Davis R M Inc. Boosts Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Davis R M Inc. boosted its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 3.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 605,335 shares of the semiconductor company’s stock after buying an additional 21,098 shares during the quarter. Davis R M Inc.’s holdings in Marvell Technology were worth $43,657,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in MRVL. Axxcess Wealth Management LLC bought a new stake in Marvell Technology in the 1st quarter valued at about $204,000. Bayesian Capital Management LP purchased a new stake in shares of Marvell Technology during the 1st quarter valued at approximately $922,000. Industrial Alliance Investment Management Inc. lifted its stake in shares of Marvell Technology by 23.1% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 9,200 shares of the semiconductor company’s stock valued at $652,000 after buying an additional 1,726 shares in the last quarter. Grandeur Peak Global Advisors LLC boosted its holdings in Marvell Technology by 3.8% in the 1st quarter. Grandeur Peak Global Advisors LLC now owns 57,645 shares of the semiconductor company’s stock worth $4,086,000 after buying an additional 2,137 shares during the period. Finally, Dynasty Wealth Management LLC purchased a new position in Marvell Technology in the 1st quarter valued at approximately $528,000. 83.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on MRVL shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Barclays lifted their target price on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Bank of America increased their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Stifel Nicolaus reaffirmed a “buy” rating and set a $95.00 price objective (up previously from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Finally, The Goldman Sachs Group increased their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average price target of $91.77.

Marvell Technology Stock Performance

MRVL stock opened at $92.51 on Monday. The firm’s fifty day moving average is $80.67 and its 200 day moving average is $73.59. Marvell Technology, Inc. has a 52 week low of $50.35 and a 52 week high of $95.09. 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 announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period last year, the firm earned $0.18 earnings per share. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. On average, sell-side analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders 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 annualized dividend and a yield of 0.26%. Marvell Technology’s payout ratio is currently -21.62%.

Insider Activity

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the transaction, the insider now directly owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. This represents a 17.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the sale, the director now directly owns 351,193 shares of the company’s stock, valued at $26,044,472.88. The trade was a 20.76 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is currently owned by company insiders.

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.