Retirement Systems of Alabama Takes Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Retirement Systems of Alabama bought a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 81,000 shares of the semiconductor company’s stock, valued at approximately $4,885,000.

Other institutional investors also recently bought and sold shares of the company. Commonwealth Equity Services LLC boosted its stake in shares of Marvell Technology by 6.1% during the third quarter. Commonwealth Equity Services LLC now owns 190,841 shares of the semiconductor company’s stock valued at $10,330,000 after purchasing an additional 10,916 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in Marvell Technology by 12.9% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 72,103 shares of the semiconductor company’s stock worth $3,903,000 after acquiring an additional 8,263 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of Marvell Technology by 59.8% in the third quarter. Robeco Institutional Asset Management B.V. now owns 87,962 shares of the semiconductor company’s stock valued at $4,761,000 after acquiring an additional 32,908 shares during the period. Xponance Inc. raised its stake in shares of Marvell Technology by 10.1% during the third quarter. Xponance Inc. now owns 33,043 shares of the semiconductor company’s stock valued at $1,789,000 after acquiring an additional 3,028 shares during the last quarter. Finally, Raymond James & Associates lifted its holdings in Marvell Technology by 5.8% in the 3rd quarter. Raymond James & Associates now owns 713,760 shares of the semiconductor company’s stock worth $38,636,000 after buying an additional 39,299 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Trading Up 2.8 %

Marvell Technology stock opened at $68.51 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. Marvell Technology, Inc. has a one year low of $38.63 and a one year high of $85.76. The stock has a market capitalization of $59.33 billion, a PE ratio of -63.43, a price-to-earnings-growth ratio of 5.01 and a beta of 1.48. The business’s fifty day moving average is $69.85 and its 200 day moving average is $63.21.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, meeting the consensus estimate of $0.46. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. Marvell Technology’s revenue was up .6% compared to the same quarter last year. During the same period last year, the firm posted $0.34 earnings per share. On average, sell-side analysts predict that Marvell Technology, Inc. will post 0.72 EPS for the current year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th were given a $0.06 dividend. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.35%. Marvell Technology’s payout ratio is -22.22%.

Marvell Technology announced that its Board of Directors has initiated a share buyback program on Thursday, March 7th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages recently commented on MRVL. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price objective on shares of Marvell Technology in a report on Monday, March 4th. Summit Insights upgraded Marvell Technology from a “hold” rating to a “buy” rating in a report on Friday, March 8th. StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a report on Sunday, April 28th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.13.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the transaction, the chief financial officer now directly owns 110,218 shares of the company’s stock, valued at $7,107,958.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the transaction, the executive vice president now owns 119,117 shares of the company’s stock, valued at $8,097,573.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total transaction of $64,490.00. Following the completion of the sale, the chief financial officer now directly owns 110,218 shares of the company’s stock, valued at $7,107,958.82. The disclosure for this sale can be found here. Over the last three months, insiders have sold 110,500 shares of company stock valued at $7,473,805. Insiders own 0.45% of the company’s stock.

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.