Mitsubishi UFJ Asset Management Co. Ltd. Increases Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. has increased its holdings in Marvell Technology, Inc. by 10.4% in the first quarter, owning approximately 0.09% of the company worth $48.3 million.
• Marvell Technology reported $1.90 billion in revenue for the last quarter, with a year-over-year revenue increase of 63.3% and earnings per share of $0.62, exceeding estimates.
• The company has recently announced a quarterly dividend of $0.06 per share, reflecting a 0.3% annual yield, with a payout ratio of -42.11%.

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 10.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 783,803 shares of the semiconductor company's stock after acquiring an additional 73,805 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.09% of Marvell Technology worth $48,259,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of MRVL. Ontario Teachers Pension Plan Board raised its stake in Marvell Technology by 277.9% in the first quarter. Ontario Teachers Pension Plan Board now owns 14,635 shares of the semiconductor company's stock valued at $901,000 after buying an additional 10,762 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Marvell Technology by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,596,687 shares of the semiconductor company's stock worth $221,448,000 after buying an additional 168,942 shares in the last quarter. ASR Vermogensbeheer N.V. bought a new position in Marvell Technology in the 1st quarter valued at about $4,736,000. Citizens Financial Group Inc. RI raised its position in shares of Marvell Technology by 4.0% in the 1st quarter. Citizens Financial Group Inc. RI now owns 14,284 shares of the semiconductor company's stock valued at $879,000 after buying an additional 551 shares in the last quarter. Finally, Primecap Management Co. CA boosted its position in shares of Marvell Technology by 3.2% during the 1st quarter. Primecap Management Co. CA now owns 2,164,730 shares of the semiconductor company's stock worth $133,282,000 after acquiring an additional 66,300 shares in the last quarter. Institutional investors own 83.51% of the company's stock.

Insider Activity at Marvell Technology

In other news, EVP Mark Casper sold 3,000 shares of the company's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $72.35, for a total value of $217,050.00. Following the completion of the sale, the executive vice president owned 17,163 shares of the company's stock, valued at approximately $1,241,743.05. This represents a 14.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Chris Koopmans sold 6,000 shares of the firm's stock in a transaction that occurred 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 transaction, the chief operating officer owned 92,065 shares in the company, valued at approximately $5,993,431.50. The trade was a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,148 shares of company stock valued at $1,014,236. Company insiders own 0.33% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MRVL. Piper Sandler reissued an "overweight" rating and set a $85.00 price target (down previously from $95.00) on shares of Marvell Technology in a report on Friday, May 30th. Cantor Fitzgerald upped their price objective on shares of Marvell Technology from $60.00 to $75.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. Wells Fargo & Company dropped their target price on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. Morgan Stanley reaffirmed an "equal weight" rating on shares of Marvell Technology in a research report on Friday. Finally, Susquehanna lowered their price objective on Marvell Technology from $110.00 to $90.00 and set a "positive" rating for the company in a research report on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $94.70.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded down $0.06 during midday trading on Monday, reaching $77.28. The company's stock had a trading volume of 11,828,689 shares, compared to its average volume of 18,642,660. The stock has a market capitalization of $66.76 billion, a P/E ratio of -135.58, a PEG ratio of 0.84 and a beta of 1.83. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. The firm has a 50 day moving average price of $72.98 and a 200-day moving average price of $74.08. 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 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 company had revenue of $1.90 billion for 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 revenue for the quarter was up 63.3% compared to the same quarter last year. As a group, equities analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Friday, July 11th were given a dividend of $0.06 per share. The ex-dividend date was Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.3%. Marvell Technology's payout ratio is presently -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.