HITE Hedge Asset Management LLC Acquires New Holdings in Marvell Technology, Inc. $MRVL

HITE Hedge Asset Management LLC acquired a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 6,491 shares of the semiconductor company’s stock, valued at approximately $400,000.

A number of other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Marvell Technology by 1.9% during the first quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company’s stock valued at $3,926,326,000 after purchasing an additional 1,212,338 shares during the period. Goldman Sachs Group Inc. grew its holdings in Marvell Technology by 32.3% during the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company’s stock valued at $1,272,117,000 after purchasing an additional 5,050,159 shares during the period. Brown Advisory Inc. grew its holdings in Marvell Technology by 2.2% during the first quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company’s stock valued at $1,188,333,000 after purchasing an additional 423,892 shares during the period. Janus Henderson Group PLC grew its holdings in Marvell Technology by 6.9% during the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock valued at $1,462,274,000 after purchasing an additional 857,087 shares during the period. Finally, Nuveen Asset Management LLC grew its holdings in Marvell Technology by 232.2% during the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock valued at $1,033,859,000 after purchasing an additional 6,543,132 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $76.74 on Tuesday. Marvell Technology, Inc. has a one year low of $47.08 and a one year high of $127.48. The company has a market cap of $66.29 billion, a P/E ratio of -134.63, a P/E/G ratio of 0.83 and a beta of 1.83. The firm’s fifty day moving average price is $74.45 and its two-hundred day moving average price is $72.74. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.61 by $0.01. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same period in the previous year, the company earned $0.24 earnings per share. The company’s quarterly revenue was up 63.3% on a year-over-year basis. Equities analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Friday, July 11th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Friday, July 11th. Marvell Technology’s payout ratio is currently -42.11%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 3,000 shares of the company’s stock in a transaction on Friday, July 18th. The shares were sold at an average price of $72.35, for a total value of $217,050.00. Following the transaction, the executive vice president directly owned 17,163 shares in the company, valued at $1,241,743.05. The trade was a 14.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Panteha Dixon sold 1,283 shares of the company’s stock in a transaction on Monday, June 16th. The shares were sold at an average price of $68.50, for a total transaction of $87,885.50. Following the completion of the transaction, the chief accounting officer owned 29,572 shares in the company, valued at approximately $2,025,682. This represents a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,783 shares of company stock worth $407,716 over the last ninety days. Insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MRVL. Piper Sandler reaffirmed an “overweight” rating and issued a $85.00 price target (down previously from $95.00) on shares of Marvell Technology in a research note on Friday, May 30th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Marvell Technology in a research note on Friday, August 8th. Needham & Company LLC lowered shares of Marvell Technology from a “buy” rating to a “cautious” rating in a research note on Wednesday, July 16th. B. Riley reaffirmed a “buy” rating and issued a $115.00 price target (up previously from $110.00) on shares of Marvell Technology in a research note on Wednesday, June 18th. Finally, KeyCorp cut their price target on shares of Marvell Technology from $115.00 to $90.00 and set an “overweight” rating on the stock in a research note on Friday, May 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and a consensus price target of $94.70.

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.