The Manufacturers Life Insurance Company Has $74.69 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

The Manufacturers Life Insurance Company reduced its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 1.7% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,035,634 shares of the semiconductor company’s stock after selling 18,333 shares during the period. The Manufacturers Life Insurance Company’s holdings in Marvell Technology were worth $74,690,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of MRVL. Qsemble Capital Management LP bought a new position in Marvell Technology in the 3rd quarter valued at $2,985,000. Truvestments Capital LLC boosted its position in Marvell Technology by 12.8% in the 3rd quarter. Truvestments Capital LLC now owns 15,028 shares of the semiconductor company’s stock valued at $1,084,000 after buying an additional 1,710 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Marvell Technology in the 3rd quarter valued at $516,000. Davis R M Inc. raised its position in shares of Marvell Technology by 3.6% during the third quarter. Davis R M Inc. now owns 605,335 shares of the semiconductor company’s stock worth $43,657,000 after acquiring an additional 21,098 shares during the last quarter. Finally, Fisher Asset Management LLC increased its position in Marvell Technology by 2.6% in the third quarter. Fisher Asset Management LLC now owns 2,203,310 shares of the semiconductor company’s stock worth $158,903,000 after purchasing an additional 56,606 shares during the period. Institutional investors own 83.51% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on MRVL shares. Bank of America lifted their price objective on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Evercore ISI boosted their target price on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Oppenheimer increased their target price on Marvell Technology from $90.00 to $110.00 and gave the stock an “outperform” rating in a research note on Tuesday. Susquehanna raised their price target on shares of Marvell Technology from $95.00 to $110.00 and gave the stock a “positive” rating in a research note on Wednesday. Finally, Barclays increased their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $95.39.

Insider Activity

In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the transaction, the director now owns 351,193 shares in the company, valued at $26,044,472.88. The trade was a 20.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark Casper sold 2,500 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total transaction of $177,075.00. Following the completion of the transaction, the executive vice president now directly owns 22,494 shares of the company’s stock, valued at $1,593,250.02. This trade represents a 10.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 267,000 shares of company stock worth $20,899,260. 0.33% of the stock is currently owned by corporate insiders.

Marvell Technology Stock Down 3.3 %

NASDAQ MRVL opened at $90.10 on Thursday. The company has a market cap of $79.85 billion, a price-to-earnings ratio of -81.17, a PEG ratio of 4.01 and a beta of 1.44. Marvell Technology, Inc. has a 1-year low of $50.35 and a 1-year high of $95.55. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The company has a 50 day moving average of $81.45 and a 200-day moving average of $73.93.

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, hitting the consensus estimate 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 positive return on equity of 4.31% and a negative net margin of 18.30%. Marvell Technology’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.18 EPS. On average, equities research analysts expect that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.27%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.62%.

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.