Mitsubishi UFJ International Asset Management Co., Ltd. reduced its stake in Marvell Technology, Inc. (NASDAQ: MRVL – Get Rating ) in the third quarter, according to a recent disclosure to the U.S. Securities and Exchange Commission 5.3%. The fund owns 286,798 shares of semiconductor companies after selling 16,191 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s latest holding in Marvell Technology was valued at $12,307,000 as of its most recent SEC filing.
Other institutional investors have also recently increased or decreased their stakes in the company. Venture Visionary Partners LLC acquired a new position at Marvell Technology in the second quarter for $56,000. Gilbert & Cook Inc. increased its stake in Marvell Technology by 9.2% in the second quarter. Gilbert & Cook Inc. now owns 7,021 shares of the semiconductor company worth $306,000 after buying an additional 589 shares last quarter. Liontrust Investment Partners LLP acquired a new stake in Marvell Technology in the second quarter, valued at approximately $1,157,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Marvell Technology for approximately $114,637,000 in the second quarter. Finally, HB Wealth Management LLC increased its stake in Marvell Technology by 7.4% during the second quarter. HB Wealth Management LLC now owns 5,666 shares of the semiconductor company worth $247,000 after acquiring an additional 390 shares last quarter. 81.28% of the shares are currently held by institutional investors and hedge funds.
Marvell Technology shares rose 3.5%
Nasdaq: MRVL opened at $40.67 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 1.31, and a debt-to-equity ratio of 0.25. The company’s 50-day moving average is $40.36 and its 200-day moving average is $44.52. Marvell Technology, Inc. had a 52-week low of $33.75 and a 52-week high of $83.13.
Marvell Technology (NASDAQ: MRVL – Get Rating ) last reported its earnings results on Thursday, December 1st. The semiconductor company reported earnings per share of $0.41 for the quarter, missing analysts’ average estimate of $0.43 ($0.02). Marvell Technology had a positive return on equity of 8.50% and a negative net profit margin of 2.43%. The company’s revenue for the quarter was $1.54 billion, compared with the consensus estimate of $1.56 billion. On average, research analysts forecast Marvell Technology, Inc. to trade at 1.5 times earnings per share for the current fiscal year.
Marvell Technology Dividend Announcement
The company also recently announced a quarterly dividend, payable on Wednesday, January 25. Shareholders of record on Friday, January 6 will receive a dividend of $0.06 per share. This represents an annualized dividend of $0.24 and a dividend yield of 0.59%. The ex-dividend date is Thursday, January 5. Marvell Technology has a payout ratio of -150.00%.
Analyst sets new price target
Several equity research analysts have commented on the company. Raymond James cut their price target on shares of Marvell Technology from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, December 2nd. Cowen cut their price target on shares of Marvell Technology from $70.00 to $55.00 in a research note on Friday, December 2nd. B. Riley cut their price target on shares of Marvell Technology from $63.00 to $52.00 and set a “neutral” rating on the company in a research report on Tuesday, October 4th. Cowen cut their price target on shares of Marvell Technology from $70.00 to $55.00 and set an “outperform” rating on the stock in a research report on Friday, December 2nd. Finally, Stifel Nicolaus cut their price target on Marvell Technology from $78.00 to $70.00 and set a “buy” rating on the company in a research report on Thursday, September 29th. Four equity research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. The stock currently has an average rating of “Moderate Buy” and a consensus price target of $63.92, according to MarketBeat.com.
Insider Trading at Marvell Technology
In other news, CAO Willem A. Meintjes sold 10,000 shares in a trade that occurred on Friday, January 6. The stock had an average selling price of $34.92 and a total transaction value of $349,200.00. Following the sale, the chief accounting officer now directly owns 72,896 shares of the company, worth approximately $2,545,528.32. The sale was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed through the SEC website. Insiders own 0.45% of the company.
Marvell Technology Brief
Marvell Technology, Inc and its subsidiaries design, develop and market analog, mixed-signal, digital signal processing, and embedded and stand-alone integrated circuits. It offers a range of Ethernet solutions, including controllers, network adapters, physical transceivers and switches; single- or multi-core processors; application-specific integrated circuits; and printer system-on-chip products and application processors.
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