Wells Fargo & Company MN Acquires 7,481 Shares of Marvell Technology Group Ltd. (MRVL)

Wells Fargo & Company MN increased its position in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 1.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 621,803 shares of the semiconductor company’s stock after purchasing an additional 7,481 shares during the period. Wells Fargo & Company MN owned approximately 0.13% of Marvell Technology Group worth $11,131,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. D.A. Davidson & CO. lifted its stake in Marvell Technology Group by 10.2% during the 2nd quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock valued at $106,000 after acquiring an additional 600 shares during the period. Meeder Asset Management Inc. bought a new position in Marvell Technology Group during the 3rd quarter valued at about $106,000. Massey Quick Simon & CO. LLC bought a new position in Marvell Technology Group during the 3rd quarter valued at about $124,000. First Quadrant L P CA bought a new position in Marvell Technology Group during the 3rd quarter valued at about $211,000. Finally, Achmea Investment Management B.V. bought a new position in Marvell Technology Group during the 2nd quarter valued at about $214,000. Institutional investors own 78.70% of the company’s stock.

Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) opened at $22.01 on Tuesday. The stock has a market cap of $10,790.00, a P/E ratio of 38.61, a P/E/G ratio of 1.33 and a beta of 1.13. Marvell Technology Group Ltd. has a fifty-two week low of $13.83 and a fifty-two week high of $24.22.

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

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

In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 93,895 shares of the stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $18.02, for a total transaction of $1,691,987.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $21.20, for a total transaction of $208,014.40. The disclosure for this sale can be found here. Insiders sold a total of 12,148,004 shares of company stock valued at $224,837,926 over the last three months. 6.80% of the stock is currently owned by insiders.

MRVL has been the topic of several research analyst reports. B. Riley restated a “buy” rating and set a $24.00 target price on shares of Marvell Technology Group in a research note on Monday, November 20th. Benchmark upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating and upped their target price for the company from $17.00 to $30.00 in a research note on Monday, November 20th. Bank of America upgraded shares of Marvell Technology Group from a “neutral” rating to a “buy” rating in a research note on Monday, November 20th. Cowen restated a “buy” rating on shares of Marvell Technology Group in a research note on Friday, October 13th. Finally, KeyCorp restated a “buy” rating and set a $25.00 target price on shares of Marvell Technology Group in a research note on Wednesday, October 4th. Eight equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $23.92.

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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.

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

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