Mount Lucas Management LP Invests $773,000 in Marvell Technology, Inc. (NASDAQ:MRVL)

Mount Lucas Management LP acquired a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 7,000 shares of the semiconductor company’s stock, valued at approximately $773,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. State Street Corp boosted its position in Marvell Technology by 0.3% during the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after acquiring an additional 68,893 shares during the period. Geode Capital Management LLC increased its stake in shares of Marvell Technology by 2.0% during the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock valued at $818,916,000 after acquiring an additional 219,692 shares during the period. Wellington Management Group LLP raised its stake in shares of Marvell Technology by 4.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock worth $627,034,000 after buying an additional 359,005 shares in the last quarter. Nordea Investment Management AB lifted its holdings in shares of Marvell Technology by 14.0% in the fourth quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company’s stock valued at $518,435,000 after buying an additional 571,005 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Marvell Technology by 5.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,427,745 shares of the semiconductor company’s stock valued at $378,594,000 after buying an additional 165,858 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Mark Casper sold 7,755 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $123.08, for a total value of $954,485.40. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Brad W. Buss purchased 3,000 shares of the stock in a transaction on Friday, March 7th. The shares were bought at an average price of $69.00 per share, for a total transaction of $207,000.00. Following the acquisition, the director now owns 87,113 shares of the company’s stock, valued at approximately $6,010,797. The trade was a 3.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 36,255 shares of company stock worth $4,330,980. 0.33% of the stock is owned by corporate insiders.

Marvell Technology Trading Down 2.0 %

Shares of NASDAQ MRVL opened at $70.84 on Monday. The stock has a market cap of $61.30 billion, a price-to-earnings ratio of -41.67, a PEG ratio of 1.61 and a beta of 1.42. The business has a 50 day simple moving average of $108.27 and a 200 day simple moving average of $94.00. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. Marvell Technology, Inc. has a 52 week low of $53.19 and a 52 week high of $127.48.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. Marvell Technology’s dividend payout ratio (DPR) is -23.53%.

Analyst Upgrades and Downgrades

MRVL has been the topic of several research reports. Melius initiated coverage on shares of Marvell Technology in a research report on Monday, January 27th. They issued a “buy” rating and a $188.00 price target on the stock. Evercore ISI upped their price target on Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a report on Monday, December 2nd. Barclays reduced their price objective on Marvell Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a research note on Thursday. Summit Insights lowered Marvell Technology from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $140.00 price target on shares of Marvell Technology in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $121.68.

Marvell Technology Company Profile

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.