Marvell Technology Group Ltd. (MRVL) Shares Sold by Pictet Asset Management Ltd.
Pictet Asset Management Ltd. trimmed its holdings in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 6.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 158,900 shares of the semiconductor company’s stock after selling 11,200 shares during the period. Pictet Asset Management Ltd.’s holdings in Marvell Technology Group were worth $2,844,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. D.A. Davidson & CO. lifted its position in shares of Marvell Technology Group by 10.2% in the second quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock valued at $106,000 after acquiring an additional 600 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Marvell Technology Group in the third quarter worth about $106,000. Creative Planning lifted its position in shares of Marvell Technology Group by 39.8% in the second quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock worth $165,000 after buying an additional 2,850 shares in the last quarter. First Quadrant L P CA purchased a new stake in shares of Marvell Technology Group in the third quarter worth about $211,000. Finally, Achmea Investment Management B.V. purchased a new stake in shares of Marvell Technology Group in the second quarter worth about $214,000. Institutional investors and hedge funds own 76.67% of the company’s stock.
Shares of Marvell Technology Group Ltd. (MRVL) opened at $20.13 on Monday. The firm has a market capitalization of $9,980.45, a price-to-earnings ratio of 25.81, a price-to-earnings-growth ratio of 1.38 and a beta of 1.05. Marvell Technology Group Ltd. has a twelve month low of $12.48 and a twelve month high of $21.08.
Marvell Technology Group (NASDAQ:MRVL) last posted its 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 company had revenue of $604.75 million for the quarter, compared to analysts’ expectations of $600.76 million. Marvell Technology Group had a return on equity of 9.99% and a net margin of 10.97%. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.18 EPS. analysts forecast that Marvell Technology Group Ltd. will post 0.97 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, October 26th. Shareholders of record on Tuesday, October 10th were issued a dividend of $0.06 per share. The ex-dividend date was Friday, October 6th. This represents a $0.24 dividend on an annualized basis and a yield of 1.19%. Marvell Technology Group’s dividend payout ratio is currently 47.06%.
In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 62,337 shares of the company’s stock in a transaction on Friday, October 20th. The stock was sold at an average price of $18.48, for a total transaction of $1,151,987.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 17,558,035 shares of company stock valued at $320,838,284. 6.80% of the stock is owned by company insiders.
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MRVL has been the topic of a number of research analyst reports. BMO Capital Markets reiterated a “market perform” rating and issued a $16.00 target price on shares of Marvell Technology Group in a research report on Monday, August 28th. Jefferies Group LLC reissued a “hold” rating and set a $18.50 price objective (down from $19.00) on shares of Marvell Technology Group in a research note on Thursday, August 24th. Cowen and Company reissued a “buy” rating on shares of Marvell Technology Group in a research note on Friday, October 13th. Needham & Company LLC reissued a “buy” rating and set a $21.00 price objective on shares of Marvell Technology Group in a research note on Thursday, August 24th. Finally, BidaskClub cut Marvell Technology Group from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Marvell Technology Group has an average rating of “Buy” and an average price target 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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