Vaughan Nelson Investment Management L.P. Has $55.93 Million Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Vaughan Nelson Investment Management L.P. raised its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 10.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 775,450 shares of the semiconductor company’s stock after purchasing an additional 75,211 shares during the quarter. Vaughan Nelson Investment Management L.P.’s holdings in Marvell Technology were worth $55,925,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of MRVL. Strategic Investment Solutions Inc. IL purchased a new position in shares of Marvell Technology during the second quarter valued at $32,000. Quarry LP acquired a new stake in Marvell Technology during the 2nd quarter worth about $32,000. Whittier Trust Co. grew its stake in Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 210 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of Marvell Technology by 125.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after purchasing an additional 336 shares during the period. Finally, Unique Wealth Strategies LLC purchased a new stake in shares of Marvell Technology in the second quarter worth approximately $45,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on MRVL shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Citigroup restated a “buy” rating and set a $91.00 price target on shares of Marvell Technology in a report on Monday, October 14th. StockNews.com lowered Marvell Technology from a “hold” rating to a “sell” rating in a report on Friday, October 18th. Bank of America boosted their target price on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, Benchmark raised their price target on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $91.77.

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, September 16th. The stock was sold at an average price of $73.87, for a total transaction of $110,805.00. Following the sale, the chief financial officer now owns 111,753 shares of the company’s stock, valued at approximately $8,255,194.11. This trade represents a 1.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the transaction, the director now owns 351,193 shares of the company’s stock, valued at $26,044,472.88. The trade was a 20.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 259,500 shares of company stock worth $20,230,710 in the last ninety days. Insiders own 0.33% of the company’s stock.

Marvell Technology Stock Down 3.2 %

Marvell Technology stock opened at $87.83 on Friday. Marvell Technology, Inc. has a 52 week low of $50.35 and a 52 week high of $95.09. 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 business’s 50-day simple moving average is $78.89 and its 200-day simple moving average is $72.74.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the business posted $0.18 EPS. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. As a group, analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a yield of 0.27%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -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.