California State Teachers Retirement System Sells 6,666 Shares of Marvell Technology Group Ltd. (MRVL)

California State Teachers Retirement System lowered its holdings in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 0.9% during the fourth quarter, Holdings Channel reports. The fund owned 710,964 shares of the semiconductor company’s stock after selling 6,666 shares during the period. California State Teachers Retirement System’s holdings in Marvell Technology Group were worth $15,264,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. BlackRock Inc. lifted its holdings in Marvell Technology Group by 3.2% in the fourth quarter. BlackRock Inc. now owns 23,774,459 shares of the semiconductor company’s stock worth $510,438,000 after acquiring an additional 728,318 shares during the last quarter. Boston Partners lifted its holdings 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 last quarter. JPMorgan Chase & Co. lifted its holdings in Marvell Technology Group by 9.5% in the third 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. UBS Asset Management Americas Inc. lifted its holdings in Marvell Technology Group by 12.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 6,755,914 shares of the semiconductor company’s stock worth $145,049,000 after acquiring an additional 750,734 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Marvell Technology Group by 11.4% in the fourth quarter. Renaissance Technologies LLC now owns 6,605,844 shares of the semiconductor company’s stock worth $141,827,000 after acquiring an additional 673,369 shares during the last quarter. 91.65% of the stock is currently owned by hedge funds and other institutional investors.

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Marvell Technology Group stock opened at $23.00 on Thursday. Marvell Technology Group Ltd. has a 12 month low of $14.58 and a 12 month high of $25.18. The company has a market cap of $11,316.66, a P/E ratio of 22.33, a P/E/G ratio of 1.75 and a beta of 0.91.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, March 8th. The semiconductor company reported $0.32 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.01. Marvell Technology Group had a net margin of 21.56% and a return on equity of 13.25%. The business had revenue of $615.40 million for the quarter, compared to analyst estimates of $610.99 million. During the same quarter last year, the business earned $0.22 earnings per share. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. research analysts expect that Marvell Technology Group Ltd. will post 1.16 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 18th. Investors of record on Thursday, March 29th will be paid a dividend of $0.06 per share. The ex-dividend date is Wednesday, March 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.04%. Marvell Technology Group’s dividend payout ratio is presently 23.30%.

MRVL has been the topic of a number of recent analyst reports. Zacks Investment Research raised Marvell Technology Group from a “sell” rating to a “hold” rating in a report on Tuesday. TheStreet cut Marvell Technology Group from a “b” rating to a “c+” rating in a report on Thursday, March 8th. Cowen lifted their price target on Marvell Technology Group from $21.00 to $29.00 and gave the company an “outperform” rating in a report on Friday, March 9th. B. Riley reaffirmed a “buy” rating and set a $30.00 price target (up previously from $29.00) on shares of Marvell Technology Group in a report on Friday, March 9th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $23.00 price target (up previously from $22.00) on shares of Marvell Technology Group in a report on Friday, March 9th. Seven investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Marvell Technology Group presently has an average rating of “Buy” and a consensus price target of $25.02.

In other Marvell Technology Group news, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology Group stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $24.24, for a total value of $727,200.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Marvell Semiconductor, Inc. Ca sold 1,512 shares of Marvell Technology Group stock in a transaction that occurred on Thursday, January 18th. The stock was sold at an average price of $23.86, for a total transaction of $36,076.32. The disclosure for this sale can be found here. Insiders have sold 51,512 shares of company stock worth $1,236,276 in the last quarter. Company insiders own 6.80% of the company’s stock.

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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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