Van ECK Associates Corp Acquires 610,631 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Van ECK Associates Corp increased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 18.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,882,696 shares of the semiconductor company’s stock after purchasing an additional 610,631 shares during the period. Van ECK Associates Corp owned approximately 0.45% of Marvell Technology worth $234,166,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Massachusetts Financial Services Co. MA lifted its holdings in shares of Marvell Technology by 43.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after purchasing an additional 2,142,391 shares in the last quarter. Kingswood Wealth Advisors LLC lifted its holdings in shares of Marvell Technology by 328.3% during the 3rd quarter. Kingswood Wealth Advisors LLC now owns 23,949 shares of the semiconductor company’s stock valued at $1,296,000 after purchasing an additional 18,357 shares in the last quarter. Fred Alger Management LLC raised its position in Marvell Technology by 2.4% in the 3rd quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock valued at $218,499,000 after buying an additional 95,003 shares during the last quarter. NewEdge Wealth LLC raised its position in Marvell Technology by 15.6% in the 3rd quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock valued at $390,000 after buying an additional 973 shares during the last quarter. Finally, Montag A & Associates Inc. raised its position in Marvell Technology by 15.8% in the 3rd quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock valued at $3,510,000 after buying an additional 8,836 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. StockNews.com lowered Marvell Technology from a “hold” rating to a “sell” rating in a research report on Sunday. Evercore ISI assumed coverage on Marvell Technology in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $88.00 target price on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of Marvell Technology in a research report on Monday, March 4th. Morgan Stanley lifted their target price on Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a research report on Thursday, March 7th. Finally, Summit Insights raised Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $81.13.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $68.20, for a total transaction of $68,200.00. Following the completion of the sale, the chief financial officer now directly owns 103,986 shares in the company, valued at approximately $7,091,845.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $67.67, for a total value of $2,030,100.00. Following the sale, the chief executive officer now owns 762,929 shares in the company, valued at approximately $51,627,405.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $68.20, for a total value of $68,200.00. Following the completion of the sale, the chief financial officer now owns 103,986 shares in the company, valued at approximately $7,091,845.20. The disclosure for this sale can be found here. Insiders sold 110,500 shares of company stock worth $7,477,515 in the last ninety days. 0.45% of the stock is owned by company insiders.

Marvell Technology Price Performance

Marvell Technology stock traded down $0.87 during midday trading on Monday, hitting $68.75. 9,050,871 shares of the company’s stock were exchanged, compared to its average volume of 13,924,681. Marvell Technology, Inc. has a 52-week low of $38.63 and a 52-week high of $85.76. The stock has a 50-day moving average price of $69.87 and a two-hundred day moving average price of $62.73. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The company has a market cap of $59.54 billion, a P/E ratio of -64.46, a PEG ratio of 5.09 and a beta of 1.50.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the prior year, the business earned $0.34 EPS. The company’s revenue for the quarter was up .6% compared to the same quarter last year. On average, equities research analysts forecast that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s payout ratio is currently -22.22%.

Marvell Technology declared that its board has initiated a share buyback program on Thursday, March 7th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

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.