Beacon Point Advisors LLC reduced its stake in Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) by 12.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The company owned 29,808 shares of the company's stock after selling an additional 4,360 shares during the quarter. Beacon Pointe Advisors LLC's Marvell Technology stock was worth $1,798,000 as of his latest SEC filing.
Other large investors have also recently changed their stakes in the company. Yousif Capital Management LLC increased its position in Marvell Technologies by 3.2% during the 3rd quarter. Yousif Capital Management LLC now owns 12,995 shares of the company's stock valued at $703,000 after acquiring an additional 405 shares during the last quarter. Teachers Retirement System of Texas increased its holdings in shares of Marvell Technology by 36.3% in the 3rd quarter. Teachers Retirement System of Texas now owns 88,329 shares of the company's stock valued at $4,781,000 after purchasing an additional 23,538 shares in the last quarter. M&T Bancorp increased its holdings in shares of Marvell Technology by 0.9% in the 3rd quarter. M&T Bank now owns 78,452 shares of the company's stock worth $4,247,000 after purchasing an additional 686 shares in the last quarter. California Public Employees Retirement System increased its position in Marvell Technology by 1.6% in the 3rd quarter. California Public Employees Retirement System now owns 1,566,801 shares of the company's stock valued at $84,811,000 after purchasing an additional 24,301 shares during the period. Finally, Tokio Marine Asset Management Co., Ltd. increased its holdings in shares of Marvell Technology by 8.5% during the 3rd quarter. Tokio Marine Asset Management Co., Ltd. now owns 20,361 shares of the company's stock worth $1,102,000 after purchasing an additional 1,600 shares in the last quarter. 83.51% of the stock is held by institutional investors.
Marvell Technology Trades fell 1.6%
Shares of Marvell Technology began trading at $71.92 on Monday. His 50 day moving average for this company is $68.66 and his 200 day moving average is $64.71. Marvell Technology has a 1-year low of $43.51 and a 1-year high of $85.76. The company has a quick ratio of 1.21, a current ratio of 1.69, and a debt-to-equity ratio of 0.27.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last announced its quarterly earnings results on Thursday, March 7th. The company reported $0.46 earnings per share for the quarter, meeting the consensus estimate of $0.46. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The business' quarterly revenue increased 0.6% year over year. The company's earnings per share for the same period last year were $0.34. Analysts, on average, expect Marvell Technology to post 0.73 earnings per share for the current fiscal year.
Marvell Technology Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 12th were paid a dividend of $0.06 per share. This equates to his $0.24 dividend and his 0.33% yield on an annualized basis. The ex-dividend date for this dividend was Thursday, April 11th. Marvell Technology's dividend payout ratio is currently -22.22%.
Marvell Technology announced on Thursday, March 7, that its board of directors approved a stock repurchase plan authorizing the repurchase of $3 billion worth of the company's outstanding stock. The buyback authorization allows semiconductor companies to buy back up to 4.8% of their stock through open market purchases. Stock buyback plans generally indicate that company management believes its stock is undervalued.
Wall Street analysts predict growth
A number of research firms have recently commented on MRVL. Citigroup reaffirmed a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research report on Wednesday, March 27th. TD Cowen increased their target price on Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, March 8th. B. Riley reaffirmed his “buy” rating on Marvell Technology in a report on Monday, March 4th and set his target price for the stock at $95.00 (up from $85.00). Oppenheimer reissued an “outperform” rating on shares of Marvell Technology and set a price target of $80.00 (up from $70.00) in a report on Thursday, February 29th. Finally, Jefferies Financial Group carried coverage on Marvell Technology in a research report on Monday, May 13th. They gave the stock a “buy” rating and a price target of $85.00. 1 investment analyst has rated the stock with a sell rating, 1 has issued a hold rating and 21 have issued a buy rating to the company's stock. The company currently has a consensus rating of “Moderate Buy” and an average price target of $81.28, according to data from MarketBeat.com.
Get the latest report on MRVL
Insider activity at Marvell Technology
In related news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $71.50, for a total sale of $71,500.00. Following the transaction, the chief financial officer now directly owns 101,986 shares of the company's stock, valued at approximately $7,291,999. The sale was disclosed in a document filed with the SEC, which is available on the SEC's website. In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the company's stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $66.17, for a total transaction of $1,985,100.00. Following the completion of the sale, the CEO now directly owns 732,929 shares of the company's stock, valued at approximately $48,497,911.93. The sale was disclosed in a filing with the Securities and Exchange Commission, which can be accessed on the SEC's website. Also, Chief Financial Officer (CFO) Willem A. Meintjes sold 1,000 shares of the company's stock in a transaction on Monday, April 1st. The shares were sold at an average price of $71.50, for a total sale of $71,500.00. Following the closing, the chief financial officer will now own 101,986 shares of the company's stock, valued at approximately $7,291,999. Disclosures regarding this sale can be found here. Insiders sold a total of 110,500 shares of company stock valued at $7,522,055 over the past quarter. Insiders own 0.33% of the company's stock.
About Marvell Technology
(Free report)
Marvell Technology, Inc works with its subsidiaries to provide data infrastructure semiconductor solutions from the data center core to the network edge. The company develops and scales complex system-on-chip architectures that integrate analog, mixed-signal, and digital signal processing capabilities.
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