BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $18.32 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 14.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 165,870 shares of the semiconductor company's stock after purchasing an additional 21,440 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Marvell Technology were worth $18,320,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Centricity Wealth Management LLC acquired a new position in shares of Marvell Technology during the fourth quarter valued at $26,000. Rialto Wealth Management LLC acquired a new position in shares of Marvell Technology during the fourth quarter valued at $27,000. Financial Life Planners acquired a new position in shares of Marvell Technology during the fourth quarter valued at $33,000. Lee Danner & Bass Inc. acquired a new position in shares of Marvell Technology during the fourth quarter valued at $35,000. Finally, GHP Investment Advisors Inc. lifted its stake in shares of Marvell Technology by 48.3% during the fourth quarter. GHP Investment Advisors Inc. now owns 344 shares of the semiconductor company's stock valued at $38,000 after acquiring an additional 112 shares during the period. Institutional investors and hedge funds own 83.51% of the company's stock.

Marvell Technology Stock Down 1.9%

Shares of NASDAQ:MRVL traded down $1.16 during mid-day trading on Friday, reaching $60.69. 17,433,643 shares of the stock were exchanged, compared to its average volume of 14,176,583. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The company has a market cap of $52.43 billion, a P/E ratio of -35.70, a P/E/G ratio of 1.61 and a beta of 1.83. Marvell Technology, Inc. has a one year low of $47.09 and a one year high of $127.48. The stock's 50 day simple moving average is $59.58 and its 200-day simple moving average is $87.90.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were paid a $0.06 dividend. The ex-dividend date of this dividend was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.40%. Marvell Technology's dividend payout ratio is -23.53%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Piper Sandler cut their price target on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research note on Thursday, March 6th. William Blair raised Marvell Technology to a "strong-buy" rating in a research note on Wednesday, February 5th. Raymond James set a $110.00 target price on Marvell Technology in a research note on Thursday, March 6th. Rosenblatt Securities reissued a "buy" rating and issued a $140.00 target price on shares of Marvell Technology in a research note on Thursday, March 6th. Finally, Bank of America cut their target price on Marvell Technology from $120.00 to $72.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Six investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $104.52.

Insider Buying and Selling at Marvell Technology

In related news, Director Brad W. Buss purchased 3,000 shares of the firm's stock in a transaction on Friday, March 7th. The stock was purchased at an average cost of $69.00 per share, for a total transaction of $207,000.00. Following the completion of the purchase, the director now directly owns 87,113 shares in the company, valued at $6,010,797. This trade represents a 3.57% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark Casper sold 626 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $61.10, for a total value of $38,248.60. Following the completion of the transaction, the executive vice president now owns 626 shares of the company's stock, valued at approximately $38,248.60. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,541 shares of company stock worth $2,079,948 over the last ninety days. 0.19% of the stock is currently owned by corporate insiders.

Marvell Technology Company 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.