AIA Group Ltd Makes New $640,000 Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

AIA Group Ltd purchased a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 5,794 shares of the semiconductor company's stock, valued at approximately $640,000.

Several other large investors have also made changes to their positions in the company. Wellington Management Group LLP raised its holdings in shares of Marvell Technology by 43.1% during the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock valued at $1,374,252,000 after purchasing an additional 3,747,982 shares in the last quarter. O Shaughnessy Asset Management LLC raised its stake in shares of Marvell Technology by 23.6% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 36,778 shares of the semiconductor company's stock valued at $4,062,000 after acquiring an additional 7,019 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in Marvell Technology by 150.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,494,622 shares of the semiconductor company's stock worth $176,709,000 after purchasing an additional 897,839 shares during the last quarter. California Public Employees Retirement System boosted its position in Marvell Technology by 31.3% during the fourth quarter. California Public Employees Retirement System now owns 1,869,352 shares of the semiconductor company's stock worth $206,470,000 after purchasing an additional 445,765 shares during the period. Finally, RWA Wealth Partners LLC grew its holdings in Marvell Technology by 15.0% during the fourth quarter. RWA Wealth Partners LLC now owns 12,147 shares of the semiconductor company's stock valued at $1,342,000 after purchasing an additional 1,580 shares during the last quarter. Institutional investors own 83.51% of the company's stock.

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Marvell Technology Trading Up 0.9 %

Shares of MRVL stock traded up $0.56 on Wednesday, reaching $63.23. 13,036,853 shares of the stock were exchanged, compared to its average volume of 12,936,619. The stock has a 50 day moving average price of $91.56 and a 200 day moving average price of $93.58. The stock has a market cap of $54.76 billion, a PE ratio of -37.19, a P/E/G ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a one year low of $53.19 and a one year high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.38%. The ex-dividend date is Friday, April 11th. Marvell Technology's payout ratio is -23.53%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Citigroup cut their target price on shares of Marvell Technology from $136.00 to $122.00 and set a "buy" rating for the company in a research report on Thursday, March 6th. Piper Sandler cut their price target on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a report on Thursday, March 6th. Barclays lowered their price objective on shares of Marvell Technology from $150.00 to $130.00 and set an "overweight" rating on the stock in a research note on Thursday, March 6th. TD Cowen cut their target price on shares of Marvell Technology from $125.00 to $95.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. Finally, Needham & Company LLC reduced their price target on shares of Marvell Technology from $120.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, March 6th. Three 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $120.44.

Insider Activity

In related news, EVP Mark Casper sold 7,755 shares of the stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $123.08, for a total value of $954,485.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Panteha Dixon sold 1,430 shares of the business's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the transaction, the chief accounting officer now owns 31,100 shares of the company's stock, valued at approximately $2,138,125. This 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 valued at $4,026,768 in the last 90 days. 0.33% of the stock is owned by company insiders.

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.