Kentucky Retirement Systems Insurance Trust Fund Invests $1.54 Million in Marvell Technology, Inc. (NASDAQ:MRVL)

Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 24,923 shares of the semiconductor company's stock, valued at approximately $1,535,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Invesco Ltd. grew its holdings in shares of Marvell Technology by 30.1% in the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock valued at $1,784,649,000 after acquiring an additional 3,737,705 shares in the last quarter. Janus Henderson Group PLC raised its stake in shares of Marvell Technology by 6.9% in the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock valued at $1,462,274,000 after buying an additional 857,087 shares during the period. Wellington Management Group LLP lifted its holdings in Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock valued at $1,374,252,000 after purchasing an additional 3,747,982 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Marvell Technology by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company's stock valued at $1,263,755,000 after buying an additional 80,005 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Marvell Technology in the fourth quarter worth $1,138,354,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MRVL has been the topic of a number of recent analyst reports. Citigroup lowered their price target on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Needham & Company LLC reissued a "buy" rating and issued a $85.00 price target on shares of Marvell Technology in a research note on Wednesday, June 18th. Melius Research raised their price objective on shares of Marvell Technology from $67.00 to $76.00 and gave the company a "hold" rating in a research report on Wednesday, June 18th. Wells Fargo & Company cut their target price on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Marvell Technology from $100.00 to $85.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Six research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $96.33.

Marvell Technology Trading Up 6.3%

Shares of MRVL traded up $4.43 during trading hours on Tuesday, reaching $75.21. 26,930,481 shares of the company traded hands, compared to its average volume of 15,260,435. Marvell Technology, Inc. has a 12 month low of $47.09 and a 12 month high of $127.48. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. The company's fifty day moving average price is $62.82 and its two-hundred day moving average price is $83.70. The company has a market capitalization of $64.97 billion, a price-to-earnings ratio of -131.95, a price-to-earnings-growth ratio of 0.77 and a beta of 1.76.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.01. The firm had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The business's revenue was up 63.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.24 EPS. Equities research analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. Marvell Technology's dividend payout ratio (DPR) is currently -42.11%.

Insider Buying and Selling

In other news, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $60.00, for a total value of $90,000.00. Following the transaction, the chief financial officer now owns 124,348 shares in the company, valued at approximately $7,460,880. This represents a 1.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Mark Casper sold 12,460 shares of the firm's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The disclosure for this sale can be found here. Insiders have sold 27,394 shares of company stock valued at $1,656,076 over the last quarter. Corporate insiders own 0.33% of the company's stock.

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.