American International Group Inc. Has $4.04 Million Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

American International Group Inc. raised its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 66,986 shares of the semiconductor company’s stock after acquiring an additional 993 shares during the period. American International Group Inc.’s holdings in Marvell Technology were worth $4,040,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Marvell Technology by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 70,451,609 shares of the semiconductor company’s stock worth $3,813,546,000 after purchasing an additional 477,731 shares in the last quarter. Capital Research Global Investors increased its stake in Marvell Technology by 0.5% during the 4th quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock worth $2,158,601,000 after acquiring an additional 185,479 shares during the period. Matrix Capital Management Company LP raised its holdings in Marvell Technology by 14.3% in the 4th quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company’s stock valued at $907,997,000 after acquiring an additional 1,888,676 shares in the last quarter. Brown Advisory Inc. lifted its position in shares of Marvell Technology by 25.9% during the 4th quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock valued at $890,475,000 after acquiring an additional 3,036,495 shares during the period. Finally, Norges Bank acquired a new stake in shares of Marvell Technology during the 4th quarter worth $511,215,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Insider Buying and Selling at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction on Monday, April 1st. The shares were sold at an average price of $71.50, for a total value of $71,500.00. Following the completion of the sale, the chief financial officer now owns 101,986 shares in the company, valued at approximately $7,291,999. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $71.50, for a total value of $71,500.00. Following the completion of the sale, the chief financial officer now directly owns 101,986 shares in the company, valued at approximately $7,291,999. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $71.25, for a total value of $356,250.00. Following the completion of the transaction, the executive vice president now owns 109,117 shares in the company, valued at approximately $7,774,586.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 79,500 shares of company stock valued at $5,504,065. 0.33% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Oppenheimer restated an “outperform” rating and set a $90.00 price objective (up from $80.00) on shares of Marvell Technology in a research report on Friday, May 31st. Citigroup reaffirmed a “buy” rating and issued a $91.00 target price on shares of Marvell Technology in a report on Wednesday, March 27th. Summit Insights raised Marvell Technology from a “hold” rating to a “buy” rating in a report on Friday, March 8th. Finally, KeyCorp reduced their price objective on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $85.00.

Marvell Technology Stock Down 1.8 %

Shares of NASDAQ MRVL opened at $71.89 on Monday. The company’s 50 day moving average price is $70.00 and its 200-day moving average price is $67.99. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80. Marvell Technology, Inc. has a 52-week low of $46.07 and a 52-week high of $85.76. The company has a market capitalization of $62.23 billion, a P/E ratio of -63.62, a price-to-earnings-growth ratio of 3.47 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.24. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the business earned $0.17 earnings per share. Marvell Technology’s revenue for the quarter was down 12.2% on a year-over-year basis. Equities analysts forecast that Marvell Technology, Inc. will post 0.75 earnings per share for the current year.

Marvell Technology announced that its board has authorized a share buyback program on Thursday, March 7th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. Marvell Technology’s payout ratio is currently -21.24%.

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.