Blue Trust Inc. Purchases 2,074 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Blue Trust Inc. increased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 29.2% during the fourth quarter, HoldingsChannel reports. The fund owned 9,176 shares of the semiconductor company’s stock after buying an additional 2,074 shares during the period. Blue Trust Inc.’s holdings in Marvell Technology were worth $1,013,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in MRVL. Mackenzie Financial Corp raised its holdings in shares of Marvell Technology by 30.8% during the second quarter. Mackenzie Financial Corp now owns 73,644 shares of the semiconductor company’s stock worth $5,148,000 after acquiring an additional 17,342 shares during the period. Creative Planning raised its holdings in shares of Marvell Technology by 4.1% during the second quarter. Creative Planning now owns 75,454 shares of the semiconductor company’s stock worth $5,274,000 after acquiring an additional 2,982 shares during the period. NewEdge Advisors LLC raised its holdings in shares of Marvell Technology by 30.9% during the second quarter. NewEdge Advisors LLC now owns 129,643 shares of the semiconductor company’s stock worth $9,062,000 after acquiring an additional 30,596 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Marvell Technology by 12.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 249,422 shares of the semiconductor company’s stock worth $17,435,000 after acquiring an additional 27,553 shares during the period. Finally, Quarry LP acquired a new stake in shares of Marvell Technology during the second quarter worth $32,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $534,840.00. Following the completion of the transaction, the executive vice president now directly owns 103,244 shares in the company, valued at approximately $9,203,170.16. This represents a 5.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the transaction, the chief financial officer now owns 114,211 shares of the company’s stock, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,755 shares of company stock valued at $4,361,430 over the last three months. 0.33% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on MRVL shares. Bank of America lifted their price target on shares of Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Loop Capital lifted their price target on shares of Marvell Technology from $95.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. UBS Group lifted their price target on shares of Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. TD Cowen lifted their price target on shares of Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Needham & Company LLC lifted their price target on shares of Marvell Technology from $95.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $127.60.

Marvell Technology Trading Up 3.5 %

Shares of Marvell Technology stock opened at $103.88 on Wednesday. The firm has a market cap of $89.89 billion, a PE ratio of -61.11, a PEG ratio of 4.12 and a beta of 1.41. Marvell Technology, Inc. has a 1 year low of $53.19 and a 1 year high of $127.48. The company has a 50 day simple moving average of $110.63 and a two-hundred day simple moving average of $86.85. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.23%. The ex-dividend date is Friday, January 10th. Marvell Technology’s payout ratio is -14.12%.

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.