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

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

Several other large investors have also made changes to their positions in MRVL. SJS Investment Consulting Inc. lifted its position in Marvell Technology by 56.8% during the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after buying an additional 155 shares in the last quarter. Buck Wealth Strategies LLC lifted its position in Marvell Technology by 1,328.1% during the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock worth $25,000 after buying an additional 425 shares in the last quarter. Oliver Lagore Vanvalin Investment Group lifted its position in Marvell Technology by 46.2% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after buying an additional 165 shares in the last quarter. BluePath Capital Management LLC acquired a new position in Marvell Technology during the 3rd quarter worth about $31,000. Finally, Whittier Trust Co. lifted its position in Marvell Technology by 59.9% during the 3rd quarter. Whittier Trust Co. now owns 603 shares of the semiconductor company’s stock worth $33,000 after buying an additional 226 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

Insider Activity

In other news, CEO Matthew J. Murphy sold 30,000 shares of the 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 completion of the sale, the chief executive officer now owns 762,929 shares of the company’s stock, valued at approximately $51,627,405.43. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction on 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 owns 103,986 shares of the company’s stock, valued at approximately $7,091,845.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were 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 directly owns 762,929 shares of the company’s stock, valued at approximately $51,627,405.43. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,500 shares of company stock valued at $7,477,515. 0.45% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on MRVL shares. Oppenheimer restated an “outperform” rating and set a $80.00 target price (up from $70.00) on shares of Marvell Technology in a research report on Thursday, February 29th. Citigroup restated a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research report on Wednesday, March 27th. Summit Insights upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. Raymond James upped their target price on shares of Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price target on shares of Marvell Technology in a research report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $81.13.

Marvell Technology Stock Down 1.2 %

Shares of NASDAQ MRVL traded down $0.87 during trading hours on Monday, hitting $68.75. The company had a trading volume of 9,050,871 shares, compared to its average volume of 13,924,681. The stock has a market capitalization of $59.54 billion, a P/E ratio of -64.46, a price-to-earnings-growth ratio of 5.09 and a beta of 1.50. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. Marvell Technology, Inc. has a 1-year low of $38.63 and a 1-year high of $85.76. The firm’s 50 day moving average is $69.87 and its 200-day moving average is $62.73.

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

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

Marvell Technology Dividend Announcement

The business 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 annualized dividend and a dividend yield of 0.35%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s payout ratio is presently -22.22%.

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.