Handelsbanken Fonder AB Has $24.01 Million Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Handelsbanken Fonder AB grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 45.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 398,088 shares of the semiconductor company’s stock after buying an additional 124,328 shares during the quarter. Handelsbanken Fonder AB’s holdings in Marvell Technology were worth $24,009,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. FMR LLC lifted its position in shares of Marvell Technology by 0.3% in the third quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock worth $7,005,447,000 after buying an additional 421,622 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Marvell Technology by 0.7% in the third quarter. Vanguard Group Inc. now owns 70,451,609 shares of the semiconductor company’s stock worth $3,813,546,000 after purchasing an additional 477,731 shares during the period. Matrix Capital Management Company LP increased its stake in shares of Marvell Technology by 54.3% in the third quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock worth $712,720,000 after purchasing an additional 4,634,127 shares during the period. Invesco Ltd. increased its stake in shares of Marvell Technology by 9.2% in the third quarter. Invesco Ltd. now owns 8,259,375 shares of the semiconductor company’s stock worth $447,080,000 after purchasing an additional 698,359 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Marvell Technology by 43.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock worth $381,257,000 after purchasing an additional 2,142,391 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MRVL shares. KeyCorp dropped their price objective on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research note on Monday, April 8th. Citigroup restated a “buy” rating and set a $91.00 price target on shares of Marvell Technology in a research note on Wednesday, March 27th. Oppenheimer restated an “outperform” rating and set a $80.00 price target (up from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. Roth Mkm restated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Finally, Needham & Company LLC restated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Two equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $81.13.

Marvell Technology Stock Performance

Shares of Marvell Technology stock opened at $62.88 on Tuesday. The firm has a fifty day moving average of $69.97 and a two-hundred day moving average of $62.40. Marvell Technology, Inc. has a 52 week low of $36.90 and a 52 week high of $85.76. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results 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 during the quarter, compared to analysts’ expectations of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.34 EPS. As a group, equities research analysts forecast that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s dividend payout ratio is currently -22.22%.

Marvell Technology declared that its board has initiated a share buyback program on Thursday, March 7th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Activity at Marvell Technology

In related news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total value of $2,030,100.00. Following the completion of the sale, the chief executive officer now owns 762,929 shares in the company, valued at approximately $51,627,405.43. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction on 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 owns 21,266 shares in the company, valued at approximately $1,376,973.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.67, for a total value of $2,030,100.00. Following the transaction, the chief executive officer now owns 762,929 shares of the company’s stock, valued at approximately $51,627,405.43. The disclosure for this sale can be found here. Insiders sold a total of 110,500 shares of company stock worth $7,477,515 in the last quarter. Corporate 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.