Mackenzie Financial Corp Raises Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Mackenzie Financial Corp raised its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 1.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,398 shares of the semiconductor company’s stock after buying an additional 721 shares during the period. Mackenzie Financial Corp’s holdings in Marvell Technology were worth $3,824,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quilter Plc purchased a new position in Marvell Technology in the 1st quarter valued at approximately $248,250,000. SRS Capital Advisors Inc. boosted its position in Marvell Technology by 216.2% in the 2nd quarter. SRS Capital Advisors Inc. now owns 411 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 281 shares during the period. SJS Investment Consulting Inc. boosted its position in Marvell Technology by 56.8% in the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 155 shares during the period. Buck Wealth Strategies LLC raised its holdings in shares of Marvell Technology by 1,328.1% in the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 425 shares in the last quarter. Finally, BluePath Capital Management LLC acquired a new stake in shares of Marvell Technology in the 3rd quarter valued at $31,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Price Performance

NASDAQ MRVL opened at $62.13 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. Marvell Technology, Inc. has a one year low of $36.90 and a one year high of $85.76. The firm’s fifty day moving average is $70.12 and its two-hundred day moving average is $62.33.

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

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

Marvell Technology Dividend Announcement

The company also recently announced 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 0.39%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s payout ratio is -22.22%.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $68.20, for a total value of $68,200.00. Following the sale, the chief financial officer now owns 103,986 shares of the company’s stock, valued at $7,091,845.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the transaction, the executive vice president now owns 119,117 shares of the company’s stock, valued at $8,097,573.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $68,200.00. Following the transaction, the chief financial officer now directly owns 103,986 shares of the company’s stock, valued at approximately $7,091,845.20. The disclosure for this sale can be found here. Insiders have sold a total of 108,000 shares of company stock valued at $7,315,640 over the last quarter. Corporate insiders own 0.45% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Roth Mkm restated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Stifel Nicolaus restated a “buy” rating and issued a $86.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Oppenheimer restated an “outperform” rating and issued a $80.00 price objective (up from $70.00) on shares of Marvell Technology in a report on Thursday, February 29th. Finally, Evercore ISI initiated coverage on shares of Marvell Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $88.00 price target on the stock. Two analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus price target of $81.13.

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.