Kentucky Retirement Systems Takes Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Kentucky Retirement Systems purchased a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 58,514 shares of the semiconductor company's stock, valued at approximately $3,603,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of MRVL. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Marvell Technology in the fourth quarter worth approximately $234,000. Dynamic Advisor Solutions LLC increased its position in shares of Marvell Technology by 5.0% in the first quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock worth $266,000 after purchasing an additional 206 shares during the last quarter. Union Bancaire Privee UBP SA bought a new position in shares of Marvell Technology in the fourth quarter worth approximately $16,699,000. KLP Kapitalforvaltning AS bought a new position in shares of Marvell Technology in the fourth quarter worth approximately $45,211,000. Finally, Yousif Capital Management LLC increased its position in shares of Marvell Technology by 8.4% in the first quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock worth $927,000 after purchasing an additional 1,164 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MRVL. Needham & Company LLC restated a "buy" rating and issued a $85.00 price objective on shares of Marvell Technology in a research report on Wednesday, June 18th. Summit Insights lowered Marvell Technology from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. Evercore ISI cut their target price on Marvell Technology from $135.00 to $133.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. Roth Capital set a $100.00 target price on Marvell Technology in a research note on Thursday, March 6th. Finally, Deutsche Bank Aktiengesellschaft cut their target price 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 equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $96.33.

Insiders Place Their Bets

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of the stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $68.52, for a total value of $102,780.00. Following the transaction, the chief financial officer now owns 121,348 shares of the company's stock, valued at $8,314,764.96. The trade was a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,394 shares of company stock worth $1,656,076. 0.33% of the stock is owned by corporate insiders.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $73.51 on Monday. The stock has a fifty day moving average of $62.02 and a 200 day moving average of $84.06. Marvell Technology, Inc. has a 52 week low of $47.09 and a 52 week high of $127.48. The firm has a market capitalization of $63.50 billion, a price-to-earnings ratio of -128.96, a PEG ratio of 0.80 and a beta of 1.76. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22.

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

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be issued a $0.06 dividend. 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 0.33%. Marvell Technology's dividend payout ratio (DPR) is -42.11%.

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.

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