New Century Financial Group LLC Raises Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

New Century Financial Group LLC lifted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 46.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,272 shares of the semiconductor company’s stock after buying an additional 1,670 shares during the quarter. New Century Financial Group LLC’s holdings in Marvell Technology were worth $369,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Tlwm lifted its position in shares of Marvell Technology by 1.6% during the 2nd quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock worth $601,000 after buying an additional 136 shares during the last quarter. Bruce G. Allen Investments LLC lifted its position in shares of Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after buying an additional 141 shares during the last quarter. Trueblood Wealth Management LLC lifted its position in shares of Marvell Technology by 3.2% during the 1st quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company’s stock worth $350,000 after buying an additional 152 shares during the last quarter. Sheaff Brock Investment Advisors LLC lifted its position in shares of Marvell Technology by 0.4% during the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 44,342 shares of the semiconductor company’s stock worth $3,143,000 after buying an additional 168 shares during the last quarter. Finally, Pathway Financial Advisers LLC lifted its position in shares of Marvell Technology by 1.2% during the 2nd quarter. Pathway Financial Advisers LLC now owns 14,601 shares of the semiconductor company’s stock worth $1,019,000 after buying an additional 169 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Activity

In other news, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the completion of the transaction, the insider now owns 838,571 shares of the company’s stock, valued at approximately $62,892,825. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.87, for a total value of $110,805.00. Following the completion of the sale, the chief financial officer now owns 111,753 shares of the company’s stock, valued at $8,255,194.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the completion of the sale, the insider now directly owns 838,571 shares of the company’s stock, valued at approximately $62,892,825. The disclosure for this sale can be found here. Insiders sold a total of 157,500 shares of company stock valued at $11,703,610 in the last 90 days. 0.33% of the stock is currently owned by insiders.

Marvell Technology Price Performance

Marvell Technology stock opened at $70.31 on Wednesday. Marvell Technology, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The firm’s 50-day simple moving average is $68.40 and its 200 day simple moving average is $69.58. The firm has a market capitalization of $60.86 billion, a PE ratio of -62.22, a P/E/G ratio of 3.12 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 EPS. On average, equities research analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

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 paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.24%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Rosenblatt Securities lifted their target price on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 30th. Morgan Stanley lifted their target price on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Bank of America lifted their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, August 30th. Benchmark lifted their target price on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Wednesday, September 18th. Two investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology 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.