additional 150,109 shares during the period. Dimensional Fund Advisors LP lifted its stake in Marvell Technology by 0.7% in 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 buying an additional 25,983 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Marvell Technology by 2.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock valued at $235,247,000 after buying an additional 66,654 shares during the period. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Trading Down 0.3 %

NASDAQ MRVL opened at $92.24 on Tuesday. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The business has a fifty day simple moving average of $80.67 and a 200 day simple moving average of $73.59. Marvell Technology, Inc. has a 12 month low of $50.35 and a 12 month high of $95.09. The firm has a market capitalization of $81.74 billion, a P/E ratio of -83.10, a PEG ratio of 4.02 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results 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 during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the company posted $0.18 earnings per share. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. On average, analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a $0.06 dividend. The ex-dividend date was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. Marvell Technology’s payout ratio is presently -21.62%.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the transaction, the chief financial officer now owns 114,211 shares in the company, valued at approximately $10,180,768.54. This represents a 1.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the transaction, the executive vice president now owns 109,244 shares in the company, valued at approximately $8,823,637.88. The trade was a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 267,000 shares of company stock valued at $20,899,260 over the last three months. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on MRVL shares. StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research note on Friday. Roth Mkm reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Stifel Nicolaus restated a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Evercore ISI raised their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Finally, Piper Sandler reissued an “overweight” rating and issued a $100.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and an average price target of $91.77.

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.