Connor Clark & Lunn Investment Management Ltd. Boosts Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 64.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 643,049 shares of the semiconductor company’s stock after buying an additional 251,635 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Marvell Technology were worth $46,377,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MRVL. Lazard Asset Management LLC raised its holdings in shares of Marvell Technology by 47,934.4% in the first quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock worth $283,643,000 after buying an additional 3,993,414 shares during the last quarter. Whale Rock Capital Management LLC purchased a new stake in Marvell Technology during the first quarter worth $181,559,000. Ameriprise Financial Inc. grew its position in shares of Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after acquiring an additional 2,254,610 shares during the period. Swedbank AB grew its holdings in Marvell Technology by 653.5% in the second quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock valued at $163,148,000 after purchasing an additional 2,024,269 shares during the period. Finally, Janus Henderson Group PLC raised its stake in shares of 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 buying an additional 1,591,874 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on MRVL shares. Needham & Company LLC reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Friday, October 18th. Bank of America boosted their price objective on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Rosenblatt Securities raised their target price on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $91.77.

Insider Activity at Marvell Technology

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the transaction, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. The trade was a 17.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the 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 completion of the sale, the executive vice president now owns 109,244 shares in the company, valued at approximately $8,823,637.88. The trade was a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 267,000 shares of company stock worth $20,899,260. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Trading Up 0.7 %

Shares of MRVL stock opened at $89.34 on Wednesday. Marvell Technology, Inc. has a 1-year low of $50.35 and a 1-year high of $95.09. The firm has a market cap of $79.17 billion, a PE ratio of -80.49, a price-to-earnings-growth ratio of 3.82 and a beta of 1.44. The company has a 50-day moving average of $79.64 and a two-hundred day moving average of $73.10. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share 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 firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter last year, the company posted $0.18 EPS. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. On average, analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

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