BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Trims Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 12.9% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 144,430 shares of the semiconductor company’s stock after selling 21,450 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Marvell Technology were worth $10,416,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Kolinsky Wealth Management LLC boosted its stake in shares of Marvell Technology by 11.2% in the third quarter. Kolinsky Wealth Management LLC now owns 5,447 shares of the semiconductor company’s stock worth $393,000 after acquiring an additional 547 shares during the period. Captrust Financial Advisors boosted its stake in shares of Marvell Technology by 3.5% in the third quarter. Captrust Financial Advisors now owns 37,040 shares of the semiconductor company’s stock worth $2,671,000 after acquiring an additional 1,260 shares during the period. Peterson Wealth Management boosted its stake in shares of Marvell Technology by 1.1% in the third quarter. Peterson Wealth Management now owns 17,532 shares of the semiconductor company’s stock worth $1,264,000 after acquiring an additional 187 shares during the period. Vinva Investment Management Ltd boosted its stake in shares of Marvell Technology by 13.5% in the third quarter. Vinva Investment Management Ltd now owns 39,618 shares of the semiconductor company’s stock worth $2,812,000 after acquiring an additional 4,713 shares during the period. Finally, Public Sector Pension Investment Board bought a new position in shares of Marvell Technology in the third quarter worth about $14,424,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. 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 for the company. Stifel Nicolaus reissued a “buy” rating and set a $95.00 price target (up from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Piper Sandler reissued an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a research note on Friday, November 22nd. Finally, Wells Fargo & Company increased their price target on Marvell Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $95.39.

Insiders Place Their Bets

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total transaction of $177,075.00. Following the transaction, the executive vice president now directly owns 22,494 shares in the company, valued at $1,593,250.02. This trade represents a 10.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the firm’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 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 disclosure for this sale can be found here. Insiders have sold 267,000 shares of company stock worth $20,899,260 in the last ninety days. 0.33% of the stock is owned by company insiders.

Marvell Technology Trading Up 2.9 %

Shares of NASDAQ MRVL opened at $92.69 on Monday. 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 business’s 50 day moving average price is $82.50 and its 200-day moving average price is $74.37. Marvell Technology, Inc. has a fifty-two week low of $50.35 and a fifty-two week high of $95.55. The company has a market cap of $82.14 billion, a price-to-earnings ratio of -83.50, a PEG ratio of 4.03 and a beta of 1.44.

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, 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 prior year, the business posted $0.18 earnings per share. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. On average, sell-side analysts expect that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were issued a $0.06 dividend. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. Marvell Technology’s payout ratio is -21.62%.

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.