Retirement Systems of Alabama Invests $4.89 Million in Marvell Technology, Inc. (NASDAQ:MRVL)

Retirement Systems of Alabama purchased a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 81,000 shares of the semiconductor company’s stock, valued at approximately $4,885,000.

A number of other large investors have also made changes to their positions in the business. Private Wealth Partners LLC acquired a new position in shares of Marvell Technology during the fourth quarter worth $598,000. Truist Financial Corp increased its position in shares of Marvell Technology by 28.7% during the fourth quarter. Truist Financial Corp now owns 938,605 shares of the semiconductor company’s stock worth $56,607,000 after purchasing an additional 209,559 shares in the last quarter. Kovack Advisors Inc. increased its position in shares of Marvell Technology by 5.4% during the fourth quarter. Kovack Advisors Inc. now owns 4,030 shares of the semiconductor company’s stock worth $243,000 after purchasing an additional 205 shares in the last quarter. WD Rutherford LLC acquired a new position in shares of Marvell Technology in the 4th quarter valued at $327,000. Finally, Bank Julius Baer & Co. Ltd Zurich increased its position in shares of Marvell Technology by 116.2% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 57,313 shares of the semiconductor company’s stock valued at $3,457,000 after acquiring an additional 30,800 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Morgan Stanley upped their target price on Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a research report on Thursday, March 7th. StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a research report on Sunday, April 28th. Oppenheimer reissued an “outperform” rating and issued a $80.00 target price (up from $70.00) on shares of Marvell Technology in a research report on Thursday, February 29th. Needham & Company LLC reissued a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. Finally, KeyCorp lowered their price target on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $81.13.

Insider Buying and Selling at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the sale, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Mark Casper sold 2,500 shares of the stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $64.75, for a total value of $161,875.00. Following the completion of the sale, the executive vice president now directly owns 21,266 shares in the company, valued at $1,376,973.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction of $64,490.00. Following the completion of the transaction, the chief financial officer now directly owns 110,218 shares in the company, valued at $7,107,958.82. The disclosure for this sale can be found here. Insiders sold 110,500 shares of company stock valued at $7,473,805 over the last quarter. 0.45% of the stock is currently owned by insiders.

Marvell Technology Trading Up 2.8 %

MRVL stock opened at $68.51 on Monday. The company’s 50-day simple moving average is $69.85 and its 200-day simple moving average is $63.21. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. Marvell Technology, Inc. has a 52-week low of $38.63 and a 52-week high of $85.76. The firm has a market cap of $59.33 billion, a P/E ratio of -63.43, a PEG ratio of 5.01 and a beta of 1.48.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same period in the prior year, the company posted $0.34 EPS. The company’s revenue for the quarter was up .6% on a year-over-year basis. As a group, equities analysts forecast that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

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

Marvell Technology declared that its board has authorized a share buyback program on Thursday, March 7th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to purchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.