Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. reduced its stake in Marvell Technology by 2.0%, now owning approximately 391,658 shares valued at around $24.15 million.
• Multiple large investors have recently increased their holdings in Marvell, with Nuveen Asset Management leading with a 232.2% boost in the fourth quarter.
• Marvell Technology is set to pay a $0.06 quarterly dividend, yielding 0.3%, with a negative dividend payout ratio of -42.11%.

Russell Investments Group Ltd. trimmed its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 2.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 391,658 shares of the semiconductor company's stock after selling 7,908 shares during the quarter. Russell Investments Group Ltd.'s holdings in Marvell Technology were worth $24,151,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Prudential PLC lifted its position in Marvell Technology by 19.1% during the first quarter. Prudential PLC now owns 178,185 shares of the semiconductor company's stock valued at $10,971,000 after buying an additional 28,561 shares in the last quarter. Resona Asset Management Co. Ltd. lifted its position in Marvell Technology by 7.2% during the first quarter. Resona Asset Management Co. Ltd. now owns 271,385 shares of the semiconductor company's stock valued at $16,726,000 after buying an additional 18,130 shares in the last quarter. Rathbones Group PLC lifted its position in Marvell Technology by 1.0% during the first quarter. Rathbones Group PLC now owns 811,847 shares of the semiconductor company's stock valued at $49,985,000 after buying an additional 7,900 shares in the last quarter. Westpac Banking Corp lifted its position in Marvell Technology by 109.8% during the first quarter. Westpac Banking Corp now owns 21,948 shares of the semiconductor company's stock valued at $1,351,000 after buying an additional 11,488 shares in the last quarter. Finally, Bulltick Wealth Management LLC acquired a new position in shares of Marvell Technology during the first quarter worth $570,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of recent research reports. Cantor Fitzgerald boosted their target price on shares of Marvell Technology from $60.00 to $75.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 18th. KeyCorp reduced their target price on shares of Marvell Technology from $115.00 to $90.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. The Goldman Sachs Group initiated coverage on shares of Marvell Technology in a research report on Thursday, July 10th. They set a "neutral" rating and a $75.00 target price on the stock. Barclays reduced their target price on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Finally, Evercore ISI reduced their target price on shares of Marvell Technology from $135.00 to $133.00 and set an "outperform" rating on the stock in a research report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $94.70.

Marvell Technology Stock Performance

Shares of Marvell Technology stock traded down $2.85 during trading on Friday, hitting $76.19. 13,197,647 shares of the stock were exchanged, compared to its average volume of 15,868,989. The stock's fifty day moving average is $74.30 and its 200 day moving average is $73.25. The stock has a market cap of $65.82 billion, a PE ratio of -133.67, a P/E/G ratio of 0.83 and a beta of 1.83. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30. 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 quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.61 by $0.01. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The company's quarterly revenue was up 63.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.24 earnings per share. As a group, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors 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 was Friday, July 11th. Marvell Technology's dividend payout ratio is currently -42.11%.

Insider Activity at Marvell Technology

In related news, CAO Panteha Dixon sold 1,283 shares of the stock in a transaction dated 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 in the company, valued at $2,025,682. This represents a 4.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $68.52, for a total transaction of $102,780.00. Following the completion of the transaction, the chief financial officer owned 121,348 shares of the company's stock, valued at $8,314,764.96. This represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,409 shares of company stock worth $445,964 in the last 90 days. Corporate insiders own 0.19% of the company's stock.

About Marvell Technology

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.