Pacer Advisors Inc. Increases Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Pacer Advisors Inc. grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 28.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,685 shares of the semiconductor company’s stock after buying an additional 11,792 shares during the period. Pacer Advisors Inc.’s holdings in Marvell Technology were worth $3,683,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. AE Wealth Management LLC raised its holdings in shares of Marvell Technology by 64.5% during the 2nd quarter. AE Wealth Management LLC now owns 57,771 shares of the semiconductor company’s stock valued at $4,038,000 after buying an additional 22,642 shares in the last quarter. ASB Consultores LLC raised its stake in shares of Marvell Technology by 8.8% during the second quarter. ASB Consultores LLC now owns 3,684 shares of the semiconductor company’s stock worth $258,000 after acquiring an additional 299 shares in the last quarter. Bridges Investment Management Inc. purchased a new stake in shares of Marvell Technology in the 2nd quarter valued at $255,000. GM Advisory Group LLC raised its position in Marvell Technology by 17.1% in the 2nd quarter. GM Advisory Group LLC now owns 30,257 shares of the semiconductor company’s stock worth $2,115,000 after purchasing an additional 4,420 shares during the period. Finally, Ieq Capital LLC lifted its stake in Marvell Technology by 2.3% in the second quarter. Ieq Capital LLC now owns 55,860 shares of the semiconductor company’s stock worth $3,905,000 after purchasing an additional 1,249 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Down 0.8 %

Shares of Marvell Technology stock opened at $71.20 on Wednesday. Marvell Technology, Inc. has a 1 year low of $46.07 and a 1 year high of $85.76. The firm has a market cap of $61.63 billion, a price-to-earnings ratio of -63.01, a PEG ratio of 3.29 and a beta of 1.46. The company has a 50-day moving average of $68.07 and a 200 day moving average of $69.51. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the firm earned $0.18 earnings per share. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.77 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

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

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.87, for a total value of $110,805.00. Following the completion of the transaction, the chief financial officer now owns 111,753 shares of the company’s stock, valued at approximately $8,255,194.11. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Mark Casper sold 2,500 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $70.07, for a total transaction of $175,175.00. Following the sale, the executive vice president now owns 20,450 shares in the company, valued at $1,432,931.50. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following the sale, the chief financial officer now directly owns 111,753 shares of the company’s stock, valued at approximately $8,255,194.11. The disclosure for this sale can be found here. Over the last three months, insiders have sold 160,000 shares of company stock valued at $11,878,785. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of recent research reports. Bank of America raised their price objective on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Morgan Stanley lifted their price target on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Evercore ISI increased their price objective on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Oppenheimer restated an “outperform” rating and issued a $90.00 target price (up previously from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Finally, Stifel Nicolaus reissued a “buy” rating and set a $95.00 price target (up previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Two equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $91.62.

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.