Primecap Management Co. CA Acquires 896,500 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Primecap Management Co. CA increased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 98.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 1,802,700 shares of the semiconductor company’s stock after buying an additional 896,500 shares during the period. Primecap Management Co. CA’s holdings in Marvell Technology were worth $126,009,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bruce G. Allen Investments LLC increased its holdings in shares of Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 141 shares in the last quarter. Salomon & Ludwin LLC purchased a new stake in Marvell Technology during the 1st quarter valued at about $31,000. Optimum Investment Advisors bought a new stake in Marvell Technology during the 1st quarter valued at about $35,000. Mark Sheptoff Financial Planning LLC purchased a new position in Marvell Technology in the first quarter worth about $35,000. Finally, Bogart Wealth LLC lifted its stake in shares of Marvell Technology by 1,480.0% in the first quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock worth $45,000 after buying an additional 592 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Down 0.9 %

MRVL stock opened at $72.77 on Wednesday. The business’s 50-day moving average price is $68.23 and its 200-day moving average price is $69.80. The stock has a market cap of $62.99 billion, a P/E ratio of -64.40, a PEG ratio of 3.29 and a beta of 1.46. 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, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.18 earnings per share. On average, equities research analysts forecast that Marvell Technology, Inc. will post 0.77 EPS for the current year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. Marvell Technology’s payout ratio is presently -21.24%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Evercore ISI raised their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Bank of America boosted their price target on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. The Goldman Sachs Group increased their price objective on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Finally, KeyCorp upped their target price on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Two analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

Insiders Place Their Bets

In other news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $369,400.00. Following the transaction, the executive vice president now directly owns 110,318 shares in the company, valued at $8,150,293.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Matthew J. Murphy sold 6,000 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the transaction, the chief executive officer now directly owns 208,915 shares of the company’s stock, valued at $15,311,380.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $369,400.00. Following the completion of the sale, the executive vice president now owns 110,318 shares in the company, valued at approximately $8,150,293.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 160,000 shares of company stock worth $11,878,785. Corporate 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.