Impax Asset Management Group plc Has $41.47 Million Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Impax Asset Management Group plc raised its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 7.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 574,996 shares of the semiconductor company's stock after acquiring an additional 40,796 shares during the quarter. Impax Asset Management Group plc owned approximately 0.06% of Marvell Technology worth $41,469,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Davidson Kempner Capital Management LP increased its holdings in Marvell Technology by 26.5% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company's stock valued at $17,482,000 after purchasing an additional 52,365 shares in the last quarter. Diversified Trust Co acquired a new position in Marvell Technology during the 2nd quarter worth $932,000. Orion Portfolio Solutions LLC increased its stake in shares of Marvell Technology by 47.1% in the 1st quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company's stock valued at $2,282,000 after buying an additional 10,306 shares during the period. WD Rutherford LLC raised its position in shares of Marvell Technology by 182.5% during the third quarter. WD Rutherford LLC now owns 18,266 shares of the semiconductor company's stock worth $1,317,000 after acquiring an additional 11,801 shares during the last quarter. Finally, abrdn plc lifted its stake in shares of Marvell Technology by 1.3% during the third quarter. abrdn plc now owns 1,530,125 shares of the semiconductor company's stock valued at $109,037,000 after acquiring an additional 19,794 shares during the period. Institutional investors and hedge funds own 83.51% of the company's stock.

Insider Buying and Selling

In related news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the sale, the executive vice president now owns 109,244 shares in the company, valued at approximately $8,823,637.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the company's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the transaction, the insider now directly owns 694,487 shares of the company's stock, valued at $55,906,203.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the transaction, the executive vice president now owns 109,244 shares in the company, valued at $8,823,637.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 261,000 shares of company stock worth $20,330,835. Company insiders own 0.33% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MRVL. Citigroup reissued a "buy" rating and set a $91.00 price objective on shares of Marvell Technology in a report on Monday, October 14th. Evercore ISI increased their price objective on shares of Marvell Technology from $91.00 to $98.00 and gave the company an "outperform" rating in a report on Friday, August 30th. Barclays lifted their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an "overweight" rating in a report on Friday, August 30th. TD Cowen raised Marvell Technology to a "strong-buy" rating in a research note on Monday, September 16th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $85.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has given 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.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $91.62.

Marvell Technology Stock Up 3.3 %

MRVL traded up $2.81 on Tuesday, hitting $87.19. 10,229,378 shares of the company were exchanged, compared to its average volume of 12,217,471. 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 stock's fifty day moving average is $75.25 and its 200-day moving average is $71.18. The company has a market cap of $77.27 billion, a PE ratio of -76.02, a PEG ratio of 3.68 and a beta of 1.44. Marvell Technology, Inc. has a 12 month low of $50.35 and a 12 month high of $87.99.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting 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 company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the firm posted $0.18 EPS. The firm's revenue for the quarter was down 5.1% compared to the same quarter last year. Equities research analysts predict 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 paid a $0.06 dividend. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.28%. Marvell Technology's dividend payout ratio (DPR) is currently -21.62%.

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.