Hoertkorn Richard Charles Buys Shares of 283,674 Marvell Technology, Inc. (NASDAQ:MRVL)

Hoertkorn Richard Charles bought a new position in Marvell Technology, Inc. (NASDAQ:MRVL) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 283,674 shares of the semiconductor company’s stock, valued at approximately $20,459,000. Marvell Technology comprises about 8.8% of Hoertkorn Richard Charles’ investment portfolio, making the stock its 2nd largest position.

A number of other large investors have also made changes to their positions in MRVL. Vanguard Group Inc. raised its stake in shares of Marvell Technology by 0.6% in the first quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock worth $5,160,805,000 after buying an additional 468,086 shares during the period. Janus Henderson Group PLC raised its stake in Marvell Technology by 13.4% during the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after acquiring an additional 1,591,874 shares during the period. Ameriprise Financial Inc. lifted its holdings in Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Marvell Technology by 17.6% in the second quarter. Van ECK Associates Corp now owns 5,901,773 shares of the semiconductor company’s stock worth $412,533,000 after purchasing an additional 884,380 shares during the period. Finally, Clearbridge Investments LLC raised 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 purchasing an additional 150,109 shares during the period. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Trading Down 1.8 %

NASDAQ MRVL opened at $81.83 on Thursday. The stock has a market cap of $70.83 billion, a PE ratio of -72.42, a PEG ratio of 3.17 and a beta of 1.45. Marvell Technology, Inc. has a 12 month low of $46.07 and a 12 month high of $85.76. The company’s 50-day moving average price is $73.17 and its 200-day moving average price is $70.42. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28.

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

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s payout ratio is -21.24%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on MRVL shares. Citigroup reaffirmed a “buy” rating and issued a $91.00 target price on shares of Marvell Technology in a report on Monday, October 14th. Needham & Company LLC reissued a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Evercore ISI lifted their target price on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Morgan Stanley increased their price target on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Finally, The Goldman Sachs Group raised their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at $7,559,637.75. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the transaction, the director now owns 351,193 shares of the company’s stock, valued at $26,044,472.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the sale, the chief financial officer now directly owns 113,253 shares in the company, valued at $7,559,637.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 261,000 shares of company stock worth $20,330,835. Company insiders own 0.33% of the company’s stock.

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.