Mackenzie Financial Corp Has $5.88 Million Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Mackenzie Financial Corp has increased its stake in Marvell Technology by 50.6%, now owning 95,436 shares valued at approximately $5.88 million.
• Analyst ratings for Marvell Technology show a consensus rating of "Moderate Buy" with an average target price of $94.70.
• Marvell recently reported earnings per share (EPS) of $0.62, exceeding analyst estimates, with a revenue increase of 63.3% year-over-year.

Mackenzie Financial Corp grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 50.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 95,436 shares of the semiconductor company's stock after buying an additional 32,081 shares during the period. Mackenzie Financial Corp's holdings in Marvell Technology were worth $5,876,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Coldstream Capital Management Inc. increased its stake in shares of Marvell Technology by 1.0% in the fourth quarter. Coldstream Capital Management Inc. now owns 11,344 shares of the semiconductor company's stock valued at $1,253,000 after buying an additional 116 shares during the period. Nicolet Advisory Services LLC boosted its position in shares of Marvell Technology by 3.1% during the 4th quarter. Nicolet Advisory Services LLC now owns 3,916 shares of the semiconductor company's stock valued at $448,000 after purchasing an additional 118 shares in the last quarter. Virtue Capital Management LLC increased its holdings in Marvell Technology by 2.1% in the fourth quarter. Virtue Capital Management LLC now owns 7,752 shares of the semiconductor company's stock worth $856,000 after purchasing an additional 163 shares in the last quarter. Summit Financial LLC lifted its stake in Marvell Technology by 5.7% in the fourth quarter. Summit Financial LLC now owns 3,032 shares of the semiconductor company's stock valued at $335,000 after buying an additional 164 shares during the period. Finally, Kolinsky Wealth Management LLC lifted its stake in Marvell Technology by 3.3% in the fourth quarter. Kolinsky Wealth Management LLC now owns 5,628 shares of the semiconductor company's stock valued at $622,000 after buying an additional 181 shares during the period. Institutional investors and hedge funds own 83.51% of the company's stock.

Analyst Ratings Changes

MRVL has been the topic of several recent analyst reports. Rosenblatt Securities reissued a "buy" rating and issued a $124.00 price target on shares of Marvell Technology in a research note on Wednesday, June 18th. Morgan Stanley boosted their price target on Marvell Technology from $73.00 to $80.00 and gave the company an "equal weight" rating in a research note on Wednesday. TD Cowen boosted their price target on Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Cantor Fitzgerald boosted their price target on Marvell Technology from $60.00 to $75.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. Finally, Needham & Company LLC lowered Marvell Technology from a "buy" rating to a "cautious" rating in a research note on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $94.70.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.52, for a total value 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Panteha Dixon sold 1,283 shares of Marvell Technology stock in a transaction on Monday, June 16th. The shares were sold at an average price of $68.50, for a total value of $87,885.50. Following the completion of the transaction, the chief accounting officer owned 29,572 shares of the company's stock, valued at approximately $2,025,682. This trade represents a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,434 shares of company stock valued at $1,097,826. Corporate insiders own 0.19% of the company's stock.

Marvell Technology Stock Performance

Shares of MRVL opened at $74.45 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. The company has a market capitalization of $64.31 billion, a price-to-earnings ratio of -130.61, a PEG ratio of 0.87 and a beta of 1.83. The stock has a 50 day moving average of $71.59 and a 200 day moving average of $76.35. Marvell Technology, Inc. has a 12 month low of $47.08 and a 12 month high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The business had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same period last year, the business posted $0.24 earnings per share. The business's revenue for the quarter was up 63.3% on a year-over-year basis. As a group, sell-side analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Friday, July 11th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is currently -42.11%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.