Marvell Technology Group Ltd. (MRVL) Position Increased by Northern Trust Corp
Northern Trust Corp lifted its stake in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 5.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,860,243 shares of the semiconductor company’s stock after purchasing an additional 209,837 shares during the period. Northern Trust Corp owned approximately 0.59% of Marvell Technology Group worth $62,497,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Robeco Institutional Asset Management B.V. increased its stake in shares of Marvell Technology Group by 1.7% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 775,676 shares of the semiconductor company’s stock worth $14,972,000 after purchasing an additional 13,171 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in Marvell Technology Group in the 3rd quarter worth $203,000. Skandinaviska Enskilda Banken AB publ increased its stake in Marvell Technology Group by 12.5% in the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 80,958 shares of the semiconductor company’s stock worth $1,562,000 after buying an additional 9,000 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in Marvell Technology Group by 32.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 45,086 shares of the semiconductor company’s stock worth $870,000 after buying an additional 11,065 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in Marvell Technology Group by 7.2% in the 3rd quarter. SG Americas Securities LLC now owns 173,202 shares of the semiconductor company’s stock worth $3,343,000 after buying an additional 11,678 shares in the last quarter. Hedge funds and other institutional investors own 96.18% of the company’s stock.
Shares of Marvell Technology Group stock opened at $20.14 on Friday. The stock has a market cap of $13.24 billion, a PE ratio of 23.69, a PEG ratio of 3.61 and a beta of 1.01. The company has a quick ratio of 1.74, a current ratio of 2.32 and a debt-to-equity ratio of 0.24. Marvell Technology Group Ltd. has a twelve month low of $14.34 and a twelve month high of $23.45.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 24th. Stockholders of record on Wednesday, April 3rd will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.19%. Marvell Technology Group’s payout ratio is 28.24%.
In other Marvell Technology Group news, CFO Jean X. Hu purchased 15,000 shares of the stock in a transaction that occurred on Wednesday, December 26th. The stock was purchased at an average price of $14.67 per share, with a total value of $220,050.00. Following the acquisition, the chief financial officer now owns 51,077 shares in the company, valued at $749,299.59. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Syed Ali sold 442,000 shares of the stock in a transaction dated Friday, January 11th. The shares were sold at an average price of $17.14, for a total transaction of $7,575,880.00. Following the completion of the transaction, the director now directly owns 4,950,515 shares of the company’s stock, valued at approximately $84,851,827.10. The disclosure for this sale can be found here. Company insiders own 0.10% of the company’s stock.
A number of equities research analysts have issued reports on MRVL shares. Craig Hallum lowered Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Thursday, February 7th. Cowen reiterated an “outperform” rating and issued a $22.00 price target (down previously from $26.00) on shares of Marvell Technology Group in a research note on Thursday, December 6th. ValuEngine lowered Marvell Technology Group from a “hold” rating to a “sell” rating in a research note on Tuesday, November 20th. Citigroup cut their price target on Marvell Technology Group from $20.00 to $17.30 and set a “neutral” rating for the company in a research note on Thursday, December 6th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $26.00 price target on shares of Marvell Technology Group in a research note on Thursday, January 10th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $24.71.
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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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