Y Intercept Hong Kong Ltd Takes Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Y Intercept Hong Kong Ltd purchased a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 263,328 shares of the semiconductor company's stock, valued at approximately $16,213,000. Marvell Technology comprises approximately 1.1% of Y Intercept Hong Kong Ltd's portfolio, making the stock its 4th largest position.

A number of other large investors have also bought and sold shares of MRVL. Bank Pictet & Cie Europe AG grew its position in Marvell Technology by 0.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 66,710 shares of the semiconductor company's stock worth $7,368,000 after acquiring an additional 460 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in Marvell Technology during the 4th quarter worth approximately $361,000. Teacher Retirement System of Texas grew its position in Marvell Technology by 781.5% during the 4th quarter. Teacher Retirement System of Texas now owns 51,092 shares of the semiconductor company's stock worth $5,643,000 after acquiring an additional 45,296 shares during the last quarter. Lee Danner & Bass Inc. bought a new stake in Marvell Technology during the 4th quarter worth approximately $35,000. Finally, American Century Companies Inc. grew its position in Marvell Technology by 17.8% during the 4th quarter. American Century Companies Inc. now owns 845,065 shares of the semiconductor company's stock worth $93,337,000 after acquiring an additional 127,832 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Performance

Marvell Technology stock traded down $0.30 during midday trading on Friday, reaching $73.74. 4,842,541 shares of the company's stock were exchanged, compared to its average volume of 18,615,861. Marvell Technology, Inc. has a 52 week low of $47.08 and a 52 week high of $127.48. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30. The firm has a market cap of $63.70 billion, a price-to-earnings ratio of -129.65, a P/E/G ratio of 0.79 and a beta of 1.81. The stock's 50-day simple moving average is $69.74 and its 200 day simple moving average is $77.96.

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

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology's dividend payout ratio (DPR) is presently -42.11%.

Insider Activity at Marvell Technology

In other news, CAO Panteha Dixon sold 1,283 shares of Marvell Technology stock in a transaction that occurred 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 sale, the chief accounting officer directly owned 29,572 shares in the company, valued at approximately $2,025,682. The trade was a 4.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on 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 sale, the chief financial officer owned 121,348 shares of the company's stock, valued at approximately $8,314,764.96. The trade was a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,934 shares of company stock valued at $1,187,826. 0.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on MRVL shares. KeyCorp reduced their price objective on Marvell Technology from $115.00 to $90.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. Bank of America increased their price target on Marvell Technology from $80.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 18th. Wells Fargo & Company cut their price target on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research note on Friday, May 30th. Stifel Nicolaus cut their price target on Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Finally, Loop Capital cut their price target on Marvell Technology from $110.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. One investment 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 issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $94.47.

Marvell Technology 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.