Analysts expect Marvell Technology Group (NASDAQ:MRVL) to announce sales of $601.45 million for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have made estimates for Marvell Technology Group’s earnings, with the lowest sales estimate coming in at $599.97 million and the highest estimate coming in at $605.31 million. Marvell Technology Group reported sales of $579.18 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 3.8%. The business is expected to report its next earnings report on Thursday, May 24th.
On average, analysts expect that Marvell Technology Group will report full year sales of $601.45 million for the current financial year, with estimates ranging from $2.47 billion to $2.51 billion. For the next year, analysts expect that the company will report sales of $2.58 billion per share, with estimates ranging from $2.54 billion to $2.63 billion. Zacks’ sales averages are an average based on a survey of analysts that follow Marvell Technology Group.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, March 8th. The semiconductor company reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.01. Marvell Technology Group had a net margin of 21.56% and a return on equity of 13.13%. The business had revenue of $615.40 million during the quarter, compared to the consensus estimate of $610.99 million. During the same period in the prior year, the firm posted $0.22 EPS. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year.
MRVL has been the subject of a number of recent analyst reports. Argus initiated coverage on shares of Marvell Technology Group in a research report on Wednesday, March 7th. They issued a “buy” rating and a $28.00 price objective for the company. BidaskClub raised shares of Marvell Technology Group from a “hold” rating to a “buy” rating in a research report on Friday, February 23rd. ValuEngine raised shares of Marvell Technology Group from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. B. Riley reaffirmed a “buy” rating and issued a $30.00 price objective (up from $29.00) on shares of Marvell Technology Group in a research report on Friday, March 9th. Finally, Rosenblatt Securities initiated coverage on shares of Marvell Technology Group in a research report on Tuesday, April 3rd. They issued a “buy” rating and a $27.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $25.52.
MRVL stock traded down $0.40 during trading on Friday, reaching $22.02. The stock had a trading volume of 4,991,160 shares, compared to its average volume of 8,787,465. Marvell Technology Group has a one year low of $14.64 and a one year high of $25.18. The company has a market capitalization of $10,957.75, a price-to-earnings ratio of 21.29, a PEG ratio of 1.70 and a beta of 0.97.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 18th. Investors of record on Thursday, March 29th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend is Wednesday, March 28th. Marvell Technology Group’s payout ratio is currently 23.08%.
In related news, CEO Matthew J. Murphy sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 4th. The shares were sold at an average price of $20.00, for a total transaction of $200,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Marvell Semiconductor, Inc. Ca sold 1,512 shares of the company’s stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $23.86, for a total transaction of $36,076.32. The disclosure for this sale can be found here. Insiders have sold a total of 61,512 shares of company stock worth $1,436,276 over the last 90 days. 6.80% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the stock. Public Employees Retirement Association of Colorado lifted its stake in shares of Marvell Technology Group by 3.0% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 82,258 shares of the semiconductor company’s stock valued at $1,766,000 after buying an additional 2,388 shares in the last quarter. Hoertkorn Richard Charles increased its holdings in Marvell Technology Group by 0.9% during the 4th quarter. Hoertkorn Richard Charles now owns 306,718 shares of the semiconductor company’s stock worth $6,585,000 after acquiring an additional 2,600 shares during the period. US Bancorp DE increased its holdings in Marvell Technology Group by 0.6% during the 4th quarter. US Bancorp DE now owns 436,306 shares of the semiconductor company’s stock worth $9,368,000 after acquiring an additional 2,674 shares during the period. Nomura Asset Management Co. Ltd. increased its holdings in Marvell Technology Group by 7.1% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 54,821 shares of the semiconductor company’s stock worth $1,177,000 after acquiring an additional 3,651 shares during the period. Finally, Amalgamated Bank increased its holdings in Marvell Technology Group by 5.0% during the 4th quarter. Amalgamated Bank now owns 76,424 shares of the semiconductor company’s stock worth $1,641,000 after acquiring an additional 3,660 shares during the period. Institutional investors own 91.56% of the company’s stock.
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Marvell Technology Group Company Profile
Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a range of storage products, such as hard disk drive (HDD) and solid-state drive controllers, as well as HDD components, such as HDD preamps components; and develops software enabled silicon solutions consisting of serial advanced technology attachment port multipliers, bridges, serial attached SCSI, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprise, data centers, and cloud computing businesses.
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