Gulf International Bank UK Ltd Decreases Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Gulf International Bank UK Ltd trimmed its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 3.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 71,254 shares of the semiconductor company’s stock after selling 2,853 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Marvell Technology were worth $4,980,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Orion Portfolio Solutions LLC increased its position in Marvell Technology by 47.1% during the 1st quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock valued at $2,282,000 after purchasing an additional 10,306 shares during the period. Benjamin F. Edwards & Company Inc. increased its position in Marvell Technology by 157.3% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 772 shares of the semiconductor company’s stock valued at $46,000 after purchasing an additional 472 shares during the period. Hoylecohen LLC purchased a new position in Marvell Technology during the 4th quarter valued at $658,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Marvell Technology by 20.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock valued at $37,505,000 after purchasing an additional 88,918 shares during the period. Finally, US Bancorp DE increased its position in Marvell Technology by 8.6% during the 4th quarter. US Bancorp DE now owns 185,347 shares of the semiconductor company’s stock valued at $11,178,000 after purchasing an additional 14,651 shares during the period. 83.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Roth Mkm reissued a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, April 12th. KeyCorp upped their target price on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Oppenheimer reaffirmed an “outperform” rating and issued a $90.00 target price (up from $80.00) on shares of Marvell Technology in a research report on Friday, May 31st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research report on Friday, May 31st. Finally, Evercore ISI upped their target price on shares of Marvell Technology from $88.00 to $91.00 and gave the stock an “outperform” rating in a research report on Friday, May 31st. One research analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and an average target price of $85.50.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $110,820.00. Following the sale, the chief financial officer now owns 109,318 shares in the company, valued at $8,076,413.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology 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 sale, the insider now owns 838,571 shares in the company, valued at $62,892,825. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $110,820.00. Following the sale, the chief financial officer now owns 109,318 shares in the company, valued at approximately $8,076,413.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 99,000 shares of company stock worth $7,190,745. Company insiders own 0.33% of the company’s stock.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded down $2.07 during midday trading on Wednesday, hitting $56.15. 11,342,652 shares of the company’s stock traded hands, compared to its average volume of 12,645,880. Marvell Technology, Inc. has a 1 year low of $46.07 and a 1 year high of $85.76. The stock has a market capitalization of $48.60 billion, a price-to-earnings ratio of -49.69, a price-to-earnings-growth ratio of 2.99 and a beta of 1.47. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80. The firm has a fifty day moving average of $69.04 and a 200 day moving average of $69.61.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, meeting the consensus estimate of $0.24. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the prior year, the firm earned $0.17 EPS. The business’s revenue for the quarter was down 12.2% compared to the same quarter last year. On average, 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 announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend was Friday, July 12th. Marvell Technology’s payout ratio is -21.24%.

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.