Hoey Investments Inc. Sells 3,000 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Hoey Investments Inc. cut its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 23.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,955 shares of the semiconductor company’s stock after selling 3,000 shares during the quarter. Marvell Technology makes up approximately 0.2% of Hoey Investments Inc.’s investment portfolio, making the stock its 27th largest holding. Hoey Investments Inc.’s holdings in Marvell Technology were worth $1,100,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Centricity Wealth Management LLC acquired a new stake in Marvell Technology during the fourth quarter worth approximately $26,000. ORG Partners LLC lifted its holdings in Marvell Technology by 175.3% during the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 149 shares during the last quarter. Rialto Wealth Management LLC bought a new stake in Marvell Technology in the 4th quarter valued at $27,000. Kieckhefer Group LLC acquired a new position in Marvell Technology in the 4th quarter valued at $33,000. Finally, Financial Life Planners bought a new position in Marvell Technology during the 4th quarter worth $33,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Stock Down 4.3 %

Shares of NASDAQ MRVL opened at $62.04 on Monday. The company has a 50 day simple moving average of $94.05 and a 200 day simple moving average of $93.75. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. Marvell Technology, Inc. has a 1 year low of $53.19 and a 1 year high of $127.48. The firm has a market cap of $53.73 billion, a PE ratio of -36.49, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.39%. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total value of $177,495.00. Following the transaction, the chief financial officer now directly owns 111,211 shares of the company’s stock, valued at $13,159,597.63. The trade was a 1.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the sale, the chief accounting officer now directly owns 31,100 shares of the company’s stock, valued at $2,138,125. This represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,685 shares of company stock valued at $4,026,768 over the last 90 days. 0.33% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms recently commented on MRVL. Evercore ISI upped their price target on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research note on Monday, December 2nd. Stifel Nicolaus decreased their target price on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Citigroup dropped their price target on shares of Marvell Technology from $136.00 to $122.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. The Goldman Sachs Group increased their price target on Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Finally, Benchmark reaffirmed a “buy” rating and issued a $135.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus target price of $120.44.

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.