374,900 Shares in Marvell Technology, Inc. (NASDAQ:MRVL) Purchased by Healthcare of Ontario Pension Plan Trust Fund
Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 374,900 shares of the semiconductor company’s stock, valued at approximately $22,412,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of MRVL. Kovack Advisors Inc. purchased a new position in shares of Marvell Technology in the 2nd quarter valued at approximately $233,000. Louisiana State Employees Retirement System boosted its stake in Marvell Technology by 26.6% during the second quarter. Louisiana State Employees Retirement System now owns 53,800 shares of the semiconductor company’s stock worth $3,216,000 after acquiring an additional 11,300 shares in the last quarter. B. Metzler seel. Sohn & Co. AG grew its holdings in Marvell Technology by 44.2% in the first quarter. B. Metzler seel. Sohn & Co. AG now owns 65,490 shares of the semiconductor company’s stock worth $2,836,000 after purchasing an additional 20,089 shares during the period. Commerce Bank increased its stake in shares of Marvell Technology by 1.9% during the first quarter. Commerce Bank now owns 32,307 shares of the semiconductor company’s stock valued at $1,399,000 after purchasing an additional 611 shares in the last quarter. Finally, Duality Advisers LP purchased a new position in shares of Marvell Technology during the second quarter valued at approximately $1,772,000. Institutional investors own 83.32% of the company’s stock.
Marvell Technology Stock Performance
Shares of Marvell Technology stock traded up $0.16 during trading hours on Thursday, reaching $56.26. The company’s stock had a trading volume of 1,804,341 shares, compared to its average volume of 11,689,353. The firm has a 50 day moving average price of $52.68 and a 200-day moving average price of $56.54. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.65 and a current ratio of 1.03. Marvell Technology, Inc. has a one year low of $33.75 and a one year high of $67.99.
Marvell Technology Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 25th. Shareholders of record on Friday, October 6th were paid a $0.06 dividend. The ex-dividend date was Thursday, October 5th. This represents a $0.24 dividend on an annualized basis and a yield of 0.43%. Marvell Technology’s payout ratio is -54.55%.
Insider Buying and Selling
In related news, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $55.96, for a total value of $1,678,800.00. Following the completion of the transaction, the chief executive officer now owns 885,245 shares of the company’s stock, valued at $49,538,310.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $55.96, for a total value of $1,678,800.00. Following the completion of the transaction, the chief executive officer now directly owns 885,245 shares in the company, valued at $49,538,310.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Chris Koopmans sold 2,000 shares of the company’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $55.57, for a total transaction of $111,140.00. Following the completion of the sale, the executive vice president now directly owns 134,737 shares in the company, valued at $7,487,335.09. The disclosure for this sale can be found here. Insiders have sold a total of 102,000 shares of company stock valued at $5,573,990 over the last quarter. 0.45% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
MRVL has been the subject of a number of recent research reports. Oppenheimer reiterated an “outperform” rating and set a $70.00 price objective on shares of Marvell Technology in a research note on Friday, August 25th. B. Riley increased their price target on shares of Marvell Technology from $75.00 to $77.00 and gave the company a “buy” rating in a report on Friday, August 25th. Roth Mkm assumed coverage on shares of Marvell Technology in a research report on Tuesday, November 14th. They set a “buy” rating and a $60.00 price target for the company. Susquehanna lifted their target price on Marvell Technology from $60.00 to $70.00 and gave the stock a “positive” rating in a report on Wednesday, August 23rd. Finally, Evercore ISI dropped their price objective on Marvell Technology from $70.00 to $60.00 in a research report on Thursday, October 5th. Two analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and an average price target of $66.11.
Read Our Latest Analysis on MRVL
Marvell Technology Company Profile (Free Report)
Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops, scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.
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