Marvell Technology Group Ltd. (MRVL) Expected to Earn Q3 2018 Earnings of $0.29 Per Share
Marvell Technology Group Ltd. (NASDAQ:MRVL) – Oppenheimer Holdings increased their Q3 2018 EPS estimates for Marvell Technology Group in a research note issued to investors on Monday. Oppenheimer Holdings analyst R. Schafer now expects that the semiconductor company will post earnings of $0.29 per share for the quarter, up from their previous forecast of $0.28. Oppenheimer Holdings has a “Outperform” rating and a $30.00 price objective on the stock. Oppenheimer Holdings also issued estimates for Marvell Technology Group’s FY2018 earnings at $0.99 EPS and Q3 2019 earnings at $0.30 EPS.
Several other equities analysts have also weighed in on the stock. Craig Hallum reiterated a “buy” rating on shares of Marvell Technology Group in a report on Tuesday. Needham & Company LLC boosted their target price on shares of Marvell Technology Group from $21.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday. Zacks Investment Research upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a report on Tuesday. Loop Capital reiterated a “buy” rating and issued a $26.00 target price on shares of Marvell Technology Group in a report on Tuesday. Finally, Jefferies Group LLC upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $18.50 target price on the stock in a report on Tuesday. One analyst has rated the stock with a sell rating, six have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $21.59.
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Marvell Technology Group (MRVL) traded up $0.55 during trading hours on Wednesday, reaching $23.83. 27,234,801 shares of the company’s stock traded hands, compared to its average volume of 6,637,551. The firm has a market cap of $12,090.00, a price-to-earnings ratio of 30.55, a price-to-earnings-growth ratio of 1.68 and a beta of 1.05. Marvell Technology Group has a 12 month low of $13.59 and a 12 month high of $24.22.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results 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 business had revenue of $604.75 million for the quarter, compared to analyst estimates of $600.76 million. Marvell Technology Group had a return on equity of 9.99% and a net margin of 10.97%. The business’s revenue was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.18 earnings per share.
Several hedge funds have recently modified their holdings of MRVL. Boston Partners acquired a new position in shares of Marvell Technology Group in the 2nd quarter worth approximately $133,179,000. Epoch Investment Partners Inc. lifted its holdings in shares of Marvell Technology Group by 981.1% in the 3rd quarter. Epoch Investment Partners Inc. now owns 3,983,148 shares of the semiconductor company’s stock worth $71,298,000 after acquiring an additional 3,614,719 shares during the last quarter. Renaissance Technologies LLC increased its stake in Marvell Technology Group by 239.6% during the 2nd 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 period. Jennison Associates LLC purchased a new stake in Marvell Technology Group during the 2nd quarter worth approximately $36,663,000. Finally, TimesSquare Capital Management LLC increased its stake in Marvell Technology Group by 60.2% during the 2nd quarter. TimesSquare Capital Management LLC now owns 4,461,600 shares of the semiconductor company’s stock worth $73,706,000 after buying an additional 1,677,100 shares during the period. Hedge funds and other institutional investors own 77.03% of the company’s stock.
In other news, major shareholder Sehat Sutardja sold 537,235 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $17.57, for a total value of $9,439,218.95. The sale was disclosed in a document filed with the SEC, which is available through this link. Over the last 90 days, insiders sold 17,558,035 shares of company stock worth $320,838,284. Company insiders own 6.80% of the company’s stock.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 26th. Stockholders of record on Tuesday, October 10th were issued a $0.06 dividend. The ex-dividend date was Friday, October 6th. This represents a $0.24 annualized dividend and a dividend yield of 1.01%. Marvell Technology Group’s dividend payout ratio is currently 54.55%.
About Marvell Technology Group
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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