US Bancorp DE boosted its position in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 5.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 468,117 shares of the semiconductor company’s stock after acquiring an additional 24,128 shares during the quarter. US Bancorp DE’s holdings in Marvell Technology Group were worth $9,035,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MRVL. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new position in shares of Marvell Technology Group during the second quarter valued at about $117,000. MUFG Americas Holdings Corp bought a new position in shares of Marvell Technology Group during the second quarter valued at about $120,000. Cerebellum GP LLC bought a new position in shares of Marvell Technology Group during the third quarter valued at about $183,000. Commonwealth Bank of Australia grew its stake in shares of Marvell Technology Group by 1,142.9% during the second quarter. Commonwealth Bank of Australia now owns 8,700 shares of the semiconductor company’s stock valued at $185,000 after buying an additional 8,000 shares during the last quarter. Finally, Creative Planning bought a new position in shares of Marvell Technology Group during the second quarter valued at about $207,000. 82.65% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ MRVL opened at $16.39 on Friday. The company has a current ratio of 2.54, a quick ratio of 1.76 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $11.11 billion, a P/E ratio of 15.76, a price-to-earnings-growth ratio of 2.02 and a beta of 1.09. Marvell Technology Group Ltd. has a 1 year low of $15.31 and a 1 year high of $25.18.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, September 6th. The semiconductor company reported $0.28 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.01). Marvell Technology Group had a return on equity of 10.70% and a net margin of 15.36%. The company had revenue of $665.31 million during the quarter, compared to analysts’ expectations of $685.00 million. During the same quarter last year, the business earned $0.30 earnings per share. The business’s quarterly revenue was up 10.1% on a year-over-year basis. As a group, analysts anticipate that Marvell Technology Group Ltd. will post 0.86 EPS for the current fiscal year.
Marvell Technology Group announced that its Board of Directors has approved a stock buyback program on Tuesday, October 16th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 7.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 23rd. Shareholders of record on Tuesday, October 2nd were issued a $0.06 dividend. The ex-dividend date was Monday, October 1st. This represents a $0.24 annualized dividend and a yield of 1.46%. Marvell Technology Group’s dividend payout ratio (DPR) is presently 23.08%.
In other Marvell Technology Group news, CEO Matthew J. Murphy sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 4th. The shares were 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 $36,223.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.10% of the company’s stock.
A number of research analysts have recently issued reports on MRVL shares. Zacks Investment Research cut Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Wednesday, August 1st. BidaskClub cut Marvell Technology Group from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 2nd. ValuEngine cut Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Tuesday, August 14th. 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 note on Monday, August 27th. Finally, JPMorgan Chase & Co. assumed coverage on Marvell Technology Group in a research note on Friday, September 7th. They issued an “overweight” rating and a $27.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-three have issued a buy rating to the company. Marvell Technology Group currently has an average rating of “Buy” and an average price target of $25.56.
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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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