Belmont Capital LLC Takes Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Belmont Capital LLC bought a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) in the 3rd quarter, Holdings Channel.com reports. The firm bought 15,000 shares of the semiconductor company’s stock, valued at approximately $1,082,000.

Several other hedge funds also recently made changes to their positions in the company. Davidson Kempner Capital Management LP boosted its position in Marvell Technology by 26.5% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock valued at $17,482,000 after acquiring an additional 52,365 shares in the last quarter. Braun Stacey Associates Inc. purchased a new stake in Marvell Technology during the 3rd quarter valued at about $16,435,000. Diversified Trust Co bought a new position in Marvell Technology in the 2nd quarter valued at approximately $932,000. WD Rutherford LLC boosted its position in shares of Marvell Technology by 182.5% during the third quarter. WD Rutherford LLC now owns 18,266 shares of the semiconductor company’s stock valued at $1,317,000 after buying an additional 11,801 shares during the last quarter. Finally, Silicon Valley Capital Partners raised its holdings in shares of Marvell Technology by 254.6% during the third quarter. Silicon Valley Capital Partners now owns 32,978 shares of the semiconductor company’s stock valued at $2,378,000 after purchasing an additional 23,678 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the sale, the executive vice president now directly owns 109,244 shares of the company’s stock, valued at $8,823,637.88. This represents a 5.21 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the transaction, the chief financial officer now owns 114,211 shares of the company’s stock, valued at $10,180,768.54. This represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several research reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $95.00 price target (up previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. The Goldman Sachs Group lifted their price objective 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. StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. Finally, TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $91.77.

Marvell Technology Stock Performance

Marvell Technology stock opened at $88.71 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. Marvell Technology, Inc. has a twelve month low of $50.35 and a twelve month high of $95.09. The business has a fifty day moving average of $79.28 and a two-hundred day moving average of $72.96.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 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 during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the business posted $0.18 EPS. Marvell Technology’s revenue was down 5.1% on a year-over-year basis. On average, research analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.27%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s payout ratio is -21.62%.

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.