Marvell Technology, Inc. (NASDAQ:MRVL) Stake Lessened by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp trimmed its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 394,921 shares of the semiconductor company’s stock after selling 6,090 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Marvell Technology were worth $43,619,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in MRVL. Centricity Wealth Management LLC acquired a new position in Marvell Technology in the fourth quarter worth about $26,000. ORG Partners LLC grew its position in shares of Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 149 shares in the last quarter. Rialto Wealth Management LLC acquired a new position in shares of Marvell Technology in the 4th quarter worth approximately $27,000. Kieckhefer Group LLC acquired a new stake in shares of Marvell Technology during the 4th quarter valued at approximately $33,000. Finally, Financial Life Planners bought a new position in Marvell Technology during the fourth quarter worth $33,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $71.67 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The business’s 50-day moving average price is $97.34 and its 200 day moving average price is $93.91. Marvell Technology, Inc. has a 52-week low of $53.19 and a 52-week high of $127.48. The firm has a market cap of $62.07 billion, a P/E ratio of -42.16, a PEG ratio of 1.61 and a beta of 1.42.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be paid a $0.06 dividend. The ex-dividend date is Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology’s dividend payout ratio is currently -23.53%.

Insider Buying and Selling

In other news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the sale, the chief financial officer now directly owns 113,592 shares of the company’s stock, valued at $7,818,537.36. The trade was a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $412,980.00. Following the completion of the transaction, the chief operating officer now directly owns 81,931 shares in the company, valued at $5,639,310.73. This represents a 6.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,685 shares of company stock worth $4,026,768 in the last ninety days. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on MRVL shares. Oppenheimer lifted their price target on shares of Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Barclays lowered their target price on Marvell Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Stifel Nicolaus cut their price target on Marvell Technology from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Craig Hallum upped their price objective on Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, Melius Research upgraded Marvell Technology to a “strong-buy” rating in a research note on Monday, January 27th. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average target price of $120.44.

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.