Fulton Breakefield Broenniman LLC Cuts Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Fulton Breakefield Broenniman LLC lowered its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 5.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,992 shares of the semiconductor company’s stock after selling 418 shares during the quarter. Fulton Breakefield Broenniman LLC’s holdings in Marvell Technology were worth $576,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bruce G. Allen Investments LLC raised its position in Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 141 shares during the period. Salomon & Ludwin LLC purchased a new position in Marvell Technology during the first quarter valued at approximately $31,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Marvell Technology in the second quarter worth approximately $32,000. Quarry LP bought a new position in shares of Marvell Technology in the second quarter worth approximately $32,000. Finally, Optimum Investment Advisors purchased a new stake in shares of Marvell Technology in the first quarter worth $35,000. Institutional investors own 83.51% of the company’s stock.

Insider Activity at Marvell Technology

In other news, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the transaction, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Ford Tamer sold 92,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the transaction, the director now directly owns 351,193 shares in the company, valued at approximately $26,044,472.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the transaction, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at $7,559,637.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 103,500 shares of company stock worth $7,650,465. Company insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on MRVL shares. Citigroup reaffirmed a “buy” rating and issued a $91.00 target price on shares of Marvell Technology in a report on Monday. Bank of America upped their price objective on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Needham & Company LLC reiterated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. The Goldman Sachs Group boosted their price target on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Two analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Price Performance

MRVL opened at $81.68 on Thursday. The business has a fifty day moving average of $70.72 and a 200 day moving average of $70.04. The stock has a market cap of $70.70 billion, a P/E ratio of -72.28, a PEG ratio of 3.17 and a beta of 1.45. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 52-week low of $46.07 and a 52-week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results 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 period in the previous year, the firm earned $0.18 earnings per share. The business’s revenue was down 5.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.29%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.24%.

About Marvell Technology

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.