Belmont Capital LLC Invests $1.08 Million in Marvell Technology, Inc. (NASDAQ:MRVL)

Belmont Capital LLC purchased a new position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 15,000 shares of the semiconductor company's stock, valued at approximately $1,082,000.

Several other large investors also recently bought and sold shares of the business. Strategic Investment Solutions Inc. IL purchased a new position in Marvell Technology during the second quarter worth $32,000. Quarry LP purchased a new stake in shares of Marvell Technology during the second quarter valued at $32,000. Whittier Trust Co. lifted its stake in Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company's stock worth $35,000 after acquiring an additional 210 shares during the period. Exchange Traded Concepts LLC lifted its stake in Marvell Technology by 125.4% in the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company's stock worth $44,000 after acquiring an additional 336 shares during the period. Finally, Unique Wealth Strategies LLC purchased a new stake in Marvell Technology in the second quarter worth about $45,000. Institutional investors own 83.51% of the company's stock.

Marvell Technology Trading Up 0.7 %

Shares of MRVL traded up $0.63 during midday trading on Tuesday, reaching $89.34. The company had a trading volume of 6,781,901 shares, compared to its average volume of 12,092,993. Marvell Technology, Inc. has a 1-year low of $50.35 and a 1-year high of $95.09. The stock has a market cap of $79.17 billion, a PE ratio of -80.49, a price-to-earnings-growth ratio of 3.82 and a beta of 1.44. The firm has a 50 day simple moving average of $79.64 and a 200-day simple moving average of $73.10. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

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

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology's dividend payout ratio (DPR) is -21.62%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on MRVL shares. Needham & Company LLC reiterated a "buy" rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Loop Capital began coverage on Marvell Technology in a research report on Monday, November 11th. They issued a "hold" rating and a $95.00 target price on the stock. Rosenblatt Securities upped their target price on Marvell Technology from $100.00 to $120.00 and gave the company a "buy" rating in a research report on Friday, August 30th. Cantor Fitzgerald restated an "overweight" rating and issued a $85.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Evercore ISI increased their target price on Marvell Technology from $91.00 to $98.00 and gave the company an "outperform" rating in a research report 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. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $91.77.

Insider Activity at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the transaction, the chief financial officer now owns 114,211 shares in the company, valued at approximately $10,180,768.54. This trade represents a 1.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total value of $177,075.00. Following the completion of the transaction, the executive vice president now owns 22,494 shares of the company's stock, valued at $1,593,250.02. The trade was a 10.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock worth $20,899,260 in the last three months. 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.