TOMS Capital Investment Management LP Buys 435,065 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

TOMS Capital Investment Management LP grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 82.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 961,500 shares of the semiconductor company’s stock after buying an additional 435,065 shares during the period. Marvell Technology accounts for about 2.6% of TOMS Capital Investment Management LP’s holdings, making the stock its 7th largest position. TOMS Capital Investment Management LP’s holdings in Marvell Technology were worth $69,343,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of MRVL. Ameriprise Financial Inc. boosted its position in shares of Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after acquiring an additional 2,254,610 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Marvell Technology by 26.6% during the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after acquiring an additional 1,570,050 shares in the last quarter. Clearbridge Investments LLC boosted its position in shares of Marvell Technology by 3.0% during the 2nd quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock valued at $362,759,000 after acquiring an additional 150,109 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Marvell Technology by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,844,719 shares of the semiconductor company’s stock valued at $268,711,000 after acquiring an additional 25,983 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Marvell Technology by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock valued at $235,247,000 after acquiring an additional 66,654 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently weighed in on MRVL shares. Wells Fargo & Company lifted their target price on shares of Marvell Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Oppenheimer lifted their target price on shares of Marvell Technology from $90.00 to $110.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. Morgan Stanley boosted their price target on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Finally, The Goldman Sachs Group boosted their price target on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $95.39.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $92.69 on Monday. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm’s fifty day moving average price is $82.50 and its two-hundred day moving average price is $74.37. Marvell Technology, Inc. has a 1 year low of $50.35 and a 1 year high of $95.55. The firm has a market capitalization of $82.14 billion, a P/E ratio of -83.50, a price-to-earnings-growth ratio of 4.03 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period in the prior year, the firm posted $0.18 earnings per share. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. As a group, research analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology’s payout ratio is presently -21.62%.

Insider Activity

In other news, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the transaction, the chief executive officer now directly owns 208,915 shares of the company’s stock, valued at $15,311,380.35. This represents a 2.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following the completion of the transaction, the chief financial officer now directly owns 111,753 shares in the company, valued at $8,255,194.11. The trade was a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 267,000 shares of company stock valued at $20,899,260 over the last ninety days. 0.33% of the stock is currently owned by company insiders.

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.