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

Los Angeles Capital Management LLC reduced its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 21.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 4,720 shares of the semiconductor company’s stock after selling 1,289 shares during the period. Los Angeles Capital Management LLC’s holdings in Marvell Technology were worth $340,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Davidson Kempner Capital Management LP boosted its position in shares of Marvell Technology by 26.5% during the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after buying an additional 52,365 shares during the period. Diversified Trust Co purchased a new position in Marvell Technology in the second quarter valued at $932,000. Orion Portfolio Solutions LLC boosted its holdings in Marvell Technology by 47.1% in the first quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock valued at $2,282,000 after purchasing an additional 10,306 shares during the period. WD Rutherford LLC boosted its holdings in Marvell Technology by 182.5% in the third quarter. WD Rutherford LLC now owns 18,266 shares of the semiconductor company’s stock valued at $1,317,000 after purchasing an additional 11,801 shares during the period. Finally, Silicon Valley Capital Partners boosted its holdings in Marvell Technology by 254.6% in the third quarter. Silicon Valley Capital Partners now owns 32,978 shares of the semiconductor company’s stock valued at $2,378,000 after purchasing an additional 23,678 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $87.83 on Monday. 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 52-week low of $50.35 and a 52-week high of $95.09. The business’s 50-day moving average price is $78.89 and its 200 day moving average price is $72.80. The firm has a market cap of $77.83 billion, a P/E ratio of -79.13, a P/E/G ratio of 3.82 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 company posted $0.18 earnings per share. The business’s revenue was down 5.1% on a year-over-year basis. On average, equities research analysts expect that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.62%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.87, for a total value of $110,805.00. Following the sale, the chief financial officer now owns 111,753 shares of the company’s stock, valued at approximately $8,255,194.11. The trade was a 1.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology 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 in the company, valued at $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 have sold 259,500 shares of company stock valued at $20,230,710. 0.33% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MRVL has been the subject of a number of recent research reports. Roth Mkm reiterated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. The Goldman Sachs Group lifted their target price on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a report on Friday, August 30th. Citigroup restated a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a research note on Monday, October 14th. Loop Capital started coverage on Marvell Technology in a research note on Monday, November 11th. They issued a “hold” rating and a $95.00 price target on the stock. Finally, Morgan Stanley raised their price target on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus target price of $91.77.

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.