First Trust Advisors LP increased its stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 99.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,624,160 shares of the semiconductor company’s stock after purchasing an additional 808,920 shares during the quarter. First Trust Advisors LP owned 0.25% of Marvell Technology Group worth $31,346,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MRVL. Guggenheim Capital LLC increased its position in shares of Marvell Technology Group by 39.2% during the 1st quarter. Guggenheim Capital LLC now owns 113,769 shares of the semiconductor company’s stock valued at $2,389,000 after purchasing an additional 32,060 shares during the last quarter. Royal Bank of Canada increased its position in shares of Marvell Technology Group by 71.5% during the 1st quarter. Royal Bank of Canada now owns 285,846 shares of the semiconductor company’s stock valued at $6,002,000 after purchasing an additional 119,178 shares during the last quarter. Suntrust Banks Inc. bought a new position in shares of Marvell Technology Group during the 1st quarter valued at approximately $271,000. Gulf International Bank UK Ltd increased its position in shares of Marvell Technology Group by 4.0% during the 2nd quarter. Gulf International Bank UK Ltd now owns 142,513 shares of the semiconductor company’s stock valued at $3,055,000 after purchasing an additional 5,500 shares during the last quarter. Finally, DnB Asset Management AS increased its position in shares of Marvell Technology Group by 33.1% during the 2nd quarter. DnB Asset Management AS now owns 41,385 shares of the semiconductor company’s stock valued at $887,000 after purchasing an additional 10,300 shares during the last quarter. 81.96% of the stock is currently owned by hedge funds and other institutional investors.
In other Marvell Technology Group news, CEO Matthew J. Murphy sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $20.64, for a total value of $206,400.00. Following the completion of the sale, the chief executive officer now directly owns 1,755 shares in the company, valued at approximately $36,223.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.10% of the stock is currently owned by corporate insiders.
MRVL has been the topic of several analyst reports. UBS Group cut their target price on Marvell Technology Group from $38.00 to $33.00 and set a “buy” rating on the stock in a research report on Friday, July 6th. Zacks Investment Research downgraded Marvell Technology Group from a “buy” rating to a “hold” rating in a research report on Wednesday, August 1st. BidaskClub downgraded Marvell Technology Group from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 2nd. ValuEngine downgraded Marvell Technology Group from a “buy” rating to a “hold” rating in a research report on Tuesday, August 14th. Finally, Cowen cut their target price on Marvell Technology Group from $29.00 to $26.00 and set an “outperform” rating on the stock in a research report on Monday, August 27th. Five equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. Marvell Technology Group presently has an average rating of “Buy” and an average price target of $25.56.
MRVL opened at $17.59 on Friday. Marvell Technology Group Ltd. has a 52-week low of $15.31 and a 52-week high of $25.18. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.54 and a quick ratio of 1.76. The firm has a market cap of $10.62 billion, a P/E ratio of 16.91, a price-to-earnings-growth ratio of 1.93 and a beta of 0.96.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, September 6th. The semiconductor company reported $0.28 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.01). Marvell Technology Group had a net margin of 15.36% and a return on equity of 10.70%. The business had revenue of $665.31 million for the quarter, compared to analysts’ expectations of $685.00 million. During the same quarter in the previous year, the firm earned $0.30 EPS. Marvell Technology Group’s revenue was up 10.1% compared to the same quarter last year. As a group, research analysts forecast that Marvell Technology Group Ltd. will post 0.86 earnings per share for the current fiscal year.
Marvell Technology Group announced that its Board of Directors has authorized a stock buyback program on Tuesday, October 16th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the semiconductor company to purchase up to 7.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 23rd. Investors of record on Tuesday, October 2nd were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend was Monday, October 1st. Marvell Technology Group’s payout ratio is currently 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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