Swedbank decreased its position in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 3.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,244,871 shares of the semiconductor company’s stock after selling 149,085 shares during the quarter. Swedbank owned about 0.65% of Marvell Technology Group worth $66,432,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in MRVL. Sterling Investment Advisors Ltd. boosted its stake in Marvell Technology Group by 100.0% during the 4th quarter. Sterling Investment Advisors Ltd. now owns 6,000 shares of the semiconductor company’s stock worth $97,000 after acquiring an additional 3,000 shares during the last quarter. FUKOKU MUTUAL LIFE INSURANCE Co raised its holdings in Marvell Technology Group by 71.8% during the 4th quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 6,700 shares of the semiconductor company’s stock worth $108,000 after buying an additional 2,800 shares during the period. Oregon Public Employees Retirement Fund acquired a new stake in Marvell Technology Group during the 4th quarter worth approximately $109,000. Quantamental Technologies LLC acquired a new stake in Marvell Technology Group during the 4th quarter worth approximately $111,000. Finally, Redpoint Investment Management Pty Ltd acquired a new stake in Marvell Technology Group during the 4th quarter worth approximately $181,000. 95.29% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have commented on the stock. Zacks Investment Research upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a report on Tuesday. Craig Hallum downgraded shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a report on Thursday, February 7th. BidaskClub upgraded shares of Marvell Technology Group from a “sell” rating to a “hold” rating in a report on Tuesday, January 29th. Needham & Company LLC restated a “buy” rating and set a $25.00 target price on shares of Marvell Technology Group in a report on Monday, January 14th. Finally, Rosenblatt Securities restated a “buy” rating and set a $26.00 target price on shares of Marvell Technology Group in a report on Thursday, January 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $24.86.
Shares of NASDAQ MRVL traded up $0.17 during midday trading on Wednesday, reaching $19.57. The company’s stock had a trading volume of 1,812,162 shares, compared to its average volume of 12,546,507. The company has a quick ratio of 1.74, a current ratio of 2.32 and a debt-to-equity ratio of 0.24. Marvell Technology Group Ltd. has a fifty-two week low of $14.34 and a fifty-two week high of $25.18. The company has a market capitalization of $12.78 billion, a PE ratio of 18.82, a price-to-earnings-growth ratio of 1.70 and a beta of 0.98.
Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Tuesday, December 4th. The semiconductor company reported $0.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.01. Marvell Technology Group had a net margin of 4.76% and a return on equity of 9.45%. The business had revenue of $851.05 million for the quarter, compared to the consensus estimate of $844.07 million. During the same period in the previous year, the company earned $0.34 earnings per share. The firm’s revenue for the quarter was up 38.1% on a year-over-year basis. As a group, sell-side analysts expect that Marvell Technology Group Ltd. will post 0.89 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 15th. Shareholders of record on Wednesday, December 26th were given a dividend of $0.06 per share. The ex-dividend date was Monday, December 24th. This represents a $0.24 dividend on an annualized basis and a yield of 1.23%. Marvell Technology Group’s dividend payout ratio (DPR) is 23.08%.
Marvell Technology Group announced that its Board of Directors has initiated a share buyback plan on Tuesday, October 16th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the semiconductor company to reacquire up to 7.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
About Marvell Technology Group
Marvell Technology Group Ltd. engages in the business of providing semiconductors to high-performance application-specific standard products. It focuses on the development of complex System-on-a-Chip devices leveraging extensive technology portfolio of intellectual property in the areas of analog, mixed-signal, digital signal processing, and embedded and stand alone integrated circuits.
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