Rathbones Group PLC Reduces Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Rathbones Group PLC trimmed its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 0.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 803,947 shares of the semiconductor company’s stock after selling 5,778 shares during the quarter. Rathbones Group PLC’s holdings in Marvell Technology were worth $88,796,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Invesco Ltd. increased its position in Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after buying an additional 3,737,705 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Marvell Technology by 191.1% in the fourth quarter. Bank of Montreal Can now owns 786,860 shares of the semiconductor company’s stock valued at $86,909,000 after acquiring an additional 516,571 shares in the last quarter. Concentrum Wealth Management acquired a new stake in shares of Marvell Technology during the fourth quarter valued at $261,000. Polymer Capital Management US LLC purchased a new stake in Marvell Technology during the 4th quarter worth about $13,088,000. Finally, Wellspring Financial Advisors LLC purchased a new position in Marvell Technology in the 4th quarter valued at about $245,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Mark Casper sold 7,755 shares of the company’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $123.08, for a total transaction of $954,485.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total transaction of $746,400.00. Following the transaction, the executive vice president now owns 93,931 shares of the company’s stock, valued at $11,685,016.40. This represents a 6.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,185 shares of company stock valued at $3,131,018. Company insiders own 0.33% of the company’s stock.

Marvell Technology Stock Down 11.2 %

NASDAQ:MRVL opened at $49.43 on Monday. The stock has a 50-day simple moving average of $87.42 and a 200 day simple moving average of $93.23. Marvell Technology, Inc. has a one year low of $46.50 and a one year high of $127.48. The company has a market capitalization of $42.81 billion, a price-to-earnings ratio of -29.08, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.49%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MRVL. Bank of America cut their price objective on shares of Marvell Technology from $150.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Melius began coverage on Marvell Technology in a research note on Monday, January 27th. They set a “buy” rating and a $188.00 price target on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $140.00 price objective on shares of Marvell Technology in a research report on Thursday, March 6th. Raymond James set a $110.00 target price on Marvell Technology in a research report on Thursday, March 6th. Finally, TD Cowen lowered their price target on Marvell Technology from $125.00 to $95.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Three research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus target price of $120.44.

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.