CWA Asset Management Group LLC Acquires New Position in Marvell Technology, Inc. (NASDAQ:MRVL)

CWA Asset Management Group LLC purchased a new stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,685 shares of the semiconductor company's stock, valued at approximately $410,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL bought a new position in Marvell Technology during the second quarter worth $32,000. Quarry LP acquired a new stake in Marvell Technology in the 2nd quarter valued at $32,000. Mark Sheptoff Financial Planning LLC bought a new position in shares of Marvell Technology during the first quarter valued at about $35,000. Whittier Trust Co. grew its position in shares of Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company's stock valued at $35,000 after acquiring an additional 210 shares during the period. Finally, Exchange Traded Concepts LLC lifted its position in shares of Marvell Technology by 125.4% during the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company's stock worth $44,000 after acquiring an additional 336 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Cantor Fitzgerald restated an "overweight" rating and issued a $85.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Piper Sandler restated an "overweight" rating and set a $100.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Bank of America boosted their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the company a "buy" rating in a report on Friday, August 30th. Barclays upped their target price on Marvell Technology from $80.00 to $85.00 and gave the company an "overweight" rating in a research report on Friday, August 30th. Finally, Roth Mkm reaffirmed a "buy" rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $91.77.

Insider Buying and Selling

In other news, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the transaction, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Chris Koopmans sold 6,000 shares of the firm's stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the transaction, the executive vice president now directly owns 109,244 shares of the company's stock, valued at approximately $8,823,637.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the transaction, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 261,000 shares of company stock worth $20,330,835 over the last ninety days. Company insiders own 0.33% of the company's stock.

Marvell Technology Stock Up 0.6 %

Shares of NASDAQ:MRVL traded up $0.53 during midday trading on Tuesday, hitting $92.78. 8,481,478 shares of the company's stock traded hands, compared to its average volume of 12,183,437. Marvell Technology, Inc. has a twelve month low of $50.35 and a twelve month high of $95.09. 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 company has a market cap of $82.22 billion, a PE ratio of -83.11, a P/E/G ratio of 4.08 and a beta of 1.44. The firm's fifty day moving average price is $77.20 and its two-hundred day moving average price is $72.14.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts' consensus estimates of $0.30. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. Marvell Technology's revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.18 EPS. On average, equities research analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. Marvell Technology's payout ratio is currently -21.62%.

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.