Majedie Asset Management Ltd purchased a new position in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) in the 3rd quarter, HoldingsChannel.com reports. The firm purchased 25,132 shares of the semiconductor company’s stock, valued at approximately $485,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MRVL. Guggenheim Capital LLC boosted its position in shares of Marvell Technology Group by 39.2% during the first quarter. Guggenheim Capital LLC now owns 113,769 shares of the semiconductor company’s stock worth $2,389,000 after buying an additional 32,060 shares during the period. Royal Bank of Canada boosted its position in shares of Marvell Technology Group by 71.5% during the first quarter. Royal Bank of Canada now owns 285,846 shares of the semiconductor company’s stock worth $6,002,000 after buying an additional 119,178 shares during the period. Suntrust Banks Inc. purchased a new position in shares of Marvell Technology Group during the first quarter worth $271,000. Gulf International Bank UK Ltd boosted its position in shares of Marvell Technology Group by 4.0% during the second quarter. Gulf International Bank UK Ltd now owns 142,513 shares of the semiconductor company’s stock worth $3,055,000 after buying an additional 5,500 shares during the period. Finally, DnB Asset Management AS boosted its position in shares of Marvell Technology Group by 33.1% during the second quarter. DnB Asset Management AS now owns 41,385 shares of the semiconductor company’s stock worth $887,000 after buying an additional 10,300 shares during the period. Institutional investors and hedge funds own 81.96% of the company’s stock.
Several research analysts have recently commented on the company. Citigroup lowered their price target on Marvell Technology Group from $23.00 to $20.00 and set a “neutral” rating for the company in a research report on Friday, September 14th. BidaskClub lowered Marvell Technology Group from a “hold” rating to a “sell” rating in a research report on Saturday, October 27th. Cowen lowered their price target on Marvell Technology Group from $29.00 to $26.00 and set an “outperform” rating for the company in a research report on Monday, August 27th. TheStreet lowered Marvell Technology Group from a “b” rating to a “c+” rating in a research report on Friday, October 26th. Finally, Barclays lowered their price target on Marvell Technology Group from $30.00 to $25.00 and set an “overweight” rating for the company in a research report on Tuesday, October 23rd. Five research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. Marvell Technology Group presently has a consensus rating of “Buy” and a consensus target price of $25.56.
NASDAQ:MRVL opened at $17.59 on Friday. The firm has a market capitalization of $10.80 billion, a P/E ratio of 15.78, a P/E/G ratio of 1.96 and a beta of 1.09. Marvell Technology Group Ltd. has a 12-month low of $15.31 and a 12-month high of $25.18. The company has a quick ratio of 1.76, a current ratio of 2.54 and a debt-to-equity ratio of 0.25.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results 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). The business had revenue of $665.31 million for the quarter, compared to analysts’ expectations of $685.00 million. Marvell Technology Group had a return on equity of 10.70% and a net margin of 15.36%. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period last year, the firm earned $0.30 earnings per share. Equities research analysts predict that Marvell Technology Group Ltd. will post 0.86 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 23rd. Shareholders 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 was Monday, October 1st. Marvell Technology Group’s dividend payout ratio (DPR) is 23.08%.
Marvell Technology Group announced that its Board of Directors has initiated a share buyback program on Tuesday, October 16th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the semiconductor company to purchase up to 7.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other Marvell Technology Group news, CEO Matthew J. Murphy sold 10,000 shares of Marvell Technology Group stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $20.64, for a total transaction of $206,400.00. Following the completion of the sale, the chief executive officer now directly owns 1,755 shares of the company’s stock, valued at approximately $36,223.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.10% of the stock is owned by insiders.
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, 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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