Avalon Investment & Advisory reduced its stake in Marvell Technology, Inc. (NASDAQ: MRVL – Get Rating ) grew 97.1% in the third quarter, according to the company’s most recent disclosure to the SEC. The fund owns 11,079 shares of the semiconductor company after selling 373,633 shares during the quarter. As of its most recent SEC filing, Avalon Investment & Advisory’s Marvell Technology holding was worth $475,000.
Many other hedge funds and other institutional investors have also recently revised their MRVL holdings. Price T Rowe Associates Inc. MD increased its stake in Marvell Technology by 16.1% in the second quarter. Price T Rowe Associates Inc. MD now owns 36,482,866 shares of the semiconductor company worth $1,588,099,000 after purchasing an additional 5,070,739 shares last quarter. FMR LLC increased its Marvell Technology stake by 3.0% in the second quarter. FMR LLC now owns 124,827,357 shares of the semiconductor company worth $5,433,736,000 after purchasing an additional 3,663,148 shares during that period. Voya Investment Management LLC took a new position in Marvell Technology stock worth $118,853,000 during the second quarter. Sumitomo Mitsui Trust Holdings acquired $114,637,000 worth of new positions in Marvell Technology stock during the second quarter. Finally, Renaissance Technologies LLC took a $113,206,000 new position in Marvell Technology stock during the second quarter. Institutional investors hold 81.28% of the company’s shares.
Insider Trading at Marvell Technology
In other news, CAO Willem A. Meintjes sold 10,000 shares of company stock in a transaction dated Friday, January 6th. The stocks sold for an average of $34.92, with a total transaction value of $349,200.00. Following the sale, the Chief Accounting Officer now directly owns 72,896 shares of company stock valued at $2,545,528.32. The transaction was disclosed in a legal filing with the U.S. Securities and Exchange Commission, available at this hyperlink. 0.45% of shares are currently held by insiders.
Marvell Technology Price/Performance
Nasdaq: MRVL opened Friday at $40.67. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.31, and a quick ratio of 0.92. The company’s 50-day moving average is $40.34 and its 200-day moving average is $44.54. Marvell Technologies had a one-year low of $33.75 and a one-year high of $83.13.
Marvell Technology (NASDAQ: MRVL – Get Rating ) last reported its earnings results on Thursday, December 1st. The semiconductor company reported EPS of $0.41 for the quarter, missing the consensus estimate of $0.43 ($0.02). The business reported revenue of $1.54 billion for the quarter, compared with the consensus estimate of $1.56 billion. Marvell Technology had a positive return on equity of 8.50% and a negative net profit margin of 2.43%. As a group, analysts expect Marvell Technology, Inc. to report 1.5 times earnings per share for the current fiscal year.
Marvell Technology Announces Dividend
The company also recently announced a quarterly dividend, payable on Wednesday, January 25. Shareholders of record on Friday, January 6 will receive a dividend of $0.06 per share. This represents an annualized dividend of $0.24 and a dividend yield of 0.59%. The ex-dividend date for this dividend is Thursday, January 5. Marvell Technology’s payout ratio is currently -150.00%.
Wall Street analysts weigh in
A number of equity analysts have recently commented on MRVL stock. UBS AG cut their target price on shares of Marvell Technology from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, December 2nd. Oppenheimer cut their price target on shares of Marvell Technology from $80.00 to $70.00 in a report on Tuesday, January 10th. Morgan Stanley cut their price target on shares of Marvell Technology from $60.00 to $41.00 and set an “equal weight” rating on the stock in a report on Friday, December 2nd. Cowen cut their price target on shares of Marvell Technology from $70.00 to $55.00 in a report on Friday, December 2nd. Finally, Citigroup cut their target price on shares of Marvell Technology from $71.00 to $65.00 in a report on Friday, December 2nd. Four research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. The stock has an average rating of “Moderate Buy” and a consensus price target of $63.92, according to MarketBeat.
About Marvell Technologies
Marvell Technology, Inc and its subsidiaries design, develop and market analog, mixed-signal, digital signal processing, and embedded and stand-alone integrated circuits. It offers a range of Ethernet solutions, including controllers, network adapters, physical transceivers and switches; single- or multi-core processors; application-specific integrated circuits; and printer system-on-chip products and application processors.
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