Korea Investment CORP Boosts Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Korea Investment CORP grew its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 10.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 658,563 shares of the semiconductor company’s stock after purchasing an additional 61,367 shares during the period. Korea Investment CORP’s holdings in Marvell Technology were worth $72,738,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in MRVL. GQG Partners LLC acquired a new stake in Marvell Technology in the fourth quarter worth about $802,410,000. Raymond James Financial Inc. purchased a new position in shares of Marvell Technology in the 4th quarter valued at approximately $366,896,000. Temasek Holdings Private Ltd boosted its stake in Marvell Technology by 581.8% in the 3rd quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock worth $161,555,000 after purchasing an additional 1,911,532 shares in the last quarter. Holocene Advisors LP purchased a new stake in Marvell Technology during the 3rd quarter worth approximately $120,116,000. Finally, Situational Awareness LP purchased a new stake in Marvell Technology during the 4th quarter worth approximately $86,802,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Stifel Nicolaus lowered their price objective on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. JPMorgan Chase & Co. raised their target price on Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Oppenheimer boosted their price target on Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Craig Hallum raised 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, Rosenblatt Securities reaffirmed a “buy” rating and set a $140.00 target price on shares of Marvell Technology in a report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Stock Down 6.9 %

MRVL stock opened at $66.76 on Thursday. The stock has a market capitalization of $57.82 billion, a P/E ratio of -39.27, a P/E/G ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a 52 week low of $53.19 and a 52 week high of $127.48. The firm has a 50-day simple moving average of $96.36 and a 200-day simple moving average of $93.72. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.36%. Marvell Technology’s payout ratio is currently -23.53%.

Insider Activity

In related news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total value of $746,400.00. Following the completion of the transaction, the executive vice president now directly owns 93,931 shares of the company’s stock, valued at approximately $11,685,016.40. This represents a 6.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the sale, the chief accounting officer now directly owns 31,100 shares in the company, valued at approximately $2,138,125. This trade represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,685 shares of company stock worth $4,026,768 over the last quarter. 0.33% of the stock is currently owned by corporate insiders.

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.