BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 21,450 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 12.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 144,430 shares of the semiconductor company’s stock after selling 21,450 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Marvell Technology were worth $10,416,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Ameriprise Financial Inc. boosted its position in shares of Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after acquiring an additional 2,254,610 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Marvell Technology by 26.6% during the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after buying an additional 1,570,050 shares in the last quarter. Clearbridge Investments LLC raised its holdings in shares of Marvell Technology by 3.0% during the 2nd quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock valued at $362,759,000 after buying an additional 150,109 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Marvell Technology by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,844,719 shares of the semiconductor company’s stock valued at $268,711,000 after buying an additional 25,983 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Marvell Technology by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock valued at $235,247,000 after buying an additional 66,654 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

Analysts Set New Price Targets

MRVL has been the topic of a number of research reports. Benchmark raised their price objective on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. Rosenblatt Securities lifted their price target on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Bank of America lifted their price target on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, TD Cowen raised Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. 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 data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $95.39.

Marvell Technology Stock Up 2.9 %

MRVL stock opened at $92.69 on Monday. Marvell Technology, Inc. has a 1-year low of $50.35 and a 1-year high of $95.55. The business has a fifty day moving average price of $82.50 and a 200-day moving average price of $74.37. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The stock has a market capitalization of $82.14 billion, a P/E ratio of -83.50, a P/E/G ratio of 4.03 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the previous year, the business earned $0.18 earnings per share. The company’s revenue was down 5.1% on a year-over-year basis. Equities analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.62%.

Insider Transactions at Marvell Technology

In related news, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total transaction of $177,075.00. Following the completion of the sale, the executive vice president now owns 22,494 shares in the company, valued at approximately $1,593,250.02. This represents a 10.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $133,710.00. Following the sale, 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 disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock worth $20,899,260 over the last quarter. 0.33% of the stock is currently owned by insiders.

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.