New England Research & Management Inc. Grows Position in Marvell Technology, Inc. (NASDAQ:MRVL)

New England Research & Management Inc. boosted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 22.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 15,925 shares of the semiconductor company’s stock after purchasing an additional 2,950 shares during the period. New England Research & Management Inc.’s holdings in Marvell Technology were worth $1,129,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of MRVL. Norges Bank purchased a new position in Marvell Technology during the fourth quarter valued at $511,215,000. Matrix Capital Management Company LP lifted its position in Marvell Technology by 54.3% during the third quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock valued at $712,720,000 after purchasing an additional 4,634,127 shares in the last quarter. Brown Advisory Inc. lifted its position in Marvell Technology by 25.9% during the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock valued at $890,475,000 after purchasing an additional 3,036,495 shares in the last quarter. Aspex Management HK Ltd lifted its position in shares of Marvell Technology by 103.8% in the fourth quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock valued at $344,525,000 after acquiring an additional 2,908,912 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Marvell Technology by 87.0% in the third quarter. Wellington Management Group LLP now owns 4,548,206 shares of the semiconductor company’s stock valued at $246,194,000 after acquiring an additional 2,115,366 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Stock Performance

MRVL opened at $69.90 on Friday. The stock’s 50 day moving average price is $70.26 and its 200-day moving average price is $68.32. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28.

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

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. Marvell Technology’s payout ratio is -21.24%.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Needham & Company LLC restated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Friday, May 31st. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price objective on shares of Marvell Technology in a research report on Monday, March 4th. B. Riley boosted their price objective on Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Morgan Stanley boosted their price objective on Marvell Technology from $71.00 to $77.00 and gave the company an “equal weight” rating in a research report on Friday, May 31st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a report on Friday, May 31st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $85.00.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of the business’s 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 sale, the executive vice president now owns 109,117 shares in the company, valued at $7,774,586.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Chris Koopmans sold 5,000 shares of the business’s 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 sale, the executive vice president now owns 109,117 shares in the company, valued at $7,774,586.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $7,291,999. The disclosure for this sale can be found here. Over the last quarter, insiders sold 79,500 shares of company stock worth $5,504,065. Company insiders own 0.33% of the company’s stock.

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.