Polymer Capital Management US LLC Takes $13.09 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Polymer Capital Management US LLC acquired a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 118,500 shares of the semiconductor company’s stock, valued at approximately $13,088,000. Marvell Technology accounts for 3.5% of Polymer Capital Management US LLC’s portfolio, making the stock its 4th biggest holding.

Several other hedge funds also recently bought and sold shares of MRVL. Wellington Management Group LLP grew its position in shares of Marvell Technology by 43.1% during the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after purchasing an additional 3,747,982 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Marvell Technology by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock worth $1,263,755,000 after buying an additional 80,005 shares in the last quarter. Norges Bank bought a new stake in Marvell Technology during the fourth quarter valued at $1,138,354,000. Massachusetts Financial Services Co. MA grew its position in Marvell Technology by 28.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,592,726 shares of the semiconductor company’s stock worth $838,617,000 after buying an additional 1,691,242 shares in the last quarter. Finally, GQG Partners LLC bought a new position in Marvell Technology in the 4th quarter worth about $802,410,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $49.43 on Monday. 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 stock has a fifty day moving average of $87.42 and a 200 day moving average of $93.23. The firm has a market capitalization of $42.81 billion, a price-to-earnings ratio of -29.08, a PEG ratio of 1.61 and a beta of 1.42. Marvell Technology, Inc. has a 52 week low of $46.50 and a 52 week high of $127.48.

Marvell Technology Announces Dividend

The business also recently announced 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. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date is Friday, April 11th. Marvell Technology’s payout ratio is -23.53%.

Analysts Set New Price Targets

MRVL has been the subject of a number of research analyst reports. Loop Capital upgraded Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a research report on Thursday, March 6th. Benchmark reissued a “buy” rating and issued a $135.00 price target on shares of Marvell Technology in a research note on Thursday, March 6th. The Goldman Sachs Group raised their price objective on shares of Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Melius Research upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, January 27th. Finally, StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a research report on Thursday, January 9th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and an average price target of $120.44.

Insider Activity at Marvell Technology

In other news, Director Brad W. Buss purchased 3,000 shares of Marvell Technology stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average cost of $69.00 per share, with a total value of $207,000.00. Following the completion of the purchase, the director now directly owns 87,113 shares in the company, valued at approximately $6,010,797. This trade represents a 3.57 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $118.33, for a total value of $177,495.00. Following the transaction, the chief financial officer now directly owns 111,211 shares of the company’s stock, valued at $13,159,597.63. This represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,185 shares of company stock worth $3,131,018 over the last 90 days. 0.33% of the stock is owned by company 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.