Public Employees Retirement System of Ohio Reduces Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Public Employees Retirement System of Ohio lowered its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 7.8% during the first quarter, HoldingsChannel reports. The fund owned 553,626 shares of the semiconductor company’s stock after selling 46,807 shares during the period. Public Employees Retirement System of Ohio’s holdings in Marvell Technology were worth $39,241,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in MRVL. Pacer Advisors Inc. grew its stake in Marvell Technology by 14.7% during the 4th quarter. Pacer Advisors Inc. now owns 40,398 shares of the semiconductor company’s stock worth $2,436,000 after buying an additional 5,179 shares during the last quarter. WASHINGTON TRUST Co grew its stake in Marvell Technology by 104.7% during the 4th quarter. WASHINGTON TRUST Co now owns 2,600 shares of the semiconductor company’s stock worth $157,000 after buying an additional 1,330 shares during the last quarter. Blue Trust Inc. grew its stake in Marvell Technology by 23.4% during the 4th quarter. Blue Trust Inc. now owns 817 shares of the semiconductor company’s stock worth $45,000 after buying an additional 155 shares during the last quarter. L. Roy Papp & Associates LLP grew its stake in Marvell Technology by 1.3% during the 4th quarter. L. Roy Papp & Associates LLP now owns 107,242 shares of the semiconductor company’s stock worth $6,468,000 after buying an additional 1,341 shares during the last quarter. Finally, Synergy Asset Management LLC purchased a new position in Marvell Technology during the 4th quarter worth approximately $12,001,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Price Performance

NASDAQ MRVL traded down $1.00 during mid-day trading on Monday, hitting $64.72. The stock had a trading volume of 5,225,955 shares, compared to its average volume of 12,570,574. Marvell Technology, Inc. has a 52-week low of $46.07 and a 52-week high of $85.76. The company has a market cap of $56.02 billion, a price-to-earnings ratio of -57.70, a P/E/G ratio of 3.11 and a beta of 1.47. The company has a 50 day simple moving average of $71.35 and a 200 day simple moving average of $69.95. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, meeting the consensus estimate of $0.24. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. Marvell Technology’s quarterly revenue was down 12.2% on a year-over-year basis. During the same period last year, the business posted $0.17 EPS. Equities analysts forecast that Marvell Technology, Inc. will post 0.75 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.37%. The ex-dividend date is Friday, July 12th. Marvell Technology’s payout ratio is -21.24%.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the completion of the sale, the chief financial officer now owns 110,218 shares of the company’s stock, valued at $7,107,958.82. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the transaction, the chief financial officer now owns 110,218 shares in the company, valued at $7,107,958.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $110,820.00. Following the transaction, the chief financial officer now owns 109,318 shares in the company, valued at approximately $8,076,413.84. The disclosure for this sale can be found here. Insiders sold a total of 100,000 shares of company stock valued at $7,255,235 over the last quarter. Company insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MRVL. Morgan Stanley increased their price objective on Marvell Technology from $71.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Friday, May 31st. Barclays increased their price objective on Marvell Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, May 31st. StockNews.com cut Marvell Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a research report on Friday, May 31st. Finally, Jefferies Financial Group assumed coverage on Marvell Technology in a research report on Monday, May 13th. They set a “buy” rating and a $85.00 price objective for the company. One analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $85.50.

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.