MRVL has been the subject of a number of other research reports. Bank of America reaffirmed a buy rating and set a C$10.00 price target on shares of Hexo in a research report on Wednesday, April 17th. B. Riley set a $18.00 target price on TiVo and gave the stock a buy rating in a research report on Friday, May 31st. Piper Jaffray Companies increased their target price on Marvell Technology Group from $22.00 to $30.00 and gave the stock an overweight rating in a research report on Friday, May 3rd. BidaskClub downgraded Orthofix Medical from a buy rating to a hold rating in a research note on Monday, May 20th. Finally, MKM Partners upped their price target on Marvell Technology Group from $25.00 to $28.00 and gave the stock a buy rating in a research note on Friday, May 31st. Five analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $26.00.
Marvell Technology Group stock traded down $0.32 during mid-day trading on Tuesday, reaching $26.07. The stock had a trading volume of 120,388 shares, compared to its average volume of 7,693,011. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.67. Marvell Technology Group has a fifty-two week low of $14.34 and a fifty-two week high of $26.65. The company has a 50-day simple moving average of $24.16. The stock has a market cap of $17.37 billion, a price-to-earnings ratio of 30.91, a PEG ratio of 8.24 and a beta of 1.17.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.16 EPS for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.02. The business had revenue of $662.00 million for the quarter, compared to analyst estimates of $651.07 million. Marvell Technology Group had a positive return on equity of 5.88% and a negative net margin of 12.18%. Marvell Technology Group’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period last year, the company posted $0.32 earnings per share. As a group, equities research analysts expect that Marvell Technology Group will post 0.43 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.92%. The ex-dividend date is Thursday, July 11th. Marvell Technology Group’s dividend payout ratio is presently 28.24%.
In related news, Director Michael G. Strachan sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $23.78, for a total value of $237,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Willem A. Meintjes sold 28,057 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $24.32, for a total transaction of $682,346.24. The disclosure for this sale can be found here. Insiders have sold 323,057 shares of company stock valued at $8,299,646 in the last ninety days. Insiders own 1.10% of the company’s stock.
A number of large investors have recently modified their holdings of MRVL. FMR LLC raised its stake in Marvell Technology Group by 48.1% in the fourth quarter. FMR LLC now owns 80,824,523 shares of the semiconductor company’s stock worth $1,308,549,000 after buying an additional 26,251,979 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Marvell Technology Group by 29.1% during the first quarter. BlackRock Inc. now owns 46,081,466 shares of the semiconductor company’s stock valued at $916,559,000 after buying an additional 10,388,875 shares during the last quarter. FIL Ltd grew its holdings in shares of Marvell Technology Group by 117.7% during the first quarter. FIL Ltd now owns 10,543,241 shares of the semiconductor company’s stock valued at $209,705,000 after buying an additional 5,700,711 shares during the last quarter. Norges Bank purchased a new stake in shares of Marvell Technology Group during the fourth quarter valued at $90,449,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Marvell Technology Group by 62.7% during the first quarter. JPMorgan Chase & Co. now owns 10,742,547 shares of the semiconductor company’s stock valued at $213,670,000 after buying an additional 4,138,462 shares during the last quarter.
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 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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