Korea Investment CORP Sells 46,095 Shares of Marvell Technology, Inc. $MRVL

Korea Investment CORP trimmed its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 6.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 723,400 shares of the semiconductor company’s stock after selling 46,095 shares during the quarter. Korea Investment CORP owned about 0.08% of Marvell Technology worth $55,991,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Game Plan Financial Advisors LLC acquired a new position in shares of Marvell Technology during the 2nd quarter valued at about $27,000. Kiker Wealth Management LLC lifted its holdings in Marvell Technology by 374.7% in the 2nd quarter. Kiker Wealth Management LLC now owns 356 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 281 shares during the last quarter. Westside Investment Management Inc. boosted its position in Marvell Technology by 62.5% during the second quarter. Westside Investment Management Inc. now owns 416 shares of the semiconductor company’s stock worth $32,000 after purchasing an additional 160 shares during the period. Financial Connections Group Inc. boosted its position in Marvell Technology by 776.0% during the first quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 388 shares during the period. Finally, DiNuzzo Private Wealth Inc. grew its holdings in Marvell Technology by 786.0% during the second quarter. DiNuzzo Private Wealth Inc. now owns 443 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 393 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Price Performance

Shares of MRVL stock opened at $87.72 on Friday. Marvell Technology, Inc. has a 12 month low of $47.08 and a 12 month high of $127.48. The company has a market capitalization of $75.62 billion, a P/E ratio of -674.77, a P/E/G ratio of 1.10 and a beta of 1.95. The stock has a 50 day moving average of $85.77 and a two-hundred day moving average of $75.90. The company has a current ratio of 1.88, a quick ratio of 1.44 and a debt-to-equity ratio of 0.30.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 28th. The semiconductor company reported $0.67 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.67. The business had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $2.01 billion. Marvell Technology had a positive return on equity of 11.01% and a negative net margin of 1.43%.Marvell Technology’s quarterly revenue was up 57.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.30 earnings per share. As a group, equities analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 30th. Shareholders of record on Friday, October 10th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, October 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.3%. Marvell Technology’s payout ratio is currently -184.62%.

Marvell Technology declared that its Board of Directors has approved a share repurchase program on Wednesday, September 24th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the semiconductor company to buy up to 7.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group boosted their price objective on shares of Marvell Technology from $72.00 to $80.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 18th. Summit Redstone set a $105.00 target price on shares of Marvell Technology in a report on Wednesday, October 15th. Oppenheimer boosted their target price on shares of Marvell Technology from $95.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. HSBC began coverage on shares of Marvell Technology in a report on Monday. They set a “hold” rating and a $85.00 price target for the company. Finally, Jefferies Financial Group dropped their price objective on Marvell Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, August 29th. Three analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and fifteen have given a Hold rating to the company. According to MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus price target of $94.41.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, COO Chris Koopmans acquired 6,800 shares of the company’s stock in a transaction dated Thursday, September 25th. The stock was bought at an average price of $78.03 per share, for a total transaction of $530,604.00. Following the purchase, the chief operating officer owned 104,825 shares in the company, valued at $8,179,494.75. This represents a 6.94% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Willem A. Meintjes acquired 3,400 shares of Marvell Technology stock in a transaction dated Thursday, September 25th. The shares were acquired at an average cost of $78.03 per share, with a total value of $265,302.00. Following the completion of the acquisition, the chief financial officer directly owned 132,159 shares in the company, valued at $10,312,366.77. This trade represents a 2.64% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders bought 27,200 shares of company stock worth $2,109,632. Corporate insiders own 0.19% of the company’s stock.

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.