California Public Employees Retirement System reduced its holdings in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 7.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,169,540 shares of the semiconductor company’s stock after selling 87,694 shares during the period. California Public Employees Retirement System owned about 0.24% of Marvell Technology Group worth $20,935,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Boston Partners increased its position in Marvell Technology Group by 51.4% in the 3rd quarter. Boston Partners now owns 12,205,587 shares of the semiconductor company’s stock worth $218,480,000 after purchasing an additional 4,143,929 shares during the last quarter. Epoch Investment Partners Inc. increased its position in 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 purchasing an additional 3,614,719 shares during the last quarter. Renaissance Technologies LLC increased its position in Marvell Technology Group by 239.6% in the 2nd quarter. Renaissance Technologies LLC now owns 3,886,158 shares of the semiconductor company’s stock worth $64,199,000 after purchasing an additional 2,741,914 shares during the last quarter. Jennison Associates LLC acquired a new position in Marvell Technology Group in the 2nd quarter worth about $36,663,000. Finally, TimesSquare Capital Management LLC increased its position 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 worth $73,706,000 after purchasing an additional 1,677,100 shares during the last quarter. 78.70% of the stock is owned by hedge funds and other institutional investors.

In related news, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $21.20, for a total transaction of $208,014.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Sehat Sutardja sold 93,895 shares of the stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $18.02, for a total value of $1,691,987.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,148,004 shares of company stock valued at $224,837,926. 6.80% of the stock is owned by corporate insiders.

Several research analysts have weighed in on the company. B. Riley reaffirmed a “buy” rating and issued a $23.00 target price on shares of Marvell Technology Group in a research report on Saturday, August 26th. Northland Securities reaffirmed a “buy” rating and issued a $20.00 target price on shares of Marvell Technology Group in a research report on Friday, August 25th. Citigroup raised Marvell Technology Group from a “sell” rating to a “neutral” rating and set a $22.00 target price on the stock in a research report on Tuesday, November 7th. Piper Jaffray Companies assumed coverage on Marvell Technology Group in a research report on Monday. They issued an “overweight” rating and a $25.00 target price on the stock. Finally, Credit Suisse Group reaffirmed a “buy” rating on shares of Marvell Technology Group in a research report on Wednesday, August 23rd. Eight investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Marvell Technology Group currently has an average rating of “Buy” and an average target price of $23.92.

Marvell Technology Group Ltd. (MRVL) opened at $22.31 on Thursday. The company has a market capitalization of $10,990.00, a PE ratio of 23.83, a PEG ratio of 1.34 and a beta of 1.13. Marvell Technology Group Ltd. has a fifty-two week low of $13.83 and a fifty-two week high of $24.22.

Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Tuesday, November 28th. The semiconductor company reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.01. The business had revenue of $616.00 million for the quarter, compared to analyst estimates of $613.49 million. Marvell Technology Group had a return on equity of 11.93% and a net margin of 16.53%. The firm’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.20 EPS. equities research analysts anticipate that Marvell Technology Group Ltd. will post 1.01 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Wednesday, December 27th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Tuesday, December 26th. This represents a $0.24 annualized dividend and a yield of 1.08%. Marvell Technology Group’s payout ratio is 42.11%.

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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.

Institutional Ownership by Quarter for Marvell Technology Group (NASDAQ:MRVL)

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