Primecap Management Co. CA Increases Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Primecap Management Co. CA increased its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 5.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,899,600 shares of the semiconductor company's stock after buying an additional 96,900 shares during the quarter. Primecap Management Co. CA owned about 0.21% of Marvell Technology worth $136,999,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL purchased a new position in shares of Marvell Technology during the second quarter valued at approximately $32,000. Quarry LP purchased a new position in Marvell Technology during the 2nd quarter valued at $32,000. Whittier Trust Co. grew its position in Marvell Technology by 74.5% in the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company's stock valued at $35,000 after acquiring an additional 210 shares during the last quarter. Briaud Financial Planning Inc purchased a new stake in Marvell Technology in the third quarter worth $43,000. Finally, Exchange Traded Concepts LLC lifted its position in shares of Marvell Technology by 125.4% during the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company's stock worth $44,000 after purchasing an additional 336 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the business's stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the transaction, the insider now directly owns 694,487 shares in the company, valued at $55,906,203.50. The trade was a 17.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the company's 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 sale, the chief financial officer now owns 114,211 shares in the company, valued at $10,180,768.54. The trade was a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 267,000 shares of company stock valued at $20,899,260. Insiders own 0.33% of the company's stock.

Marvell Technology Stock Down 0.5 %

MRVL traded down $0.43 during trading on Friday, hitting $92.51. The stock had a trading volume of 7,454,080 shares, compared to its average volume of 12,036,807. The stock has a 50 day simple moving average of $80.31 and a two-hundred day simple moving average of $73.36. The company has a market capitalization of $81.98 billion, a PE ratio of -82.95, a PEG ratio of 3.88 and a beta of 1.44. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. Marvell Technology, Inc. has a twelve month low of $50.35 and a twelve month high of $95.09.

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 for the quarter, hitting the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the business earned $0.18 EPS. The firm's revenue for the quarter was down 5.1% on a year-over-year basis. On average, research analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were paid 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 0.26%. Marvell Technology's payout ratio is -21.62%.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. StockNews.com cut shares of Marvell Technology from a "hold" rating to a "sell" rating in a report on Friday, October 18th. Stifel Nicolaus restated a "buy" rating and issued a $95.00 target price (up from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Barclays lifted their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, August 30th. Loop Capital assumed coverage on Marvell Technology in a research note on Monday, November 11th. They issued a "hold" rating and a $95.00 price objective on the stock. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $85.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Marvell Technology presently has a consensus rating of "Moderate Buy" and an average price target of $91.77.

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.