Marvell Technology Group (MRVL) Issues Quarterly Earnings Results
Marvell Technology Group (NASDAQ:MRVL) posted its earnings results on Tuesday. The semiconductor company reported $0.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.01, Bloomberg Earnings reports. The company had revenue of $851.05 million during the quarter, compared to the consensus estimate of $844.07 million. Marvell Technology Group had a net margin of 4.76% and a return on equity of 10.43%. The company’s revenue for the quarter was up 38.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.34 earnings per share. Marvell Technology Group updated its Q4 2019 guidance to $0.30-0.34 EPS and its Q4 guidance to $0.30-0.34 EPS.
NASDAQ:MRVL opened at $15.50 on Thursday. The firm has a market cap of $10.21 billion, a P/E ratio of 14.90, a P/E/G ratio of 1.97 and a beta of 1.01. Marvell Technology Group has a one year low of $14.69 and a one year high of $25.18. The company has a quick ratio of 1.76, a current ratio of 2.54 and a debt-to-equity ratio of 0.25.
Marvell Technology Group declared that its board has approved a stock buyback plan on Tuesday, October 16th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the semiconductor company to purchase up to 7.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.
A number of large investors have recently added to or reduced their stakes in the stock. FMR LLC raised its stake in Marvell Technology Group by 5.1% during the 2nd quarter. FMR LLC now owns 55,789,566 shares of the semiconductor company’s stock valued at $1,196,128,000 after purchasing an additional 2,685,377 shares during the last quarter. Vanguard Group Inc. raised its stake in Marvell Technology Group by 45.0% during the 3rd quarter. Vanguard Group Inc. now owns 53,229,098 shares of the semiconductor company’s stock valued at $1,027,321,000 after purchasing an additional 16,517,490 shares during the last quarter. Starboard Value LP raised its stake in Marvell Technology Group by 1.7% during the 3rd quarter. Starboard Value LP now owns 34,289,997 shares of the semiconductor company’s stock valued at $661,797,000 after purchasing an additional 569,211 shares during the last quarter. BlackRock Inc. raised its stake in Marvell Technology Group by 34.5% during the 3rd quarter. BlackRock Inc. now owns 32,541,818 shares of the semiconductor company’s stock valued at $628,056,000 after purchasing an additional 8,349,897 shares during the last quarter. Finally, Standard Life Aberdeen plc raised its stake in Marvell Technology Group by 16.0% during the 2nd quarter. Standard Life Aberdeen plc now owns 14,359,692 shares of the semiconductor company’s stock valued at $307,944,000 after purchasing an additional 1,979,069 shares during the last quarter. Hedge funds and other institutional investors own 95.31% of the company’s stock.
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About Marvell Technology Group
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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