Pinebridge Investments L.P. purchased a new position in Marvell Technology Group Ltd. (NASDAQ:MRVL) in the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 39,679 shares of the semiconductor company’s stock, valued at approximately $710,000.
Several other large investors also recently modified their holdings of MRVL. D.A. Davidson & CO. raised its holdings in shares of Marvell Technology Group by 10.2% in the 2nd quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock worth $106,000 after purchasing an additional 600 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Marvell Technology Group in the 3rd quarter worth approximately $106,000. Massey Quick Simon & CO. LLC bought a new stake in shares of Marvell Technology Group in the 3rd quarter worth approximately $124,000. First Quadrant L P CA bought a new stake in shares of Marvell Technology Group in the 3rd quarter worth approximately $211,000. Finally, Achmea Investment Management B.V. bought a new stake in shares of Marvell Technology Group in the 2nd quarter worth approximately $214,000. 78.83% of the stock is owned by institutional investors.
In related news, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $21.20, for a total transaction of $208,014.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Sehat Sutardja sold 1,266,498 shares of the business’s stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $18.55, for a total transaction of $23,493,537.90. The disclosure for this sale can be found here. Insiders have sold 16,117,847 shares of company stock worth $295,535,059 over the last ninety days. 6.80% of the stock is currently owned by insiders.
A number of analysts recently commented on MRVL shares. Bank of America upgraded shares of Marvell Technology Group from a “neutral” rating to a “buy” rating in a report on Monday, November 20th. Jefferies Group reiterated a “hold” rating and issued a $18.50 target price (down from $19.00) on shares of Marvell Technology Group in a report on Thursday, August 24th. Cowen reiterated an “outperform” rating and issued a $29.00 target price (up from $21.00) on shares of Marvell Technology Group in a report on Monday, November 27th. Oppenheimer reiterated a “buy” rating and issued a $23.00 target price on shares of Marvell Technology Group in a report on Monday, November 6th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $16.00 target price on shares of Marvell Technology Group in a report on Monday, August 28th. Eight equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $23.72.
Shares of Marvell Technology Group Ltd. (MRVL) opened at $22.04 on Monday. Marvell Technology Group Ltd. has a 1-year low of $13.83 and a 1-year high of $24.22. The stock has a market cap of $10,826.05, a P/E ratio of 23.70, a PEG ratio of 1.33 and a beta of 1.13.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.01. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.93%. The business had revenue of $616.00 million for the quarter, compared to analyst estimates of $613.49 million. During the same quarter in the previous year, the business earned $0.20 earnings per share. The firm’s revenue was down 5.8% compared to the same quarter last year. equities research analysts forecast that Marvell Technology Group Ltd. will post 1.01 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Wednesday, December 27th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.09%. Marvell Technology Group’s payout ratio is presently 31.17%.
ILLEGAL ACTIVITY WARNING: “39,679 Shares in Marvell Technology Group Ltd. (MRVL) Purchased by Pinebridge Investments L.P.” was first published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are viewing this piece of content on another site, it was illegally stolen and reposted in violation of US & international trademark and copyright laws. The legal version of this piece of content can be viewed at https://www.dispatchtribunal.com/2017/12/11/39679-shares-in-marvell-technology-group-ltd-mrvl-purchased-by-pinebridge-investments-l-p.html.
Marvell Technology Group Company Profile
Marvell Technology Group Ltd. is a semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution.
Want to see what other hedge funds are holding MRVL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marvell Technology Group Ltd. (NASDAQ:MRVL).
Receive News & Ratings for Marvell Technology Group Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.