KG&L Capital Management LLC Sells 6,611 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

KG&L Capital Management LLC trimmed its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 57.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,927 shares of the semiconductor company’s stock after selling 6,611 shares during the quarter. KG&L Capital Management LLC’s holdings in Marvell Technology were worth $355,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Marvell Technology by 0.6% during the first quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock worth $5,160,805,000 after acquiring an additional 468,086 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Marvell Technology by 13.4% during the first quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after acquiring an additional 1,591,874 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after acquiring an additional 2,254,610 shares during the period. Van ECK Associates Corp raised its holdings in shares of Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after acquiring an additional 1,570,050 shares during the period. Finally, Clearbridge Investments LLC raised its holdings in shares of Marvell Technology by 3.0% during the second quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock worth $362,759,000 after acquiring an additional 150,109 shares during the period. 83.51% of the stock is owned by institutional investors.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $84.38 on Tuesday. The company has a market capitalization of $74.78 billion, a price-to-earnings ratio of -76.02, a PEG ratio of 3.48 and a beta of 1.44. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The company has a 50-day simple moving average of $74.94 and a 200 day simple moving average of $71.05. Marvell Technology, Inc. has a 52 week low of $50.35 and a 52 week high of $87.28.

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

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.28%. The ex-dividend date was Friday, October 11th. Marvell Technology’s 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 the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the transaction, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the sale, the director now directly owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 261,000 shares of company stock worth $20,330,835. 0.33% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have issued reports on MRVL. Barclays lifted their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. Benchmark lifted their price target on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Roth Mkm reiterated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $91.62.

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.