Elo Mutual Pension Insurance Co Cuts Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Elo Mutual Pension Insurance Co cut its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 7.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 80,706 shares of the semiconductor company's stock after selling 6,908 shares during the quarter. Elo Mutual Pension Insurance Co's holdings in Marvell Technology were worth $8,914,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of MRVL. Great Valley Advisor Group Inc. grew its position in shares of Marvell Technology by 2.5% in the third quarter. Great Valley Advisor Group Inc. now owns 6,480 shares of the semiconductor company's stock valued at $467,000 after purchasing an additional 156 shares in the last quarter. Cerity Partners LLC grew its holdings in Marvell Technology by 84.3% in the 3rd quarter. Cerity Partners LLC now owns 61,016 shares of the semiconductor company's stock valued at $4,401,000 after buying an additional 27,902 shares in the last quarter. Summit Trail Advisors LLC increased its stake in shares of Marvell Technology by 6.4% in the 3rd quarter. Summit Trail Advisors LLC now owns 6,178 shares of the semiconductor company's stock worth $446,000 after acquiring an additional 373 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Marvell Technology during the 3rd quarter worth $516,000. Finally, D.A. Davidson & CO. boosted its position in shares of Marvell Technology by 8.5% during the 3rd quarter. D.A. Davidson & CO. now owns 60,056 shares of the semiconductor company's stock valued at $4,331,000 after acquiring an additional 4,718 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.

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Insider Activity

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $103,245.00. Following the sale, the chief financial officer now owns 113,592 shares of the company's stock, valued at $7,818,537.36. This trade represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 37,685 shares of company stock valued at $4,026,768. Insiders own 0.33% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on MRVL. Citigroup reduced their target price on shares of Marvell Technology from $136.00 to $122.00 and set a "buy" rating on the stock in a research note on Thursday, March 6th. Melius assumed coverage on Marvell Technology in a report on Monday, January 27th. They issued a "buy" rating and a $188.00 price objective on the stock. UBS Group raised their target price on Marvell Technology from $110.00 to $115.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. Raymond James set a $110.00 target price on Marvell Technology in a research report on Thursday, March 6th. Finally, Melius Research raised Marvell Technology to a "strong-buy" rating in a research report on Monday, January 27th. Three equities 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 stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $120.44.

Marvell Technology Stock Down 4.3 %

Shares of Marvell Technology stock traded down $2.82 during trading hours on Friday, hitting $62.04. The company had a trading volume of 18,769,219 shares, compared to its average volume of 12,913,647. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The company's 50-day moving average is $94.05 and its two-hundred day moving average is $93.62. The company has a market cap of $53.73 billion, a P/E ratio of -36.49, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $127.48.

Marvell Technology Announces Dividend

The company also recently disclosed 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. This represents a $0.24 annualized dividend and a dividend yield of 0.39%. The ex-dividend date is Friday, April 11th. Marvell Technology's payout ratio is -23.53%.

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.