Dai ichi Life Insurance Company Ltd Has $4.36 Million Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Dai ichi Life Insurance Company Ltd reduced its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 22.9% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 60,443 shares of the semiconductor company’s stock after selling 18,000 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Marvell Technology were worth $4,359,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of MRVL. Strategic Investment Solutions Inc. IL acquired a new stake in Marvell Technology in the 2nd quarter valued at about $32,000. Quarry LP acquired a new stake in Marvell Technology during the second quarter worth approximately $32,000. Whittier Trust Co. lifted its position in Marvell Technology by 74.5% during the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 210 shares during the last quarter. Briaud Financial Planning Inc acquired a new stake in Marvell Technology during the third quarter worth approximately $43,000. Finally, Exchange Traded Concepts LLC lifted its position in Marvell Technology by 125.4% during the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock worth $44,000 after acquiring an additional 336 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Trading Up 1.0 %

NASDAQ MRVL opened at $93.14 on Wednesday. The firm’s fifty day moving average price is $81.05 and its two-hundred day moving average price is $73.76. Marvell Technology, Inc. has a fifty-two week low of $50.35 and a fifty-two week high of $95.55. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company’s revenue was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.18 earnings per share. As a group, sell-side analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were paid a dividend of $0.06 per share. 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 0.26%. Marvell Technology’s payout ratio is presently -21.62%.

Insiders Place Their Bets

In related 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 sale, the insider now owns 694,487 shares of the company’s stock, valued at $55,906,203.50. The trade was a 17.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $534,840.00. Following the completion of the sale, the executive vice president now directly owns 103,244 shares in the company, valued at approximately $9,203,170.16. This represents a 5.49 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Needham & Company LLC restated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Friday, November 22nd. Citigroup restated a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research report on Monday, October 14th. Finally, Loop Capital started coverage on shares of Marvell Technology in a research report on Monday, November 11th. They set a “hold” rating and a $95.00 price objective for the company. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $93.43.

Marvell Technology 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.