Public Employees Retirement System of Ohio Lowers Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Public Employees Retirement System of Ohio trimmed its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 17.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 471,120 shares of the semiconductor company’s stock after selling 98,027 shares during the quarter. Public Employees Retirement System of Ohio owned approximately 0.05% of Marvell Technology worth $52,035,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Zweig DiMenna Associates LLC increased its holdings in Marvell Technology by 6.3% in the fourth quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock valued at $23,583,000 after buying an additional 12,700 shares in the last quarter. Berbice Capital Management LLC acquired a new position in Marvell Technology in the 4th quarter worth about $637,000. RFG Advisory LLC boosted its position in Marvell Technology by 6.2% during the fourth quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock worth $4,708,000 after purchasing an additional 2,507 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Marvell Technology in the fourth quarter valued at approximately $234,000. Finally, United Asset Strategies Inc. raised its stake in shares of Marvell Technology by 7.1% during the 4th quarter. United Asset Strategies Inc. now owns 219,888 shares of the semiconductor company’s stock worth $24,287,000 after buying an additional 14,547 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MRVL has been the topic of a number of research analyst reports. KeyCorp dropped their price target on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Loop Capital raised shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 target price for the company in a research note on Thursday, March 6th. Barclays reduced their price target on shares of Marvell Technology from $130.00 to $80.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Citigroup lowered their price objective on Marvell Technology from $122.00 to $96.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Finally, Cantor Fitzgerald cut Marvell Technology from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $125.00 to $60.00 in a report on Wednesday, May 7th. Six research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $104.52.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $103,245.00. Following the transaction, the chief financial officer now owns 113,592 shares of the company’s stock, valued at $7,818,537.36. This represents a 1.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Mark Casper sold 626 shares of the firm’s stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $61.10, for a total value of $38,248.60. Following the sale, the executive vice president now directly owns 626 shares of the company’s stock, valued at $38,248.60. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,541 shares of company stock valued at $2,079,948 in the last 90 days. Company insiders own 0.19% of the company’s stock.

Marvell Technology Trading Up 2.9%

Shares of MRVL opened at $61.85 on Friday. Marvell Technology, Inc. has a 12-month low of $47.09 and a 12-month high of $127.48. The firm has a market capitalization of $53.43 billion, a P/E ratio of -36.38, a P/E/G ratio of 1.61 and a beta of 1.83. The firm has a 50-day moving average price of $59.73 and a 200 day moving average price of $88.09. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were issued a $0.06 dividend. The ex-dividend date of this dividend was Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.39%. Marvell Technology’s payout ratio is -23.53%.

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.