Millennium Management LLC lifted its holdings in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 118.0% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,191,169 shares of the semiconductor company’s stock after purchasing an additional 644,645 shares during the period. Millennium Management LLC’s holdings in Marvell Technology Group were worth $25,015,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the company. Renaissance Technologies LLC grew its holdings in shares of Marvell Technology Group by 11.4% during the fourth quarter. Renaissance Technologies LLC now owns 6,605,844 shares of the semiconductor company’s stock worth $141,827,000 after purchasing an additional 673,369 shares during the last quarter. Wedge Capital Management L L P NC grew its holdings in shares of Marvell Technology Group by 2.5% during the first quarter. Wedge Capital Management L L P NC now owns 6,333,845 shares of the semiconductor company’s stock worth $133,011,000 after purchasing an additional 157,420 shares during the last quarter. Two Sigma Advisers LP grew its holdings in shares of Marvell Technology Group by 152.0% during the fourth quarter. Two Sigma Advisers LP now owns 6,195,002 shares of the semiconductor company’s stock worth $133,007,000 after purchasing an additional 3,736,310 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Marvell Technology Group by 4.5% during the fourth quarter. Geode Capital Management LLC now owns 5,354,994 shares of the semiconductor company’s stock worth $114,931,000 after purchasing an additional 228,210 shares during the last quarter. Finally, Swedbank bought a new stake in shares of Marvell Technology Group during the first quarter worth $94,468,000.
Several analysts have recently commented on the company. Argus restated a “buy” rating and set a $28.00 target price on shares of Marvell Technology Group in a report on Friday. ValuEngine upgraded Marvell Technology Group from a “hold” rating to a “buy” rating in a report on Thursday. Evercore ISI initiated coverage on Marvell Technology Group in a report on Tuesday. They issued an “outperform” rating and a $27.00 price target on the stock. Deutsche Bank upgraded Marvell Technology Group from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a report on Tuesday. Finally, BidaskClub cut Marvell Technology Group from a “hold” rating to a “sell” rating in a report on Friday, June 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-three have issued a buy rating to the stock. Marvell Technology Group presently has a consensus rating of “Buy” and an average target price of $25.67.
Shares of Marvell Technology Group opened at $21.44 on Friday, according to MarketBeat Ratings. Marvell Technology Group Ltd. has a 1 year low of $14.87 and a 1 year high of $25.18. The stock has a market cap of $10.09 billion, a price-to-earnings ratio of 20.62, a P/E/G ratio of 1.48 and a beta of 1.00.
Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Thursday, May 31st. 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 return on equity of 13.84% and a net margin of 22.24%. The firm had revenue of $604.63 million for the quarter, compared to analysts’ expectations of $601.85 million. During the same quarter last year, the business earned $0.24 earnings per share. The company’s revenue was up 5.6% compared to the same quarter last year. sell-side analysts expect that Marvell Technology Group Ltd. will post 1.2 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 31st. Shareholders of record on Monday, July 9th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.12%. Marvell Technology Group’s dividend payout ratio (DPR) is currently 23.08%.
In other news, insider Marvell Semiconductor, Inc. Ca sold 1,755 shares of the firm’s stock in a transaction dated Monday, June 11th. The stock was sold at an average price of $21.55, for a total transaction of $37,820.25. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Matthew J. Murphy sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, April 4th. The stock was sold at an average price of $20.00, for a total value of $200,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,065 shares of company stock worth $738,964. Company insiders own 0.10% of the company’s stock.
Marvell Technology Group 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, 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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