Los Angeles Capital Management LLC Decreases Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Los Angeles Capital Management LLC decreased its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 21.5% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,720 shares of the semiconductor company’s stock after selling 1,289 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Marvell Technology were worth $340,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Janus Henderson Group PLC raised its position in Marvell Technology by 13.4% in the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after buying an additional 1,591,874 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Marvell Technology by 26.6% during the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after purchasing an additional 1,570,050 shares during the last quarter. Clearbridge Investments LLC increased its position in shares of Marvell Technology by 3.0% during the 2nd quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock valued at $362,759,000 after purchasing an additional 150,109 shares during the last quarter. Finally, Lazard Asset Management LLC increased its position in shares of Marvell Technology by 47,934.4% during the 1st quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after purchasing an additional 3,993,414 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Loop Capital assumed coverage on shares of Marvell Technology in a research report on Monday, November 11th. They set a “hold” rating and a $95.00 price target for the company. Morgan Stanley upped their price target on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Evercore ISI boosted their price objective on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Stifel Nicolaus reiterated a “buy” rating and set a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Bank of America boosted their price objective on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $91.77.

Insider Buying and Selling

In related news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the sale, the executive vice president now owns 109,244 shares of the company’s stock, valued at approximately $8,823,637.88. This trade represents a 5.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. This represents a 17.76 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 259,500 shares of company stock valued at $20,230,710. 0.33% of the stock is owned by company insiders.

Marvell Technology Stock Performance

MRVL stock opened at $87.83 on Monday. The firm has a market cap of $77.83 billion, a price-to-earnings ratio of -79.13, a PEG ratio of 3.82 and a beta of 1.44. 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, Inc. has a twelve month low of $50.35 and a twelve month high of $95.09. The business’s fifty day simple moving average is $78.89 and its two-hundred day simple moving average is $72.80.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter last year, the firm posted $0.18 earnings per share. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. Analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology’s payout ratio is currently -21.62%.

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.