Hennion & Walsh Asset Management Inc. Acquires 2,286 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 39.0% in the first quarter, Holdings Channel.com reports. The fund owned 8,151 shares of the semiconductor company’s stock after purchasing an additional 2,286 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Marvell Technology were worth $578,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. increased its position in shares of Marvell Technology by 157.3% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 772 shares of the semiconductor company’s stock valued at $46,000 after buying an additional 472 shares during the period. Hoylecohen LLC purchased a new position in shares of Marvell Technology in the 4th quarter valued at approximately $658,000. US Bancorp DE boosted its position in shares of Marvell Technology by 8.6% during the fourth quarter. US Bancorp DE now owns 185,347 shares of the semiconductor company’s stock valued at $11,178,000 after purchasing an additional 14,651 shares in the last quarter. Franklin Resources Inc. grew its stake in Marvell Technology by 6.2% in the fourth quarter. Franklin Resources Inc. now owns 3,199,865 shares of the semiconductor company’s stock worth $192,984,000 after purchasing an additional 187,998 shares during the period. Finally, Centaurus Financial Inc. raised its holdings in Marvell Technology by 6.1% in the fourth quarter. Centaurus Financial Inc. now owns 4,513 shares of the semiconductor company’s stock worth $272,000 after purchasing an additional 260 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research report on Friday, May 31st. Jefferies Financial Group initiated coverage on shares of Marvell Technology in a report on Monday, May 13th. They issued a “buy” rating and a $85.00 price objective on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $90.00 target price (up previously from $80.00) on shares of Marvell Technology in a research note on Friday, May 31st. KeyCorp dropped their price target on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Monday, April 8th. Finally, Stifel Nicolaus raised their price objective on Marvell Technology from $86.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, May 31st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $85.00.

Insider Buying and Selling

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $71.25, for a total value of $356,250.00. Following the transaction, the executive vice president now directly owns 109,117 shares in the company, valued at $7,774,586.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $71.25, for a total value of $356,250.00. Following the transaction, the executive vice president now directly owns 109,117 shares of the company’s stock, valued at approximately $7,774,586.25. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total value of $64,490.00. Following the transaction, the chief financial officer now owns 110,218 shares in the company, valued at $7,107,958.82. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 81,000 shares of company stock valued at $5,607,740. 0.33% of the stock is owned by insiders.

Marvell Technology Stock Up 0.8 %

Shares of Marvell Technology stock opened at $71.60 on Wednesday. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76. The company has a market cap of $61.98 billion, a price-to-earnings ratio of -63.36, a price-to-earnings-growth ratio of 3.31 and a beta of 1.47. The company’s 50 day moving average is $70.58 and its 200 day moving average is $68.66.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.24. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The company’s revenue for the quarter was down 12.2% on a year-over-year basis. During the same period last year, the business posted $0.17 EPS. Research analysts anticipate that Marvell Technology, Inc. will post 0.75 EPS for the current year.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. The ex-dividend date is Friday, July 12th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Marvell Technology declared that its board has authorized a share buyback program on Thursday, March 7th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the semiconductor company to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

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.