New York State Common Retirement Fund Sells 87,238 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

New York State Common Retirement Fund lowered its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 12.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 635,414 shares of the semiconductor company's stock after selling 87,238 shares during the quarter. New York State Common Retirement Fund owned approximately 0.07% of Marvell Technology worth $38,322,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MRVL. Buck Wealth Strategies LLC raised its holdings in Marvell Technology by 1,328.1% in the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company's stock valued at $25,000 after acquiring an additional 425 shares during the last quarter. SJS Investment Consulting Inc. raised its holdings in Marvell Technology by 56.8% in the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company's stock valued at $26,000 after acquiring an additional 155 shares during the last quarter. BluePath Capital Management LLC acquired a new position in Marvell Technology in the 3rd quarter valued at $31,000. Oliver Lagore Vanvalin Investment Group raised its holdings in Marvell Technology by 46.2% in the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company's stock valued at $31,000 after acquiring an additional 165 shares during the last quarter. Finally, Whittier Trust Co. raised its holdings in Marvell Technology by 59.9% in the 3rd quarter. Whittier Trust Co. now owns 603 shares of the semiconductor company's stock valued at $33,000 after acquiring an additional 226 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Raymond James upped their price objective on Marvell Technology from $62.00 to $78.00 and gave the stock an "outperform" rating in a report on Friday, January 19th. B. Riley restated a "buy" rating and set a $95.00 price objective (up from $85.00) on shares of Marvell Technology in a report on Monday, March 4th. StockNews.com upgraded Marvell Technology from a "sell" rating to a "hold" rating in a report on Saturday, April 20th. KeyCorp dropped their price objective on Marvell Technology from $95.00 to $90.00 and set an "overweight" rating for the company in a report on Monday, April 8th. Finally, Summit Insights upgraded Marvell Technology from a "hold" rating to a "buy" rating in a report on Friday, March 8th. Two research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to data from MarketBeat, Marvell Technology currently has an average rating of "Moderate Buy" and a consensus price target of $81.13.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of the firm's stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the sale, the executive vice president now directly owns 119,117 shares in the company, valued at $8,097,573.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Chris Koopmans sold 5,000 shares of the firm's stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the sale, the executive vice president now directly owns 119,117 shares in the company, valued at $8,097,573.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Casper sold 2,500 shares of the firm's stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $64.75, for a total transaction of $161,875.00. Following the sale, the executive vice president now owns 21,266 shares of the company's stock, valued at $1,376,973.50. The disclosure for this sale can be found here. Insiders have sold 110,500 shares of company stock worth $7,477,515 over the last quarter. 0.45% of the stock is currently owned by company insiders.

Marvell Technology Stock Performance

MRVL traded up $2.63 on Thursday, hitting $67.48. 12,328,335 shares of the company's stock were exchanged, compared to its average volume of 14,014,941. The firm has a market cap of $58.44 billion, a PE ratio of -62.01, a P/E/G ratio of 4.67 and a beta of 1.50. Marvell Technology, Inc. has a twelve month low of $37.42 and a twelve month high of $85.76. The stock has a fifty day moving average of $69.80 and a two-hundred day moving average of $62.48. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, meeting the consensus estimate of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the business earned $0.34 earnings per share. Marvell Technology's revenue was up .6% compared to the same quarter last year. On average, research analysts anticipate that Marvell Technology, Inc. will post 0.72 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 Wednesday, May 1st. Investors of record on Friday, April 12th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.36%. Marvell Technology's dividend payout ratio is presently -22.22%.

Marvell Technology announced that its Board of Directors has initiated a share repurchase plan on Thursday, March 7th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the semiconductor company to buy up to 4.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its stock is undervalued.

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.