Public Sector Pension Investment Board Buys New Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Public Sector Pension Investment Board bought a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) in the 3rd quarter, Holdings Channel.com reports. The firm bought 200,000 shares of the semiconductor company’s stock, valued at approximately $14,424,000.

Several other large investors also recently added to or reduced their stakes in MRVL. Fiduciary Trust Co boosted its position in shares of Marvell Technology by 5.4% in the third quarter. Fiduciary Trust Co now owns 43,316 shares of the semiconductor company’s stock worth $3,124,000 after purchasing an additional 2,200 shares during the period. CreativeOne Wealth LLC boosted its position in shares of Marvell Technology by 137.0% in the third quarter. CreativeOne Wealth LLC now owns 6,939 shares of the semiconductor company’s stock worth $500,000 after purchasing an additional 4,011 shares during the period. BNP Paribas boosted its position in shares of Marvell Technology by 1.4% in the third quarter. BNP Paribas now owns 84,142 shares of the semiconductor company’s stock worth $6,016,000 after purchasing an additional 1,133 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Marvell Technology by 274.2% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 300,663 shares of the semiconductor company’s stock worth $21,684,000 after purchasing an additional 220,324 shares during the period. Finally, Blueshift Asset Management LLC bought a new position in shares of Marvell Technology in the third quarter worth approximately $215,000. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Performance

MRVL stock opened at $90.10 on Friday. Marvell Technology, Inc. has a 12 month low of $50.35 and a 12 month high of $95.55. The firm’s 50-day moving average is $81.82 and its 200 day moving average is $74.05. 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 posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm’s revenue was down 5.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.18 EPS. On average, analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.27%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.62%.

Insider Buying and Selling

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the transaction, the chief financial officer now owns 114,211 shares of the company’s stock, valued at approximately $10,180,768.54. This trade represents a 1.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total transaction of $177,075.00. Following the transaction, the executive vice president now directly owns 22,494 shares in the company, valued at $1,593,250.02. This trade represents a 10.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 267,000 shares of company stock valued at $20,899,260 in the last 90 days. Company insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on MRVL shares. Evercore ISI upped their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Loop Capital started coverage on shares of Marvell Technology in a research report on Monday, November 11th. They set a “hold” rating and a $95.00 target price for the company. The Goldman Sachs Group upped their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Friday, November 22nd. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and an average price target of $95.39.

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.