Bank of New York Mellon Corp Lowers Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Bank of New York Mellon Corp cut its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,622,250 shares of the semiconductor company’s stock after selling 60,158 shares during the quarter. Bank of New York Mellon Corp’s holdings in Marvell Technology were worth $400,077,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. State Street Corp lifted its holdings in shares of Marvell Technology by 0.3% during the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after acquiring an additional 68,893 shares during the period. Geode Capital Management LLC grew its holdings in Marvell Technology by 2.0% in the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock valued at $818,916,000 after purchasing an additional 219,692 shares during the period. Wellington Management Group LLP increased its position in Marvell Technology by 4.3% during the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock worth $627,034,000 after purchasing an additional 359,005 shares during the last quarter. Van ECK Associates Corp raised its stake in Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after purchasing an additional 1,570,050 shares during the period. Finally, Nordea Investment Management AB boosted its holdings in shares of Marvell Technology by 14.0% in the 4th quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company’s stock valued at $518,435,000 after purchasing an additional 571,005 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Price Performance

Shares of MRVL stock opened at $94.90 on Thursday. The firm has a market cap of $82.12 billion, a P/E ratio of -55.82, a P/E/G ratio of 1.61 and a beta of 1.40. The firm has a fifty day moving average of $112.46 and a two-hundred day moving average of $93.00. 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, Inc. has a 1-year low of $53.19 and a 1-year high of $127.48.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.25%. The ex-dividend date was Friday, January 10th. Marvell Technology’s dividend payout ratio is currently -14.12%.

Insider Buying and Selling at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $183,750.00. Following the completion of the sale, the chief financial officer now directly owns 112,711 shares in the company, valued at approximately $13,807,097.50. The trade was a 1.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $735,000.00. Following the sale, the executive vice president now directly owns 97,244 shares in the company, valued at approximately $11,912,390. This represents a 5.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 36,255 shares of company stock worth $4,330,980 over the last quarter. 0.33% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on MRVL shares. Piper Sandler restated an “overweight” rating and set a $120.00 price objective (up from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Craig Hallum lifted their price target on shares of Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Bank of America increased their price objective on shares of Marvell Technology from $108.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Evercore ISI raised their target price on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research note on Monday, December 2nd. Finally, Benchmark reaffirmed a “buy” rating and set a $135.00 price target (up from $115.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Three equities research 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $127.60.

About Marvell Technology

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.