Craig Hallum Downgrades Marvell Technology Group (MRVL) to Hold

Craig Hallum downgraded shares of Marvell Technology Group (NASDAQ:MRVL) from a buy rating to a hold rating in a report issued on Thursday, The Fly reports.

Other equities research analysts have also issued research reports about the stock. Zacks Investment Research raised shares of Marvell Technology Group from a hold rating to a buy rating and set a $21.00 price objective for the company in a research note on Wednesday, February 6th. Stifel Nicolaus raised shares of Marvell Technology Group from a hold rating to a buy rating and set a $21.00 price objective for the company in a research note on Friday, October 12th. B. Riley reduced their price objective on shares of Marvell Technology Group from $30.00 to $26.00 and set a buy rating for the company in a research note on Wednesday, October 10th. Barclays reduced their price objective on shares of Marvell Technology Group from $25.00 to $23.00 and set an overweight rating for the company in a research note on Friday, November 30th. Finally, Citigroup reduced their price objective on shares of Marvell Technology Group from $20.00 to $17.30 and set a neutral rating for the company in a research note on Thursday, December 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the company. Marvell Technology Group presently has a consensus rating of Buy and an average price target of $24.86.

MRVL stock opened at $18.39 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.32 and a quick ratio of 1.74. Marvell Technology Group has a 1 year low of $14.34 and a 1 year high of $25.18. The firm has a market capitalization of $12.09 billion, a P/E ratio of 17.68, a price-to-earnings-growth ratio of 1.70 and a beta of 0.98.

Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings data on Tuesday, December 4th. The semiconductor company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.01. Marvell Technology Group had a net margin of 4.76% and a return on equity of 9.45%. The business had revenue of $851.05 million during the quarter, compared to analyst estimates of $844.07 million. During the same quarter in the previous year, the business earned $0.34 EPS. Marvell Technology Group’s quarterly revenue was up 38.1% compared to the same quarter last year. Equities analysts forecast that Marvell Technology Group will post 0.89 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 15th. Shareholders of record on Wednesday, December 26th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend was Monday, December 24th. Marvell Technology Group’s dividend payout ratio is 23.08%.

Marvell Technology Group declared that its board has authorized a share buyback program on Tuesday, October 16th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the semiconductor company to buy up to 7.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

In other Marvell Technology Group news, Director Syed Ali sold 442,000 shares of the business’s stock in a transaction on Friday, January 11th. The shares were sold at an average price of $17.14, for a total transaction of $7,575,880.00. Following the completion of the transaction, the director now owns 4,950,515 shares of the company’s stock, valued at approximately $84,851,827.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael G. Strachan acquired 10,000 shares of the business’s stock in a transaction dated Thursday, December 20th. The shares were bought at an average cost of $14.85 per share, with a total value of $148,500.00. Following the transaction, the director now directly owns 32,338 shares of the company’s stock, valued at approximately $480,219.30. The disclosure for this purchase can be found here. 0.10% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC raised its position in shares of Marvell Technology Group by 5.1% during the second quarter. FMR LLC now owns 55,789,566 shares of the semiconductor company’s stock valued at $1,196,128,000 after buying an additional 2,685,377 shares during the last quarter. Sterling Investment Advisors Ltd. raised its position in shares of Marvell Technology Group by 100.0% during the fourth quarter. Sterling Investment Advisors Ltd. now owns 6,000 shares of the semiconductor company’s stock valued at $97,000 after buying an additional 3,000 shares during the last quarter. Jennison Associates LLC raised its position in shares of Marvell Technology Group by 47.4% during the third quarter. Jennison Associates LLC now owns 7,611,736 shares of the semiconductor company’s stock valued at $146,907,000 after buying an additional 2,449,407 shares during the last quarter. Starboard Value LP raised its position in shares of Marvell Technology Group by 1.7% during the third quarter. Starboard Value LP now owns 34,289,997 shares of the semiconductor company’s stock valued at $661,797,000 after buying an additional 569,211 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Marvell Technology Group during the third quarter valued at about $250,000. 95.29% of the stock is owned by institutional investors and hedge funds.

About Marvell Technology Group

Marvell Technology Group Ltd. engages in the business of providing semiconductors to high-performance application-specific standard products. It focuses on the development of complex System-on-a-Chip devices leveraging extensive technology portfolio of intellectual property in the areas of analog, mixed-signal, digital signal processing, and embedded and stand alone integrated circuits.

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