Los Angeles Capital Management & Equity Research Inc. Lowers Position in Marvell Technology Group Ltd. (MRVL)
Los Angeles Capital Management & Equity Research Inc. lowered its stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 1.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,373,836 shares of the semiconductor company’s stock after selling 38,305 shares during the quarter. Los Angeles Capital Management & Equity Research Inc. owned about 0.48% of Marvell Technology Group worth $42,492,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MRVL. Boston Partners purchased a new position in shares of Marvell Technology Group during the second quarter worth about $133,179,000. Renaissance Technologies LLC grew its holdings in shares of Marvell Technology Group by 239.6% during the second quarter. Renaissance Technologies LLC now owns 3,886,158 shares of the semiconductor company’s stock worth $64,199,000 after buying an additional 2,741,914 shares during the last quarter. Jennison Associates LLC purchased a new stake in Marvell Technology Group in the 2nd quarter valued at approximately $36,663,000. TimesSquare Capital Management LLC boosted its holdings in Marvell Technology Group by 60.2% in the 2nd quarter. TimesSquare Capital Management LLC now owns 4,461,600 shares of the semiconductor company’s stock valued at $73,706,000 after purchasing an additional 1,677,100 shares in the last quarter. Finally, TD Asset Management Inc. boosted its holdings in Marvell Technology Group by 3,936.5% in the 2nd quarter. TD Asset Management Inc. now owns 1,074,119 shares of the semiconductor company’s stock valued at $17,744,000 after purchasing an additional 1,047,509 shares in the last quarter. 76.67% of the stock is currently owned by hedge funds and other institutional investors.
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Shares of Marvell Technology Group Ltd. (NASDAQ MRVL) remained flat at $$20.13 during trading on Tuesday. The company’s stock had a trading volume of 4,383,100 shares, compared to its average volume of 6,172,440. Marvell Technology Group Ltd. has a twelve month low of $12.88 and a twelve month high of $21.08. The stock has a market capitalization of $9,980.45, a PE ratio of 25.81, a PEG ratio of 1.38 and a beta of 1.05.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). The firm had revenue of $604.75 million during the quarter, compared to analysts’ expectations of $600.76 million. Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The business’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.18 earnings per share. equities analysts expect that Marvell Technology Group Ltd. will post 0.97 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 26th. Shareholders of record on Tuesday, October 10th were given a $0.06 dividend. The ex-dividend date of this dividend was Friday, October 6th. This represents a $0.24 dividend on an annualized basis and a yield of 1.19%. Marvell Technology Group’s payout ratio is currently 47.06%.
In other Marvell Technology Group 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 value of $9,439,218.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders sold 17,558,035 shares of company stock valued at $320,838,284. 6.80% of the stock is currently owned by corporate insiders.
A number of equities research analysts have weighed in on MRVL shares. BidaskClub lowered Marvell Technology Group from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Zacks Investment Research lowered Marvell Technology Group from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Cowen and Company reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Marvell Technology Group in a report on Monday, August 21st. B. Riley reaffirmed a “buy” rating and issued a $23.00 price objective on shares of Marvell Technology Group in a report on Monday, August 21st. Finally, Credit Suisse Group reaffirmed a “buy” rating on shares of Marvell Technology Group in a report on Wednesday, August 23rd. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $19.29.
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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