California State Teachers Retirement System Has $12.85 Million Stake in Marvell Technology Group Ltd. (MRVL)

California State Teachers Retirement System reduced its stake in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 6.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 717,630 shares of the semiconductor company’s stock after selling 51,972 shares during the period. California State Teachers Retirement System owned approximately 0.14% of Marvell Technology Group worth $12,846,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in MRVL. Vanguard Group Inc. grew its position in Marvell Technology Group by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 32,190,297 shares of the semiconductor company’s stock worth $531,785,000 after acquiring an additional 290,339 shares during the last quarter. Boston Partners grew its position in Marvell Technology Group by 51.4% during the 3rd quarter. Boston Partners now owns 12,205,587 shares of the semiconductor company’s stock worth $218,480,000 after acquiring an additional 4,143,929 shares during the last quarter. JPMorgan Chase & Co. grew its position in Marvell Technology Group by 9.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,581,295 shares of the semiconductor company’s stock worth $172,175,000 after acquiring an additional 830,797 shares during the last quarter. Contour Asset Management LLC grew its position in Marvell Technology Group by 11.5% during the 2nd quarter. Contour Asset Management LLC now owns 9,192,978 shares of the semiconductor company’s stock worth $151,868,000 after acquiring an additional 944,622 shares during the last quarter. Finally, UBS Asset Management Americas Inc. grew its position in Marvell Technology Group by 2.3% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 8,901,332 shares of the semiconductor company’s stock worth $147,050,000 after acquiring an additional 195,985 shares during the last quarter. Institutional investors own 78.70% of the company’s stock.

A number of research firms recently commented on MRVL. B. Riley restated a “buy” rating and set a $24.00 price target on shares of Marvell Technology Group in a research report on Monday, September 25th. Citigroup upgraded Marvell Technology Group from a “sell” rating to a “neutral” rating and set a $22.00 price objective on the stock in a research report on Tuesday, November 7th. Benchmark upgraded Marvell Technology Group from a “hold” rating to a “buy” rating and increased their price objective for the company from $17.00 to $30.00 in a research report on Monday, November 20th. Zacks Investment Research upgraded Marvell Technology Group from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research report on Tuesday, November 21st. Finally, Piper Jaffray Companies initiated coverage on Marvell Technology Group in a research report on Monday, December 18th. They issued an “overweight” rating and a $25.00 price objective on the stock. Eight research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $23.92.

Marvell Technology Group Ltd. (MRVL) opened at $22.01 on Friday. The firm has a market capitalization of $10,790.00, a price-to-earnings ratio of 38.61, a PEG ratio of 1.33 and a beta of 1.13. Marvell Technology Group Ltd. has a 12 month low of $13.83 and a 12 month high of $24.22.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.01. The company had revenue of $616.00 million for the quarter, compared to the consensus estimate of $613.49 million. Marvell Technology Group had a return on equity of 14.91% and a net margin of 24.23%. The firm’s quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.20 EPS. equities research analysts anticipate that Marvell Technology Group Ltd. will post 1.01 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Wednesday, December 27th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend is Tuesday, December 26th. Marvell Technology Group’s payout ratio is presently 42.11%.

In related news, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $21.20, for a total transaction of $208,014.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Sehat Sutardja sold 93,895 shares of the firm’s stock in a transaction on Friday, September 29th. The stock was sold at an average price of $18.02, for a total value of $1,691,987.90. The disclosure for this sale can be found here. Insiders have sold a total of 12,148,004 shares of company stock worth $224,837,926 in the last ninety days. 6.80% of the stock is currently owned by company insiders.

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

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