First American Trust FSB bought a new position in Marvell Technology Group Ltd. (NASDAQ:MRVL) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 113,996 shares of the semiconductor company’s stock, valued at approximately $2,721,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of MRVL. Quadrant Capital Group LLC boosted its stake in Marvell Technology Group by 1,266.3% in the first quarter. Quadrant Capital Group LLC now owns 2,678 shares of the semiconductor company’s stock worth $51,000 after buying an additional 2,482 shares in the last quarter. Massey Quick Simon & CO. LLC purchased a new stake in Marvell Technology Group in the first quarter worth approximately $59,000. YorkBridge Wealth Partners LLC purchased a new stake in Marvell Technology Group in the first quarter worth approximately $68,000. Whittier Trust Co. boosted its stake in Marvell Technology Group by 1,140.7% in the first quarter. Whittier Trust Co. now owns 6,526 shares of the semiconductor company’s stock worth $130,000 after buying an additional 6,000 shares in the last quarter. Finally, Investors Research Corp purchased a new stake in Marvell Technology Group in the first quarter worth approximately $135,000.
Shares of Marvell Technology Group stock traded up $0.65 during midday trading on Tuesday, reaching $26.50. 6,122,700 shares of the company’s stock traded hands, compared to its average volume of 11,540,592. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.67 and a current ratio of 2.07. The company has a market capitalization of $17.14 billion, a P/E ratio of 31.18, a PEG ratio of 8.31 and a beta of 1.17. The company’s 50 day moving average is $24.52. Marvell Technology Group Ltd. has a 12 month low of $14.34 and a 12 month high of $26.65.
Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Thursday, May 30th. The semiconductor company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.02. The company had revenue of $662.00 million during the quarter, compared to the consensus estimate of $651.07 million. Marvell Technology Group had a positive return on equity of 5.88% and a negative net margin of 12.18%. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.32 earnings per share. Research analysts anticipate that Marvell Technology Group Ltd. will post 0.43 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, July 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.91%. Marvell Technology Group’s dividend payout ratio is presently 28.24%.
MRVL has been the subject of several research reports. Raymond James set a C$2.25 target price on Integra Resources and gave the stock an “outperform” rating in a research note on Wednesday, June 19th. Morgan Stanley lowered their price objective on Zuora from $22.00 to $16.00 and set an “equal weight” rating for the company in a research report on Friday, May 31st. Goldman Sachs Group set a $54.00 price objective on Western Digital and gave the company a “hold” rating in a research report on Sunday. ValuEngine upgraded Vale from a “sell” rating to a “hold” rating in a research report on Tuesday, July 16th. Finally, Zacks Investment Research upgraded Grana y Montero SAA from a “sell” rating to a “hold” rating in a research report on Monday, June 10th. Six equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Marvell Technology Group presently has a consensus rating of “Buy” and an average target price of $26.08.
In related news, Director Michael G. Strachan sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $23.78, for a total transaction of $237,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew J. Murphy sold 265,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $26.02, for a total value of $6,895,300.00. Following the transaction, the chief executive officer now owns 1,755 shares of the company’s stock, valued at approximately $45,665.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 323,057 shares of company stock valued at $8,299,646. 1.10% of the stock is owned by corporate insiders.
Marvell Technology Group 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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