Commonwealth Bank of Australia raised its holdings in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 1,142.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,700 shares of the semiconductor company’s stock after buying an additional 8,000 shares during the quarter. Commonwealth Bank of Australia’s holdings in Marvell Technology Group were worth $185,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. Swedbank bought a new stake in shares of Marvell Technology Group during the first quarter valued at approximately $94,468,000. Jericho Capital Asset Management L.P. boosted its position in shares of Marvell Technology Group by 104.9% during the first quarter. Jericho Capital Asset Management L.P. now owns 5,493,004 shares of the semiconductor company’s stock valued at $115,353,000 after purchasing an additional 2,812,835 shares in the last quarter. FMR LLC boosted 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 purchasing an additional 2,685,377 shares in the last quarter. Point72 Asset Management L.P. raised its stake in Marvell Technology Group by 4,960.9% during the first quarter. Point72 Asset Management L.P. now owns 2,277,385 shares of the semiconductor company’s stock valued at $47,825,000 after buying an additional 2,232,385 shares during the last quarter. Finally, Standard Life Aberdeen plc raised its stake in Marvell Technology Group by 16.0% during the second quarter. Standard Life Aberdeen plc now owns 14,359,692 shares of the semiconductor company’s stock valued at $307,944,000 after buying an additional 1,979,069 shares during the last quarter. Hedge funds and other institutional investors own 81.56% of the company’s stock.
MRVL has been the subject of a number of recent research reports. UBS Group lowered their price objective on Marvell Technology Group from $38.00 to $33.00 and set a “buy” rating for the company in a research note on Friday, July 6th. Rosenblatt Securities reiterated a “buy” rating and set a $27.00 price objective on shares of Marvell Technology Group in a research note on Sunday, September 9th. Goldman Sachs Group initiated coverage on Marvell Technology Group in a research note on Tuesday, September 18th. They set a “buy” rating and a $23.00 price objective for the company. Citigroup lowered their price objective on Marvell Technology Group from $23.00 to $20.00 and set a “neutral” rating for the company in a research note on Friday, September 14th. Finally, BidaskClub upgraded Marvell Technology Group from a “strong sell” rating to a “sell” rating in a research note on Saturday, September 29th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the company. Marvell Technology Group has a consensus rating of “Buy” and an average price target of $25.94.
NASDAQ:MRVL traded down $0.68 during mid-day trading on Friday, hitting $18.60. 10,234,963 shares of the company traded hands, compared to its average volume of 9,222,518. Marvell Technology Group Ltd. has a one year low of $17.85 and a one year high of $25.18. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.76 and a current ratio of 2.54. The firm has a market capitalization of $12.71 billion, a PE ratio of 17.88, a P/E/G ratio of 2.31 and a beta of 0.96.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, September 6th. The semiconductor company reported $0.28 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.01). Marvell Technology Group had a net margin of 15.36% and a return on equity of 10.70%. The company had revenue of $665.31 million for the quarter, compared to the consensus estimate of $685.00 million. During the same period in the prior year, the firm posted $0.30 EPS. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. Equities analysts forecast that Marvell Technology Group Ltd. will post 0.86 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 23rd. Stockholders of record on Tuesday, October 2nd will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date of this dividend is Monday, October 1st. Marvell Technology Group’s dividend payout ratio (DPR) is 23.08%.
In other news, CEO Matthew J. Murphy sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $20.64, for a total value of $206,400.00. Following the completion of the transaction, the chief executive officer now owns 1,755 shares of the company’s stock, valued at $36,223.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.10% of the company’s stock.
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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