Resona Asset Management Co. Ltd. Makes New $28.08 Million Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

Resona Asset Management Co. Ltd. acquired a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the fourth quarter, according to its most recent disclosure with the SEC. The fund acquired 253,255 shares of the semiconductor company’s stock, valued at approximately $28,075,000.

A number of other hedge funds also recently made changes to their positions in the stock. Intrepid Financial Planning Group LLC increased its stake in Marvell Technology by 0.3% in the 4th quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company’s stock worth $2,860,000 after buying an additional 90 shares in the last quarter. PDS Planning Inc increased its holdings in Marvell Technology by 3.3% in the 4th quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company’s stock valued at $319,000 after acquiring an additional 92 shares during the last quarter. Lodestone Wealth Management LLC boosted its holdings in shares of Marvell Technology by 2.0% during the 4th quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company’s stock valued at $514,000 after purchasing an additional 93 shares during the last quarter. Valley National Advisers Inc. grew its position in shares of Marvell Technology by 0.4% during the fourth quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company’s stock valued at $2,775,000 after purchasing an additional 96 shares in the last quarter. Finally, Private Trust Co. NA increased its holdings in shares of Marvell Technology by 2.7% in the fourth quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company’s stock worth $414,000 after purchasing an additional 97 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on MRVL shares. Rosenblatt Securities restated a “buy” rating and set a $140.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. Morgan Stanley cut their target price on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a report on Thursday, March 6th. Citigroup decreased their price target on shares of Marvell Technology from $136.00 to $122.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. Bank of America dropped their price objective on shares of Marvell Technology from $150.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Finally, Summit Insights downgraded shares of Marvell Technology from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $120.44.

Marvell Technology Stock Down 11.2 %

Shares of NASDAQ:MRVL opened at $49.43 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The business’s 50 day moving average is $87.42 and its 200 day moving average is $93.08. The stock has a market cap of $42.81 billion, a P/E ratio of -29.08, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a 52-week low of $47.31 and a 52-week high of $127.48.

Marvell Technology Announces Dividend

The company 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 dividend of $0.06 per share. The ex-dividend date is Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.49%. Marvell Technology’s dividend payout ratio is currently -23.53%.

Insider Activity at Marvell Technology

In other news, EVP Mark Casper sold 7,755 shares of the firm’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $123.08, for a total value of $954,485.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the sale, the chief accounting officer now directly owns 31,100 shares of the company’s stock, valued at $2,138,125. The trade was a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,185 shares of company stock worth $3,744,268 over the last three months. 0.33% of the stock is owned by corporate insiders.

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.