Brokerages forecast that Marvell Technology Group Ltd. (NASDAQ:MRVL) will announce earnings per share (EPS) of $0.27 for the current quarter, Zacks Investment Research reports. Ten analysts have issued estimates for Marvell Technology Group’s earnings. Marvell Technology Group posted earnings of $0.18 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 50%. The business is scheduled to announce its next quarterly earnings report on Thursday, May 27th.
According to Zacks, analysts expect that Marvell Technology Group will report full year earnings of $1.37 per share for the current year, with EPS estimates ranging from $1.25 to $1.57. For the next fiscal year, analysts anticipate that the firm will report earnings of $1.73 per share, with EPS estimates ranging from $1.44 to $1.97. Zacks’ earnings per share averages are an average based on a survey of research firms that follow Marvell Technology Group.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Tuesday, March 2nd. The semiconductor company reported $0.29 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.29. Marvell Technology Group had a net margin of 51.19% and a return on equity of 3.76%. The business had revenue of $797.82 million for the quarter, compared to analyst estimates of $786.30 million. During the same quarter in the previous year, the business earned $0.17 earnings per share. The firm’s revenue was up 11.2% compared to the same quarter last year.
Several research analysts have weighed in on the stock. Morgan Stanley upped their price objective on shares of Marvell Technology Group from $44.00 to $49.00 and gave the company an “equal weight” rating in a research note on Monday, March 8th. TheStreet lowered shares of Marvell Technology Group from a “b-” rating to a “c” rating in a research note on Wednesday, March 3rd. BMO Capital Markets upgraded shares of Marvell Technology Group from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $45.00 to $50.00 in a research note on Monday, March 15th. Barclays boosted their target price on shares of Marvell Technology Group from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 26th. They noted that the move was a valuation call. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Marvell Technology Group from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, January 12th. Four research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $49.84.
Marvell Technology Group stock traded down $0.15 during trading hours on Friday, hitting $50.21. The company had a trading volume of 522,958 shares, compared to its average volume of 11,140,216. The firm has a market capitalization of $33.93 billion, a P/E ratio of 23.10, a price-to-earnings-growth ratio of 4.41 and a beta of 1.17. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.42 and a quick ratio of 1.19. The firm’s fifty day moving average is $47.40 and its 200-day moving average is $45.92. Marvell Technology Group has a fifty-two week low of $23.86 and a fifty-two week high of $55.70.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 28th. Investors of record on Friday, April 9th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend is Thursday, April 8th. Marvell Technology Group’s payout ratio is currently 75.00%.
In other news, CFO Jean X. Hu sold 10,000 shares of the stock in a transaction on Tuesday, February 16th. The shares were sold at an average price of $54.10, for a total value of $541,000.00. Following the completion of the transaction, the chief financial officer now owns 89,253 shares in the company, valued at approximately $4,828,587.30. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Matthew J. Murphy sold 7,500 shares of the stock in a transaction on Monday, March 15th. The shares were sold at an average price of $47.89, for a total transaction of $359,175.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,253 shares of company stock valued at $2,286,719. Corporate insiders own 0.29% of the company’s stock.
Several hedge funds have recently made changes to their positions in MRVL. BlackRock Inc. raised its stake in shares of Marvell Technology Group by 25.6% in the 4th quarter. BlackRock Inc. now owns 58,521,126 shares of the semiconductor company’s stock valued at $2,782,095,000 after buying an additional 11,925,661 shares in the last quarter. Norges Bank acquired a new position in shares of Marvell Technology Group in the 4th quarter valued at $287,104,000. Nuveen Asset Management LLC raised its stake in shares of Marvell Technology Group by 46.9% in the 3rd quarter. Nuveen Asset Management LLC now owns 17,595,399 shares of the semiconductor company’s stock valued at $698,538,000 after buying an additional 5,615,471 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Marvell Technology Group by 99.9% in the 4th quarter. Bank of New York Mellon Corp now owns 5,305,411 shares of the semiconductor company’s stock valued at $252,219,000 after buying an additional 2,651,258 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of Marvell Technology Group by 62.5% during the 4th quarter. First Trust Advisors LP now owns 5,484,468 shares of the semiconductor company’s stock worth $260,732,000 after purchasing an additional 2,108,734 shares in the last quarter. Institutional investors own 87.32% of the company’s stock.
About Marvell Technology Group
Marvell Technology Group Ltd., together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; application specific integrated circuits; and printer SoC products and application processors.
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