Cullen Frost Bankers Inc. has cut down its investment in Marvell Technology, Inc. (NASDAQ: MRVL) by 7.7% in the third quarter, according to its latest disclosure with the SEC. The bank's holdings in Marvell Technology amounted to 388,491 shares, worth $21,029,000 after selling 32,328 shares during the period.
Semiconductor stocks are on the rise due to federal funding and optimism about potential rate cuts. Other significant investors have also made adjustments to their positions in the company. For instance, Lindbrook Capital LLC increased its holdings in Marvell Technology by 67.6% in the second quarter, owning 429 shares valued at $26,000. Octavia Wealth Advisors LLC and Deseret Mutual Benefit Administrators also boosted their holdings, while Trifecta Capital Advisors LLC increased its position by 17.7% in the third quarter.
Whittier Trust Co. raised its stake in Marvell Technology by 59.9% during the third quarter, owning 603 shares valued at $33,000. Institutional investors collectively own 83.32% of the company's stock.
In insider activity, EVP Chris Koopmans sold 5,000 shares on November 15th at an average price of $57.33, totaling $286,650. Following the sale, Koopmans owns 129,492 shares valued at $7,423,776.36. Additionally, CEO Matthew J. Murphy sold 30,000 shares on January 16th at an average price of $65.59, amounting to $1,967,700. Following the sale, Murphy holds 792,929 shares valued at $52,008,213.11. Over the last three months, insiders have sold 200,000 shares valued at $11,988,040, with insiders owning 0.45% of the stock.
Marvell Technology's stock has seen a 4.3% increase, currently trading at $68.16 on NASDAQ. Analysts suggest a critical pivot for Marvell Technology, with a potential 30% upside. The company has a market cap of $58.92 billion, a P/E ratio of -105.89, and a beta of 1.52.
Marvell Technology reported $0.41 EPS for Q3, surpassing the consensus estimate of $0.40. The company generated $1.42 billion in revenue, slightly exceeding the estimated $1.40 billion. Marvell Technology had a positive return on equity of 5.20% and a negative net margin of 10.11%. Analysts anticipate 0.85 EPS for the current fiscal year.
The company recently declared a quarterly dividend of $0.06 per share, payable on January 31st. Investors of record on January 5th will receive the dividend, representing a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date is January 4th, and Marvell Technology's payout ratio is -36.92%.
Marvell Technology has been the subject of various research analyst reports, with a consensus rating of "Moderate Buy" and an average price target of $68.88.
Marvell Technology, Inc. provides data infrastructure semiconductor solutions, developing complex System-on-a-Chip architectures integrating analog, mixed-signal, and digital signal processing functionality.
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