Mackenzie Financial Corp Has $5.15 Million Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Mackenzie Financial Corp lifted its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 30.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 73,644 shares of the semiconductor company’s stock after purchasing an additional 17,342 shares during the quarter. Mackenzie Financial Corp’s holdings in Marvell Technology were worth $5,148,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Bruce G. Allen Investments LLC lifted its position in shares of Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares in the last quarter. Salomon & Ludwin LLC purchased a new stake in shares of Marvell Technology in the first quarter worth approximately $31,000. Optimum Investment Advisors purchased a new stake in shares of Marvell Technology in the first quarter worth approximately $35,000. Mark Sheptoff Financial Planning LLC purchased a new stake in shares of Marvell Technology in the first quarter worth approximately $35,000. Finally, Unique Wealth Strategies LLC purchased a new stake in shares of Marvell Technology in the second quarter worth approximately $45,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MRVL. Roth Mkm reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. KeyCorp raised their price objective on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Rosenblatt Securities raised their price objective on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. Two analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $110,820.00. Following the sale, the chief financial officer now owns 109,318 shares in the company, valued at $8,076,413.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction on Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $369,400.00. Following the sale, the executive vice president now owns 110,318 shares in the company, valued at $8,150,293.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the sale, the chief financial officer now owns 109,318 shares in the company, valued at approximately $8,076,413.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 157,500 shares of company stock worth $11,703,610. Insiders own 0.33% of the company’s stock.

Marvell Technology Trading Down 2.5 %

Shares of Marvell Technology stock opened at $70.31 on Wednesday. The company’s fifty day simple moving average is $68.40 and its 200-day simple moving average is $69.58. The company has a market cap of $60.86 billion, a price-to-earnings ratio of -62.22, a PEG ratio of 3.12 and a beta of 1.46. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 1 year low of $46.07 and a 1 year high of $85.76.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting 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%. Marvell Technology’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the company posted $0.18 earnings per share. As a group, sell-side analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be paid a $0.06 dividend. The ex-dividend date is Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. Marvell Technology’s payout ratio is -21.24%.

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.