Connor Clark & Lunn Investment Management Ltd. Acquires 251,635 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Connor Clark & Lunn Investment Management Ltd. raised its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 64.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 643,049 shares of the semiconductor company's stock after buying an additional 251,635 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.07% of Marvell Technology worth $46,377,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL purchased a new position in Marvell Technology during the 2nd quarter valued at about $32,000. Quarry LP bought a new position in shares of Marvell Technology during the second quarter worth about $32,000. Whittier Trust Co. boosted its stake in Marvell Technology by 74.5% during the 3rd 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. Briaud Financial Planning Inc acquired a new stake in shares of Marvell Technology during the 3rd quarter valued at $43,000. Finally, Exchange Traded Concepts LLC raised its position in Marvell Technology by 125.4% during the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company's stock valued at $44,000 after buying an additional 336 shares during the period. Hedge funds and other institutional investors own 83.51% of the company's stock.

Analyst Ratings Changes

MRVL has been the subject of a number of recent research reports. Rosenblatt Securities increased their price objective on shares of Marvell Technology from $100.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, August 30th. StockNews.com downgraded Marvell Technology from a "hold" rating to a "sell" rating in a report on Friday, October 18th. Needham & Company LLC reissued a "buy" rating and issued a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Barclays boosted their price target on Marvell Technology from $80.00 to $85.00 and gave the company an "overweight" rating in a report on Friday, August 30th. Finally, Evercore ISI upped their price objective 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 research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $91.77.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL traded up $0.52 during midday trading on Wednesday, reaching $89.86. 6,281,762 shares of the company's stock traded hands, compared to its average volume of 12,067,185. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The company has a market cap of $79.63 billion, a price-to-earnings ratio of -80.49, a P/E/G ratio of 3.82 and a beta of 1.44. Marvell Technology, Inc. has a one year low of $50.35 and a one year high of $95.09. The stock has a 50 day moving average of $79.64 and a 200 day moving average of $73.10.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The company 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 firm's quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.18 EPS. As a group, equities research analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

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

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.87, for a total value of $110,805.00. Following the completion of the transaction, the chief financial officer now owns 111,753 shares of the company's stock, valued at approximately $8,255,194.11. This represents a 1.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the firm's stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the sale, the insider now owns 694,487 shares of the company's stock, valued at approximately $55,906,203.50. This represents a 17.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 267,000 shares of company stock worth $20,899,260. Company insiders own 0.33% of the company's stock.

Marvell Technology 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.