Impax Asset Management Group plc grew its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 748.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,700,841 shares of the semiconductor company's stock after purchasing an additional 3,264,557 shares during the quarter. Marvell Technology makes up 1.4% of Impax Asset Management Group plc's portfolio, making the stock its 19th biggest position. Impax Asset Management Group plc owned 0.43% of Marvell Technology worth $227,033,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of the business. Catalyst Capital Advisors LLC raised its holdings in shares of Marvell Technology by 154.7% in the 1st quarter. Catalyst Capital Advisors LLC now owns 1,724 shares of the semiconductor company's stock valued at $106,000 after purchasing an additional 1,047 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Marvell Technology in the 1st quarter valued at about $23,448,000. IFM Investors Pty Ltd raised its holdings in shares of Marvell Technology by 8.8% in the 1st quarter. IFM Investors Pty Ltd now owns 179,464 shares of the semiconductor company's stock valued at $11,050,000 after purchasing an additional 14,446 shares in the last quarter. OneDigital Investment Advisors LLC raised its holdings in shares of Marvell Technology by 38.6% in the 1st quarter. OneDigital Investment Advisors LLC now owns 77,041 shares of the semiconductor company's stock valued at $4,743,000 after purchasing an additional 21,470 shares in the last quarter. Finally, Hartline Investment Corp raised its holdings in shares of Marvell Technology by 2.1% in the 1st quarter. Hartline Investment Corp now owns 375,717 shares of the semiconductor company's stock valued at $23,133,000 after purchasing an additional 7,611 shares in the last quarter. Institutional investors own 83.51% of the company's stock.
Analyst Upgrades and Downgrades
A number of research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Marvell Technology from $100.00 to $85.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Loop Capital cut their price objective on shares of Marvell Technology from $110.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $124.00 price objective on shares of Marvell Technology in a research report on Wednesday, June 18th. Citigroup cut their price objective on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $85.00 price objective on shares of Marvell Technology in a research report on Wednesday, June 18th. Six equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $96.33.
Read Our Latest Report on Marvell Technology
Marvell Technology Stock Performance
Shares of NASDAQ MRVL opened at $75.15 on Friday. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. Marvell Technology, Inc. has a 12 month low of $47.09 and a 12 month high of $127.48. The company has a 50 day simple moving average of $66.54 and a two-hundred day simple moving average of $81.88. The stock has a market cap of $64.92 billion, a price-to-earnings ratio of -131.84, a PEG ratio of 0.81 and a beta of 1.81.
Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 EPS 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 business had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.88 billion. During the same period in the previous year, the business posted $0.24 EPS. The business's quarterly revenue was up 63.3% compared to the same quarter last year. As a group, analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.
Marvell Technology Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology's dividend payout ratio is currently -42.11%.
Insider Activity
In related news, CAO Panteha Dixon sold 1,286 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $65.00, for a total value of $83,590.00. Following the completion of the transaction, the chief accounting officer directly owned 32,094 shares in the company, valued at $2,086,110. The trade was a 3.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Chris Koopmans sold 6,000 shares of the business's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $65.10, for a total transaction 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 approximately $5,993,431.50. This represents a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,394 shares of company stock valued at $1,656,076. 0.19% of the stock is currently owned by company insiders.
Marvell Technology Company Profile
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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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