Thrivent Financial for Lutherans Decreases Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Thrivent Financial for Lutherans trimmed its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 29.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 174,862 shares of the semiconductor company's stock after selling 72,423 shares during the quarter. Thrivent Financial for Lutherans' holdings in Marvell Technology were worth $18,635,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Intrepid Financial Planning Group LLC boosted its stake in shares of Marvell Technology by 0.3% in the 4th quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company's stock valued at $2,860,000 after purchasing an additional 90 shares during the last quarter. PDS Planning Inc grew its holdings in Marvell Technology by 3.3% during the 4th quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company's stock worth $319,000 after acquiring an additional 92 shares during the period. Lodestone Wealth Management LLC lifted its stake in shares of Marvell Technology by 2.0% in the 4th quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company's stock valued at $514,000 after purchasing an additional 93 shares during the period. Valley National Advisers Inc. boosted its position in shares of Marvell Technology by 0.4% during the 4th quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company's stock valued at $2,775,000 after purchasing an additional 96 shares in the last quarter. Finally, Private Trust Co. NA grew its stake in Marvell Technology by 2.7% during the fourth quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company's stock worth $414,000 after purchasing an additional 97 shares during the period. Institutional investors own 83.51% of the company's stock.

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Insider Activity

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the business's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total value of $282,500.00. Following the completion of the transaction, the executive vice president now directly owns 24,706 shares in the company, valued at approximately $2,791,778. The trade was a 9.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $118.33, for a total transaction of $177,495.00. Following the completion of the sale, the chief financial officer now owns 111,211 shares in the company, valued at $13,159,597.63. This represents a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,685 shares of company stock worth $4,026,768. 0.33% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MRVL. Wells Fargo & Company restated an "overweight" rating on shares of Marvell Technology in a report on Thursday, March 6th. Evercore ISI increased their target price on shares of Marvell Technology from $98.00 to $122.00 and gave the stock an "outperform" rating in a research note on Monday, December 2nd. Needham & Company LLC dropped their price objective on shares of Marvell Technology from $120.00 to $100.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. Bank of America reduced their target price on Marvell Technology from $150.00 to $120.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. Finally, Citigroup dropped their price target on Marvell Technology from $136.00 to $122.00 and set a "buy" rating on the stock in a research note on Thursday, March 6th. Three research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $120.44.

Marvell Technology Stock Down 1.5 %

Marvell Technology stock traded down $1.09 during midday trading on Tuesday, hitting $71.67. 9,425,257 shares of the company's stock were exchanged, compared to its average volume of 16,100,515. The firm has a 50-day moving average of $98.21 and a two-hundred day moving average of $93.87. Marvell Technology, Inc. has a 12 month low of $53.19 and a 12 month high of $127.48. The company has a market cap of $62.07 billion, a PE ratio of -42.16, a P/E/G ratio of 1.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology's dividend payout ratio (DPR) is presently -23.53%.

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.