New York State Common Retirement Fund decreased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 11.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 764,806 shares of the semiconductor company’s stock after selling 97,000 shares during the quarter. New York State Common Retirement Fund owned 0.11% of Marvell Technology worth $37,460,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in MRVL. Janney Montgomery Scott LLC acquired a new stake in shares of Marvell Technology during the fourth quarter worth about $443,000. AE Wealth Management LLC lifted its holdings in shares of Marvell Technology by 32.4% during the fourth quarter. AE Wealth Management LLC now owns 11,850 shares of the semiconductor company’s stock worth $563,000 after purchasing an additional 2,903 shares during the period. California Public Employees Retirement System lifted its holdings in shares of Marvell Technology by 5.3% during the fourth quarter. California Public Employees Retirement System now owns 1,589,007 shares of the semiconductor company’s stock worth $75,541,000 after purchasing an additional 79,533 shares during the period. CIBC Asset Management Inc lifted its holdings in shares of Marvell Technology by 208.2% during the fourth quarter. CIBC Asset Management Inc now owns 77,239 shares of the semiconductor company’s stock worth $3,672,000 after purchasing an additional 52,178 shares during the period. Finally, Institutional & Family Asset Management LLC raised its position in Marvell Technology by 100.0% during the fourth quarter. Institutional & Family Asset Management LLC now owns 2,000 shares of the semiconductor company’s stock valued at $95,000 after acquiring an additional 1,000 shares in the last quarter. 89.31% of the stock is owned by hedge funds and other institutional investors.
NASDAQ MRVL opened at $51.80 on Friday. The stock’s fifty day moving average is $47.06. The firm has a market capitalization of $35.00 billion, a price-to-earnings ratio of -123.33, a P/E/G ratio of 2.32 and a beta of 1.10. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.50 and a quick ratio of 1.25. Marvell Technology, Inc. has a fifty-two week low of $32.53 and a fifty-two week high of $55.70.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 28th. Stockholders of record on Friday, July 9th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.46%. The ex-dividend date of this dividend is Thursday, July 8th. Marvell Technology’s dividend payout ratio (DPR) is presently 41.38%.
Several brokerages recently weighed in on MRVL. Susquehanna Bancshares reiterated a “buy” rating on shares of Marvell Technology in a research report on Thursday, June 3rd. Evercore ISI lifted their price target on Marvell Technology from $55.00 to $63.00 and gave the company an “outperform” rating in a research report on Tuesday. Rosenblatt Securities lifted their price target on Marvell Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday. Summit Insights upgraded Marvell Technology from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Piper Sandler boosted their price objective on Marvell Technology from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. Marvell Technology has a consensus rating of “Buy” and an average target price of $54.70.
In other news, CFO Jean X. Hu sold 16,071 shares of the company’s stock in a transaction on Thursday, April 15th. The stock was sold at an average price of $48.54, for a total value of $780,086.34. Following the transaction, the chief financial officer now owns 73,182 shares of the company’s stock, valued at approximately $3,552,254.28. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Matthew J. Murphy sold 7,500 shares of the business’s stock in a transaction on Monday, March 15th. The shares were sold at an average price of $47.89, for a total value of $359,175.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,071 shares of company stock worth $2,357,411. Corporate insiders own 0.33% of the company’s stock.
About Marvell Technology
Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; application specific integrated circuits; and printer SoC products and application processors.
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