Comerica Bank boosted its stake in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 5.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 425,432 shares of the semiconductor company’s stock after purchasing an additional 22,409 shares during the period. Comerica Bank owned about 0.09% of Marvell Technology Group worth $9,908,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Boston Partners grew its holdings in Marvell Technology Group by 51.4% during the 3rd quarter. Boston Partners now owns 12,205,587 shares of the semiconductor company’s stock worth $218,480,000 after acquiring an additional 4,143,929 shares during the period. Epoch Investment Partners Inc. grew its holdings in Marvell Technology Group by 981.1% during the 3rd quarter. Epoch Investment Partners Inc. now owns 3,983,148 shares of the semiconductor company’s stock worth $71,298,000 after acquiring an additional 3,614,719 shares during the period. Allianz Asset Management GmbH grew its holdings in Marvell Technology Group by 38.8% during the 3rd quarter. Allianz Asset Management GmbH now owns 4,760,965 shares of the semiconductor company’s stock worth $85,221,000 after acquiring an additional 1,331,765 shares during the period. TD Asset Management Inc. grew its holdings in Marvell Technology Group by 88.3% during the 3rd quarter. TD Asset Management Inc. now owns 2,022,923 shares of the semiconductor company’s stock worth $36,210,000 after acquiring an additional 948,804 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of Marvell Technology Group by 9.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 9,581,295 shares of the semiconductor company’s stock valued at $172,175,000 after buying an additional 830,797 shares during the period. Institutional investors and hedge funds own 77.72% of the company’s stock.
Several analysts have recently commented on MRVL shares. Jefferies Group set a $19.00 target price on Marvell Technology Group and gave the company a “hold” rating in a research note on Wednesday, October 18th. Oppenheimer restated a “buy” rating and issued a $23.00 target price on shares of Marvell Technology Group in a research note on Monday, November 6th. Citigroup upgraded Marvell Technology Group from a “sell” rating to a “neutral” rating and set a $22.00 target price for the company in a research note on Tuesday, November 7th. Bank of America raised shares of Marvell Technology Group from a “neutral” rating to a “buy” rating in a research report on Monday, November 20th. Finally, Benchmark raised shares of Marvell Technology Group from a “hold” rating to a “buy” rating and raised their price target for the company from $17.00 to $30.00 in a research report on Monday, November 20th. Eight investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $23.92.
Marvell Technology Group Ltd. (NASDAQ MRVL) traded up $0.40 on Wednesday, hitting $22.32. 10,983,200 shares of the stock were exchanged, compared to its average volume of 8,480,373. The stock has a market cap of $10,960.00, a price-to-earnings ratio of 38.90, a P/E/G ratio of 1.15 and a beta of 0.95. Marvell Technology Group Ltd. has a 12-month low of $14.58 and a 12-month high of $24.22.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $616.00 million during the quarter, compared to analyst estimates of $613.49 million. During the same period in the previous year, the business earned $0.20 EPS. The business’s revenue for the quarter was down 5.8% on a year-over-year basis. equities research analysts predict that Marvell Technology Group Ltd. will post 1.01 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Wednesday, December 27th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend was Tuesday, December 26th. Marvell Technology Group’s dividend payout ratio is currently 42.11%.
In other Marvell Technology Group news, insider Marvell Semiconductor, Inc. Ca sold 1,512 shares of the business’s stock in a transaction on Thursday, January 18th. The shares were sold at an average price of $23.86, for a total value of $36,076.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Michael G. Strachan sold 20,000 shares of the business’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $23.65, for a total transaction of $473,000.00. Following the completion of the sale, the director now directly owns 19,702 shares of the company’s stock, valued at $465,952.30. The disclosure for this sale can be found here. Insiders have sold a total of 31,324 shares of company stock valued at $717,091 over the last ninety days. 6.80% of the stock is currently owned by insiders.
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Marvell Technology Group 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.
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