Zacks Investment Management Acquires 18,815 Shares of Marvell Technology Group Ltd. (MRVL)
Zacks Investment Management raised its holdings in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 28.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 83,835 shares of the semiconductor company’s stock after buying an additional 18,815 shares during the period. Zacks Investment Management’s holdings in Marvell Technology Group were worth $1,385,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of MRVL. BlackRock Inc. increased its stake in Marvell Technology Group by 4,078.2% in the 1st quarter. BlackRock Inc. now owns 24,309,056 shares of the semiconductor company’s stock valued at $370,955,000 after buying an additional 23,727,243 shares during the last quarter. Boston Partners acquired a new stake in Marvell Technology Group in the 2nd quarter valued at $133,179,000. UBS Asset Management Americas Inc. increased its stake in Marvell Technology Group by 71.0% in the 1st quarter. UBS Asset Management Americas Inc. now owns 8,705,347 shares of the semiconductor company’s stock valued at $132,844,000 after buying an additional 3,613,160 shares during the last quarter. TimesSquare Capital Management LLC acquired a new stake in Marvell Technology Group in the 1st quarter valued at $42,491,000. Finally, Renaissance Technologies LLC increased its stake 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 valued at $64,199,000 after buying an additional 2,741,914 shares during the last quarter. Hedge funds and other institutional investors own 76.61% of the company’s stock.
Shares of Marvell Technology Group Ltd. (MRVL) opened at 17.90 on Friday. Marvell Technology Group Ltd. has a one year low of $12.30 and a one year high of $18.67. The stock’s 50 day moving average is $16.65 and its 200-day moving average is $16.25. The company has a market cap of $8.87 billion, a P/E ratio of 34.69 and a beta of 1.10.
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 the consensus estimate of $0.28 by ($0.03). The business had revenue of $604.75 million during 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%. Marvell Technology Group’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.18 EPS. Equities research analysts forecast that Marvell Technology Group Ltd. will post $1.12 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 26th. Stockholders of record on Tuesday, October 10th will be paid a $0.06 dividend. The ex-dividend date is Friday, October 6th. This represents a $0.24 annualized dividend and a dividend yield of 1.34%. Marvell Technology Group’s payout ratio is 47.06%.
In other news, major shareholder Sehat Sutardja sold 552,500 shares of Marvell Technology Group stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $18.53, for a total value of $10,237,825.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 5,419,843 shares of company stock valued at $96,208,373 in the last quarter. Corporate insiders own 6.80% of the company’s stock.
Several equities research analysts have issued reports on the stock. B. Riley reiterated a “buy” rating and issued a $23.00 price target on shares of Marvell Technology Group in a research note on Sunday, June 18th. Northland Securities reiterated a “buy” rating and issued a $20.00 price target on shares of Marvell Technology Group in a research note on Friday, August 25th. Cowen and Company reiterated an “outperform” rating and issued a $21.00 price target on shares of Marvell Technology Group in a research note on Wednesday, June 21st. Pacific Crest upgraded shares of Marvell Technology Group from a “sector weight” rating to an “overweight” rating and set a $22.00 price objective on the stock in a research note on Tuesday, June 20th. Finally, BidaskClub lowered shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $19.22.
Marvell Technology Group Company 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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