AIA Group Ltd Invests $640,000 in Marvell Technology, Inc. (NASDAQ:MRVL)

AIA Group Ltd acquired a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 5,794 shares of the semiconductor company’s stock, valued at approximately $640,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MRVL. State Street Corp boosted its position in shares of Marvell Technology by 0.3% during the third quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after buying an additional 68,893 shares during the period. Wellington Management Group LLP lifted its stake in Marvell Technology by 43.1% in the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after acquiring an additional 3,747,982 shares in the last quarter. Geode Capital Management LLC boosted its position in Marvell Technology by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock worth $818,916,000 after acquiring an additional 219,692 shares during the last quarter. Norges Bank bought a new position in shares of Marvell Technology during the 4th quarter worth approximately $1,138,354,000. Finally, GQG Partners LLC acquired a new stake in shares of Marvell Technology in the fourth quarter valued at approximately $802,410,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Stock Performance

Shares of Marvell Technology stock opened at $61.57 on Tuesday. The company has a 50 day moving average of $92.78 and a 200-day moving average of $93.66. The company has a market cap of $53.32 billion, a PE ratio of -36.22, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a 1-year low of $53.19 and a 1-year high of $127.48.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.39%. Marvell Technology’s payout ratio is -23.53%.

Insider Transactions at Marvell Technology

In other news, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the transaction, the chief accounting officer now owns 31,100 shares of the company’s stock, valued at approximately $2,138,125. This represents a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $103,245.00. Following the sale, the chief financial officer now directly owns 113,592 shares in the company, valued at $7,818,537.36. This trade represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,685 shares of company stock valued at $4,026,768. Corporate insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

MRVL has been the topic of several analyst reports. The Goldman Sachs Group boosted their price target on shares of Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. B. Riley increased their price target on Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Susquehanna upped their price objective on Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a research note on Wednesday, December 4th. Summit Insights cut shares of Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Finally, Melius initiated coverage on Marvell Technology in a report on Monday, January 27th. They set a “buy” rating and a $188.00 price target for the company. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $120.44.

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.