Marvell Technology Group Ltd. (MRVL) Now Covered by Analysts at Susquehanna
Susquehanna began coverage on shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) in a research report released on Tuesday. The brokerage issued a neutral rating and a $13.00 price objective on the stock.
A number of other analysts have also commented on the company. Cowen and Company restated an outperform rating and issued a $15.00 price target on shares of Marvell Technology Group in a report on Friday, July 22nd. Zacks Investment Research lowered Marvell Technology Group from a hold rating to a strong sell rating in a report on Monday, July 25th. Bank of America Corp. restated a sell rating and issued a $10.00 price target on shares of Marvell Technology Group in a report on Wednesday, July 20th. Needham & Company LLC restated a hold rating on shares of Marvell Technology Group in a report on Monday, July 18th. Finally, Citigroup Inc. restated a sell rating and issued a $10.50 price target (up from $8.65) on shares of Marvell Technology Group in a report on Thursday, July 28th. Three equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $12.37.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded up 1.99% on Tuesday, hitting $12.84. The stock had a trading volume of 1,422,944 shares. Marvell Technology Group has a one year low of $7.40 and a one year high of $13.06. The firm’s 50 day moving average is $12.12 and its 200-day moving average is $10.66. The stock’s market capitalization is $6.57 billion.
Marvell Technology Group (NASDAQ:MRVL) last posted its earnings results on Tuesday, September 6th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.07. Marvell Technology Group had a positive return on equity of 1.35% and a negative net margin of 1.18%. The firm earned $626 million during the quarter, compared to analysts’ expectations of $629.96 million. During the same period in the previous year, the firm earned $0.12 earnings per share. The company’s revenue was down 11.8% on a year-over-year basis. Equities research analysts expect that Marvell Technology Group will post $0.44 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 19th. Investors of record on Wednesday, September 28th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.91%. The ex-dividend date of this dividend is Monday, September 26th. Marvell Technology Group’s dividend payout ratio is currently -480.00%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Daiwa Securities Group Inc. raised its position in shares of Marvell Technology Group by 23.6% in the second quarter. Daiwa Securities Group Inc. now owns 11,000 shares of the company’s stock valued at $105,000 after buying an additional 2,100 shares in the last quarter. Hartford Investment Management Co. bought a new position in shares of Marvell Technology Group during the second quarter valued at about $110,000. Franklin Resources Inc. bought a new position in shares of Marvell Technology Group during the first quarter valued at about $132,000. CIBC World Markets Inc. bought a new position in shares of Marvell Technology Group during the second quarter valued at about $139,000. Finally, Envestnet Asset Management Inc. raised its position in shares of Marvell Technology Group by 12.4% in the first quarter. Envestnet Asset Management Inc. now owns 14,273 shares of the company’s stock valued at $147,000 after buying an additional 1,575 shares in the last quarter. 70.65% of the stock is owned by institutional investors and hedge funds.
Marvell Technology Group Company Profile
Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics.
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