Marvell Technology, Inc. (NASDAQ:MRVL) Shares Bought by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd lifted its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 14.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,078 shares of the semiconductor company’s stock after acquiring an additional 3,597 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Marvell Technology were worth $2,097,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Strategic Investment Solutions Inc. IL purchased a new stake in Marvell Technology during the second quarter worth $32,000. Quarry LP purchased a new position in Marvell Technology during the 2nd quarter valued at about $32,000. Mark Sheptoff Financial Planning LLC purchased a new stake in shares of Marvell Technology in the first quarter valued at about $35,000. Whittier Trust Co. lifted its holdings in shares of Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its stake in shares of Marvell Technology by 125.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock worth $44,000 after purchasing an additional 336 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Trading Up 0.6 %

Marvell Technology stock opened at $92.78 on Wednesday. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The firm’s fifty day moving average price is $77.65 and its 200 day moving average price is $72.31. Marvell Technology, Inc. has a 12-month low of $50.35 and a 12-month high of $95.09.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The business 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%. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.18 earnings per share. Analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -21.62%.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the sale, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at $7,559,637.75. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the transaction, the insider now owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 261,000 shares of company stock valued at $20,330,835. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of analyst reports. Roth Mkm reiterated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Loop Capital began coverage on Marvell Technology in a research report on Monday. They set a “hold” rating and a $95.00 price objective for the company. Evercore ISI raised their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Finally, The Goldman Sachs Group upped their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.77.

Marvell Technology Company 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.