Massachusetts Financial Services Co. MA bought a new position in Marvell Technology Group (NASDAQ:MRVL) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,909,511 shares of the semiconductor company’s stock, valued at approximately $40,100,000. Massachusetts Financial Services Co. MA owned about 0.38% of Marvell Technology Group at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Schwab Charles Investment Management Inc. grew its position in Marvell Technology Group by 2.0% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,575,254 shares of the semiconductor company’s stock worth $33,821,000 after acquiring an additional 31,382 shares in the last quarter. J. Goldman & Co LP purchased a new position in Marvell Technology Group in the fourth quarter worth about $2,492,000. Amundi Pioneer Asset Management Inc. purchased a new position in Marvell Technology Group in the fourth quarter worth about $1,718,000. Bank of Montreal Can grew its position in Marvell Technology Group by 162.7% in the fourth quarter. Bank of Montreal Can now owns 992,462 shares of the semiconductor company’s stock worth $21,308,000 after acquiring an additional 614,690 shares in the last quarter. Finally, Invictus RG purchased a new position in Marvell Technology Group in the fourth quarter worth about $428,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.
MRVL has been the subject of several recent research reports. Stifel Nicolaus lifted their price target on Marvell Technology Group from $19.00 to $21.00 and gave the stock a “hold” rating in a research report on Friday, March 9th. BidaskClub lowered Marvell Technology Group from a “buy” rating to a “hold” rating in a research report on Tuesday, March 27th. Zacks Investment Research lowered Marvell Technology Group from a “hold” rating to a “sell” rating in a research report on Wednesday, March 7th. TheStreet upgraded Marvell Technology Group from a “c+” rating to a “b-” rating in a research report on Monday, April 16th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $23.00 price target (up previously from $22.00) on shares of Marvell Technology Group in a research report on Friday, March 9th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-two have issued a buy rating to the stock. Marvell Technology Group presently has an average rating of “Buy” and a consensus price target of $25.59.
In related news, CEO Matthew J. Murphy sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 4th. The stock was sold at an average price of $20.00, for a total value of $200,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Marvell Semiconductor, Inc. Ca sold 3,310 shares of the business’s stock in a transaction that occurred on Wednesday, April 18th. The shares were sold at an average price of $22.40, for a total value of $74,144.00. The disclosure for this sale can be found here. Insiders sold 53,310 shares of company stock valued at $1,208,344 in the last quarter. 6.80% of the stock is owned by company insiders.
Shares of Marvell Technology Group opened at $21.87 on Thursday, MarketBeat reports. Marvell Technology Group has a 1 year low of $21.47 and a 1 year high of $21.84. The company has a market cap of $10.77 billion, a price-to-earnings ratio of 21.07, a price-to-earnings-growth ratio of 1.67 and a beta of 0.98.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, March 8th. The semiconductor company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. The firm had revenue of $615.40 million during the quarter, compared to analyst estimates of $610.99 million. Marvell Technology Group had a return on equity of 13.13% and a net margin of 21.56%. Marvell Technology Group’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.22 earnings per share. equities research analysts forecast that Marvell Technology Group will post 1.16 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, April 18th. Investors of record on Thursday, March 29th were issued a $0.06 dividend. The ex-dividend date of this dividend was Wednesday, March 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.10%. Marvell Technology Group’s payout ratio is 23.08%.
About Marvell Technology Group
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, including 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 comprising 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 enterprises, data centers, and cloud computing businesses.
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