Convergence Investment Partners LLC reduced its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 60.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,463 shares of the semiconductor company's stock after selling 32,848 shares during the quarter. Convergence Investment Partners LLC's holdings in Marvell Technology were worth $1,321,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in Marvell Technology in the fourth quarter valued at about $234,000. Dynamic Advisor Solutions LLC raised its position in shares of Marvell Technology by 5.0% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock worth $266,000 after purchasing an additional 206 shares during the period. Yousif Capital Management LLC raised its position in shares of Marvell Technology by 8.4% during the 1st quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock worth $927,000 after purchasing an additional 1,164 shares during the period. Tree Line Advisors Hong Kong Ltd. acquired a new stake in Marvell Technology in the 4th quarter valued at approximately $46,389,000. Finally, Sargent Investment Group LLC increased its position in Marvell Technology by 55.7% in the 1st quarter. Sargent Investment Group LLC now owns 13,392 shares of the semiconductor company's stock valued at $825,000 after acquiring an additional 4,792 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the completion of the sale, the chief financial officer directly owned 121,348 shares of the company's stock, valued at $8,314,764.96. This trade represents a 1.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Chris Koopmans sold 6,000 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total value of $390,600.00. Following the completion of the transaction, the chief operating officer owned 92,065 shares of the company's stock, valued at $5,993,431.50. The trade was a 6.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,934 shares of company stock valued at $1,187,826 over the last three months. 0.19% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
MRVL has been the topic of a number of research reports. Melius downgraded Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price objective on the stock. in a research note on Thursday, May 22nd. Raymond James Financial restated an "outperform" rating and issued a $90.00 target price (down previously from $110.00) on shares of Marvell Technology in a research note on Friday, May 30th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $124.00 price target on shares of Marvell Technology in a research report on Wednesday, June 18th. China Renaissance assumed coverage on Marvell Technology in a research report on Thursday, June 5th. They issued a "buy" rating and a $110.00 price target for the company. Finally, Loop Capital cut their price objective on Marvell Technology from $110.00 to $90.00 and set a "buy" rating for the company in a research report on Friday, May 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $94.47.
Read Our Latest Research Report on MRVL
Marvell Technology Stock Up 0.2%
Shares of MRVL traded up $0.17 during midday trading on Friday, hitting $74.21. 9,813,678 shares of the company's stock traded hands, compared to its average volume of 16,248,888. The stock has a market capitalization of $64.10 billion, a price-to-earnings ratio of -130.19, a price-to-earnings-growth ratio of 0.80 and a beta of 1.81. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The firm's fifty day moving average is $69.95 and its 200-day moving average is $77.67. Marvell Technology, Inc. has a 1 year low of $47.08 and a 1 year high of $127.48.
Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.01. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The firm had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same period in the previous year, the firm earned $0.24 EPS. The business's quarterly revenue was up 63.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.
Marvell Technology Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. Marvell Technology's dividend payout ratio (DPR) is presently -42.11%.
About Marvell Technology
(
Free Report)
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.
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