Eaton Vance Management Has $2,966,000 Position in Marvell Technology Group Ltd. (MRVL)
Eaton Vance Management continued to hold its stake in Marvell Technology Group Ltd. (NASDAQ:MRVL) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 179,568 shares of the semiconductor company’s stock at the close of the second quarter. Eaton Vance Management’s holdings in Marvell Technology Group were worth $2,966,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of MRVL. Tower Research Capital LLC TRC boosted its holdings in Marvell Technology Group by 1,740.4% in the first quarter. Tower Research Capital LLC TRC now owns 7,969 shares of the semiconductor company’s stock valued at $122,000 after acquiring an additional 7,536 shares during the last quarter. United Capital Financial Advisers LLC acquired a new position in Marvell Technology Group in the first quarter valued at $165,000. Creative Planning boosted its holdings in Marvell Technology Group by 39.8% in the second quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock valued at $165,000 after acquiring an additional 2,850 shares during the last quarter. First Financial Equity Corporation acquired a new position in Marvell Technology Group in the first quarter valued at $237,000. Finally, Chartwell Investment Partners LLC acquired a new position in Marvell Technology Group in the first quarter valued at $255,000. Hedge funds and other institutional investors own 76.61% of the company’s stock.
Shares of Marvell Technology Group Ltd. (MRVL) opened at 18.34 on Monday. The company has a 50-day moving average price of $16.49 and a 200 day moving average price of $16.21. The company has a market capitalization of $9.09 billion, a price-to-earnings ratio of 35.54 and a beta of 1.10. Marvell Technology Group Ltd. has a one year low of $12.30 and a one year high of $18.56.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 24th. The semiconductor company reported $0.25 EPS for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.03). The company had revenue of $604.75 million for the quarter, compared to analyst estimates of $600.76 million. Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.18 EPS. On average, analysts forecast that Marvell Technology Group Ltd. will post $1.12 EPS for the current fiscal year.
In other news, major shareholder Sehat Sutardja sold 537,235 shares of the company’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $17.57, for a total transaction of $9,439,218.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 4,867,343 shares of company stock valued at $85,970,548 in the last ninety days. 6.80% of the stock is owned by company insiders.
MRVL has been the topic of a number of research analyst reports. B. Riley reiterated a “buy” rating and issued a $21.00 target price on shares of Marvell Technology Group in a report on Monday, May 22nd. Deutsche Bank AG lifted their target price on Marvell Technology Group from $16.00 to $18.00 and gave the company a “hold” rating in a report on Thursday, May 25th. Citigroup Inc. upgraded Marvell Technology Group to an “outperform” rating and set a $23.00 target price on the stock in a report on Friday, May 26th. Oppenheimer Holdings, Inc. upgraded Marvell Technology Group from a “market perform” rating to an “outperform” rating and set a $18.50 target price on the stock in a report on Friday, May 26th. Finally, CIBC upgraded Marvell Technology Group from a “market perform” rating to an “outperform” rating in a report on Friday, May 26th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Marvell Technology Group currently has a consensus rating of “Buy” and a consensus target price of $18.93.
Marvell Technology Group Profile
Marvell Technology Group Ltd. is a semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution.
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