Elo Mutual Pension Insurance Co Lowers Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Elo Mutual Pension Insurance Co lowered its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 3.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 79,388 shares of the semiconductor company’s stock after selling 2,733 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Marvell Technology were worth $5,549,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Bruce G. Allen Investments LLC lifted its position in Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 141 shares during the period. Salomon & Ludwin LLC purchased a new position in shares of Marvell Technology during the first quarter valued at approximately $31,000. Optimum Investment Advisors bought a new stake in shares of Marvell Technology in the 1st quarter worth approximately $35,000. Mark Sheptoff Financial Planning LLC purchased a new stake in shares of Marvell Technology in the 1st quarter worth approximately $35,000. Finally, Bogart Wealth LLC increased its position in Marvell Technology by 1,480.0% during the 1st quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock valued at $45,000 after buying an additional 592 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL opened at $71.55 on Thursday. Marvell Technology, Inc. has a 12-month low of $46.07 and a 12-month high of $85.76. The firm has a market capitalization of $61.93 billion, a price-to-earnings ratio of -63.32, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average of $68.14 and a 200 day moving average of $69.78.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the firm posted $0.18 EPS. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. On average, research analysts anticipate that Marvell Technology, Inc. will post 0.77 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. Marvell Technology’s payout ratio is currently -21.24%.

Insider Activity at Marvell Technology

In other Marvell Technology news, CEO Matthew J. Murphy sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.29, for a total transaction of $439,740.00. Following the sale, the chief executive officer now owns 208,915 shares in the company, valued at approximately $15,311,380.35. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $110,820.00. Following the completion of the sale, the chief financial officer now owns 109,318 shares in the company, valued at approximately $8,076,413.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew J. Murphy sold 6,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the completion of the transaction, the chief executive officer now owns 208,915 shares in the company, valued at $15,311,380.35. The disclosure for this sale can be found here. In the last ninety days, insiders sold 160,000 shares of company stock worth $11,878,785. 0.33% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on MRVL. Bank of America boosted their target price on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, August 30th. KeyCorp increased their price objective on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Benchmark lifted their target price on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Barclays increased their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Finally, Morgan Stanley boosted their price objective on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

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.