Norges Bank purchased a new stake in shares of Marvell Technology, Inc. (NASDAQ: MRVL – Get Rating) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 7,444,891 shares of the semiconductor company stock, valued at approximately $ 651,354,000. Norges Bank owned approximately 0.88% of Marvell Technology at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Vident Investment Advisory LLC increased its stake in Marvell Technology by 27.5% during the fourth quarter. Vident Investment Advisory LLC now owns 84,562 shares of the semiconductor company stock valued at $ 7,399,000 after purchasing an additional 18,259 shares during the last quarter. Tufton Capital Management acquired a new stake in Marvell Technology during the fourth quarter worth about $ 244,000. Cetera Investment Advisers raised its stake in Marvell Technology by 50.1% during the third quarter. Cetera Investment Advisers now owns 21,937 shares of the semiconductor company stock worth $ 1,323,000 after acquiring an additional 7,326 shares during the period. Los Angeles Capital Management LLC lifted its holdings in Marvell Technology by 300.8% in the fourth quarter. Los Angeles Capital Management LLC now owns 19,393 shares of the semiconductor company stock worth $ 1,697,000 after acquiring an additional 14,554 shares during the last quarter. Finally, AIMZ Investment Advisors LLC boosted its stake in Marvell Technology by 37.4% in the fourth quarter. AIMZ Investment Advisors LLC now owns 13,562 shares of the semiconductor company stock valued at $ 1,187,000 after acquiring an additional 3,695 shares during the period. Hedge funds and other institutional investors own 83.11% of the company stock.
MRVL stock opened at $ 46.04 on Friday. Marvell Technology, Inc. has a 12 month low of $ 43.68 and a 12 month high of $ 93.85. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.67 and a quick ratio of 1.13. The firm has a 50 day simple moving average of $ 57.20 and a 200 day simple moving average of $ 68.98.
Marvell Technology (NASDAQ: MRVL – Get Rating) last announced its quarterly earnings data on Thursday, May 26th. The semiconductor company reported $ 0.52 EPS for the quarter, beating analysts’ consensus estimates of $ 0.51 by $ 0.01. The company had revenue of $ 1.45 billion during the quarter, compared to the consensus estimate of $ 1.43 billion. Marvell Technology had a positive return on equity of 6.92% and a negative net margin of 9.82%. The company quarterly revenue was up 73.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $ 0.15 EPS. As a group, research analysts expect that Marvell Technology, Inc. will post 1.7 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 27th. Investors of record on Friday, July 8th will be paid a $ 0.06 dividend. The ex-dividend date is Thursday, July 7th. This represents a $ 0.24 dividend on an annualized basis and a yield of 0.52%. Marvell Technology’s dividend payout ratio is currently -39.34%.
Several analysts recently issued reports on MRVL shares. Susquehanna cut their price target on Marvell Technology from $ 105.00 to $ 90.00 in a report on Wednesday, May 25th. Craig Hallum reduced their price target on shares of Marvell Technology to $ 90.00 in a report on Friday, May 27th. TheStreet lowered shares of Marvell Technology from a “b-” rating to a “c” rating in a research report on Friday, March 4th. Susquehanna Bancshares cut their price objective on shares of Marvell Technology from $ 105.00 to $ 90.00 and set a “positive” rating on the stock in a research report on Wednesday, May 25th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Marvell Technology from $ 80.00 to $ 75.00 in a research report on Friday, May 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $ 87.77.
In other Marvell Technology news, Director Ford Tamer sold 48,051 shares of Marvell Technology stock in a transaction that occurred on Tuesday, April 5th. The shares were sold at an average price of $ 71.61, for a total transaction of $ 3,440,932.11. Following the transaction, the director now directly owns 331,083 shares in the company, valued at approximately $ 23,708,853.63. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Dan Christman sold 15,000 shares of the stock in a transaction on Tuesday, March 29th. The shares were sold at an average price of $ 75.87, for a total value of $ 1,138,050.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 201,216 shares of company stock worth $ 12,895,253. Corporate insiders own 0.45% of the company stock.
Marvell Technology Profile: (Get Rating)
Marvell Technology, Inc., together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.
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