Hennessy Advisors Inc. Acquires Shares of 59,700 Marvell Technology Group (NASDAQ:MRVL)

Hennessy Advisors Inc. bought a new stake in shares of Marvell Technology Group (NASDAQ:MRVL) during the 1st quarter, according to its most recent filing with the SEC. The firm bought 59,700 shares of the semiconductor company’s stock, valued at approximately $1,254,000.

Several other large investors also recently made changes to their positions in MRVL. Public Employees Retirement Association of Colorado increased its holdings in Marvell Technology Group by 3.0% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 82,258 shares of the semiconductor company’s stock worth $1,766,000 after purchasing an additional 2,388 shares during the last quarter. Hoertkorn Richard Charles grew its position in shares of Marvell Technology Group by 0.9% in the 4th quarter. Hoertkorn Richard Charles now owns 306,718 shares of the semiconductor company’s stock worth $6,585,000 after acquiring an additional 2,600 shares in the last quarter. US Bancorp DE grew its position in shares of Marvell Technology Group by 0.6% in the 4th quarter. US Bancorp DE now owns 436,306 shares of the semiconductor company’s stock worth $9,368,000 after acquiring an additional 2,674 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its position in shares of Marvell Technology Group by 7.1% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 54,821 shares of the semiconductor company’s stock worth $1,177,000 after acquiring an additional 3,651 shares in the last quarter. Finally, Amalgamated Bank grew its position in shares of Marvell Technology Group by 5.0% in the 4th quarter. Amalgamated Bank now owns 76,424 shares of the semiconductor company’s stock worth $1,641,000 after acquiring an additional 3,660 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

In other news, CEO Matthew J. Murphy sold 10,000 shares of Marvell Technology Group stock in a transaction on Wednesday, April 4th. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology Group stock in a transaction on Monday, March 12th. The shares were sold at an average price of $24.24, for a total value of $727,200.00. The disclosure for this sale can be found here. Insiders have sold 53,310 shares of company stock worth $1,208,344 in the last quarter. 6.80% of the stock is currently owned by corporate insiders.

Shares of Marvell Technology Group opened at $21.93 on Tuesday, MarketBeat Ratings reports. The firm has a market cap of $10.44 billion, a PE ratio of 21.09, a P/E/G ratio of 1.62 and a beta of 0.98. Marvell Technology Group has a 12-month low of $21.70 and a 12-month high of $22.71.

Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Thursday, March 8th. The semiconductor company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. Marvell Technology Group had a return on equity of 13.13% and a net margin of 21.56%. The company had revenue of $615.40 million for the quarter, compared to analyst estimates of $610.99 million. During the same period in the previous year, the firm earned $0.22 earnings per share. Marvell Technology Group’s revenue for the quarter was up 8.7% compared to the same quarter last year. research analysts anticipate that Marvell Technology Group will post 1.16 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 18th. Stockholders of record on Thursday, March 29th were issued a dividend of $0.06 per share. 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 1.09%. Marvell Technology Group’s dividend payout ratio is 23.08%.

Several research analysts have recently commented on MRVL shares. ValuEngine upgraded Marvell Technology Group from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. BidaskClub upgraded Marvell Technology Group from a “hold” rating to a “buy” rating in a research report on Friday, February 23rd. Zacks Investment Research lowered Marvell Technology Group from a “hold” rating to a “sell” rating in a research report on Wednesday, March 7th. Argus started coverage on Marvell Technology Group in a research report on Wednesday, March 7th. They set a “buy” rating and a $28.00 price objective for the company. Finally, Stifel Nicolaus boosted their price objective on Marvell Technology Group from $19.00 to $21.00 and gave the company a “hold” rating in a research report on Friday, March 9th. One investment 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. The company has a consensus rating of “Buy” and an average price target of $25.59.

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.

Institutional Ownership by Quarter for Marvell Technology Group (NASDAQ:MRVL)

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