NorthCoast Asset Management LLC reduced its stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 28.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 81,747 shares of the semiconductor company’s stock after selling 33,146 shares during the period. NorthCoast Asset Management LLC’s holdings in Marvell Technology Group were worth $1,755,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Public Employees Retirement Association of Colorado lifted its stake in Marvell Technology Group by 3.0% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 82,258 shares of the semiconductor company’s stock worth $1,766,000 after acquiring an additional 2,388 shares during the period. US Bancorp DE lifted its stake in Marvell Technology Group by 0.6% in the fourth quarter. US Bancorp DE now owns 436,306 shares of the semiconductor company’s stock worth $9,368,000 after acquiring an additional 2,674 shares during the period. Aperio Group LLC lifted its stake in Marvell Technology Group by 6.9% in the fourth quarter. Aperio Group LLC now owns 65,349 shares of the semiconductor company’s stock worth $1,403,000 after acquiring an additional 4,244 shares during the period. Comerica Bank lifted its stake in Marvell Technology Group by 5.6% in the fourth quarter. Comerica Bank now owns 425,432 shares of the semiconductor company’s stock worth $9,908,000 after acquiring an additional 22,409 shares during the period. Finally, Boston Partners lifted its stake in Marvell Technology Group by 3.4% in the fourth quarter. Boston Partners now owns 12,619,465 shares of the semiconductor company’s stock worth $270,940,000 after acquiring an additional 413,878 shares during the period. 78.92% of the stock is owned by hedge funds and other institutional investors.
In related news, 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 value of $208,014.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael G. Strachan sold 20,000 shares of the stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $23.65, for a total transaction of $473,000.00. Following the completion of the transaction, the director now owns 19,702 shares in the company, valued at approximately $465,952.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,324 shares of company stock worth $717,091. 6.80% of the stock is owned by corporate insiders.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings data on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.01. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.93%. The firm had revenue of $616.00 million for the quarter, compared to the consensus estimate of $613.49 million. During the same quarter in the prior year, the company posted $0.20 earnings per share. The company’s revenue for the quarter was down 5.8% compared to the same quarter last year. research analysts forecast that Marvell Technology Group Ltd. will post 1.01 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Wednesday, December 27th were issued a $0.06 dividend. The ex-dividend date was Tuesday, December 26th. This represents a $0.24 annualized dividend and a yield of 1.13%. Marvell Technology Group’s dividend payout ratio (DPR) is presently 31.17%.
A number of analysts recently weighed in on MRVL shares. Cowen reaffirmed a “buy” rating on shares of Marvell Technology Group in a research note on Friday, October 13th. Jefferies Group set a $19.00 target price on shares of Marvell Technology Group and gave the stock a “hold” rating in a report on Wednesday, October 18th. Oppenheimer reiterated a “buy” rating and issued a $23.00 target price on shares of Marvell Technology Group in a report on Monday, November 6th. Citigroup upgraded shares of Marvell Technology Group from a “sell” rating to a “neutral” rating and set a $22.00 target price for the company in a report on Tuesday, November 7th. Finally, Bank of America upgraded shares of Marvell Technology Group from a “neutral” rating to a “buy” rating in a report on Monday, November 20th. Eight analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Marvell Technology Group has an average rating of “Buy” and a consensus target price of $23.92.
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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.
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