Harvest Fund Management Co. Ltd Has $13.14 Million Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Harvest Fund Management Co. Ltd lowered its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 0.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 182,218 shares of the semiconductor company’s stock after selling 1,434 shares during the period. Marvell Technology comprises 0.8% of Harvest Fund Management Co. Ltd’s holdings, making the stock its 23rd largest position. Harvest Fund Management Co. Ltd’s holdings in Marvell Technology were worth $13,142,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Citizens Financial Group Inc. RI raised its position in shares of Marvell Technology by 1.5% during the third quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock worth $566,000 after purchasing an additional 116 shares during the period. Crumly & Associates Inc. increased its stake in Marvell Technology by 1.5% during the 3rd quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock worth $593,000 after purchasing an additional 121 shares in the last quarter. United Capital Management of KS Inc. raised its holdings in Marvell Technology by 0.4% during the 3rd quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company’s stock worth $2,470,000 after buying an additional 131 shares during the period. Tlwm lifted its stake in Marvell Technology by 1.6% in the second quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock valued at $601,000 after buying an additional 136 shares in the last quarter. Finally, ASB Consultores LLC boosted its holdings in shares of Marvell Technology by 3.8% in the third quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company’s stock valued at $276,000 after buying an additional 140 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MRVL shares. Stifel Nicolaus reaffirmed a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Rosenblatt Securities boosted their target price on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Benchmark upped their price target on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Bank of America boosted their price objective on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $91.77.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $92.51 on Monday. Marvell Technology, Inc. has a 52 week low of $50.35 and a 52 week high of $95.09. The company has a 50-day simple moving average of $80.67 and a 200 day simple moving average of $73.59. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business’s revenue was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.18 earnings per share. As a group, equities analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were given a $0.06 dividend. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. Marvell Technology’s payout ratio is presently -21.62%.

Insider Buying and Selling

In related news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $534,840.00. Following the transaction, the executive vice president now owns 103,244 shares in the company, valued at approximately $9,203,170.16. This trade represents a 5.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $133,710.00. Following the sale, the chief financial officer now directly owns 114,211 shares of the company’s stock, valued at $10,180,768.54. This represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is owned by company insiders.

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.