Sumitomo Mitsui Asset Management Company LTD Has $8.47 Million Position in Marvell Technology Group Ltd. (MRVL)

Sumitomo Mitsui Asset Management Company LTD lessened its position in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 47.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 472,982 shares of the semiconductor company’s stock after selling 422,149 shares during the period. Sumitomo Mitsui Asset Management Company LTD owned 0.10% of Marvell Technology Group worth $8,466,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MRVL. Vanguard Group Inc. increased its stake in Marvell Technology Group by 0.9% in the second quarter. Vanguard Group Inc. now owns 32,190,297 shares of the semiconductor company’s stock valued at $531,785,000 after purchasing an additional 290,339 shares in the last quarter. BlackRock Inc. increased its stake in Marvell Technology Group by 4,078.2% in the first quarter. BlackRock Inc. now owns 24,309,056 shares of the semiconductor company’s stock valued at $370,955,000 after purchasing an additional 23,727,243 shares in the last quarter. State Street Corp increased its stake in Marvell Technology Group by 3.6% in the first quarter. State Street Corp now owns 9,846,772 shares of the semiconductor company’s stock valued at $150,267,000 after purchasing an additional 341,686 shares in the last quarter. Contour Asset Management LLC increased its stake in Marvell Technology Group by 11.5% in the second quarter. Contour Asset Management LLC now owns 9,192,978 shares of the semiconductor company’s stock valued at $151,868,000 after purchasing an additional 944,622 shares in the last quarter. Finally, UBS Asset Management Americas Inc. increased its stake in Marvell Technology Group by 2.3% in the second quarter. UBS Asset Management Americas Inc. now owns 8,901,332 shares of the semiconductor company’s stock valued at $147,050,000 after purchasing an additional 195,985 shares in the last quarter. 76.66% of the stock is owned by institutional investors and hedge funds.

Several research firms have recently commented on MRVL. BidaskClub downgraded shares of Marvell Technology Group from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Zacks Investment Research downgraded shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Cowen and Company reissued a “buy” rating on shares of Marvell Technology Group in a research report on Friday, July 14th. BMO Capital Markets reissued a “market perform” rating and set a $16.00 target price on shares of Marvell Technology Group in a research report on Monday, August 28th. Finally, Northland Securities reissued a “buy” rating and set a $20.00 target price on shares of Marvell Technology Group in a research report on Friday, August 25th. Two 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 stock. The stock presently has an average rating of “Buy” and a consensus price target of $19.34.

Shares of Marvell Technology Group Ltd. (MRVL) opened at 18.47 on Wednesday. The stock has a 50 day moving average of $18.23 and a 200 day moving average of $16.82. The stock has a market capitalization of $9.16 billion, a PE ratio of 35.79 and a beta of 1.13. Marvell Technology Group Ltd. has a 52-week low of $12.30 and a 52-week high of $18.88.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.03). The firm had revenue of $604.75 million for the quarter, compared to the consensus estimate of $600.76 million. Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The company’s revenue was up 16.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 EPS. Analysts forecast that Marvell Technology Group Ltd. will post $1.13 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, October 26th. Stockholders of record on Tuesday, October 10th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date was Friday, October 6th. Marvell Technology Group’s dividend payout ratio is currently 47.06%.

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In other news, major shareholder Sehat Sutardja sold 420,422 shares of the business’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $17.84, for a total transaction of $7,500,328.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 17,558,035 shares of company stock valued at $320,838,284 over the last three months. Insiders own 6.80% of the company’s stock.

About Marvell Technology Group

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.

Institutional Ownership by Quarter for Marvell Technology Group (NASDAQ:MRVL)

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