Skandinaviska Enskilda Banken AB publ Increases Stake in Marvell Technology Group Ltd. (NASDAQ:MRVL)
Skandinaviska Enskilda Banken AB publ grew its stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 14.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 111,285 shares of the semiconductor company’s stock after purchasing an additional 14,209 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Marvell Technology Group were worth $2,518,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of MRVL. Principal Financial Group Inc. raised its position in Marvell Technology Group by 2.2% during the 4th quarter. Principal Financial Group Inc. now owns 60,431 shares of the semiconductor company’s stock valued at $1,605,000 after purchasing an additional 1,279 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Marvell Technology Group by 4.5% during the fourth quarter. Victory Capital Management Inc. now owns 6,109,094 shares of the semiconductor company’s stock valued at $162,258,000 after buying an additional 264,495 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Marvell Technology Group by 86.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,054 shares of the semiconductor company’s stock valued at $399,000 after acquiring an additional 6,979 shares in the last quarter. Cetera Advisor Networks LLC bought a new stake in Marvell Technology Group in the fourth quarter valued at $200,000. Finally, Private Advisor Group LLC increased its position in Marvell Technology Group by 9.6% during the 4th quarter. Private Advisor Group LLC now owns 26,136 shares of the semiconductor company’s stock valued at $694,000 after purchasing an additional 2,285 shares during the period. Hedge funds and other institutional investors own 91.18% of the company’s stock.
MRVL opened at $33.56 on Tuesday. The company’s 50-day simple moving average is $31.93 and its two-hundred day simple moving average is $26.52. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.75 and a current ratio of 2.14. The stock has a market capitalization of $22.11 billion, a P/E ratio of 14.98, a P/E/G ratio of 11.68 and a beta of 1.08. Marvell Technology Group Ltd. has a 52-week low of $16.45 and a 52-week high of $36.92.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 29th. Stockholders of record on Monday, July 13th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, July 10th. This represents a $0.24 annualized dividend and a dividend yield of 0.72%. Marvell Technology Group’s payout ratio is 75.00%.
MRVL has been the topic of a number of research reports. Susquehanna Bancshares reaffirmed a “buy” rating and set a $36.00 target price on shares of Marvell Technology Group in a research note on Friday, May 29th. TheStreet upgraded Marvell Technology Group from a “c” rating to a “b” rating in a report on Thursday, March 5th. JPMorgan Chase & Co. raised their target price on Marvell Technology Group from $31.00 to $36.00 and gave the company an “overweight” rating in a research note on Friday, May 29th. Morgan Stanley lifted their price target on Marvell Technology Group from $33.50 to $36.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 16th. Finally, Benchmark increased their price objective on Marvell Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, May 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $32.31.
In other news, SVP Dean E. Jr. Jarnac sold 6,857 shares of the stock in a transaction that occurred on Tuesday, April 14th. The shares were sold at an average price of $25.34, for a total value of $173,756.38. Following the transaction, the senior vice president now owns 16,859 shares in the company, valued at approximately $427,207.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mitchell Gaynor sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $35.09, for a total transaction of $1,052,700.00. Insiders have sold a total of 106,730 shares of company stock worth $3,203,349 over the last three months. Insiders own 0.29% of the company’s stock.
Marvell Technology Group Company 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 preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, 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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