Eagle Asset Management Inc. Boosts Stock Holdings in Marvell Technology Group Ltd. (NASDAQ:MRVL)

Eagle Asset Management Inc. boosted its position in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 3,572.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,850,605 shares of the semiconductor company’s stock after purchasing an additional 1,800,217 shares during the period. Eagle Asset Management Inc.’s holdings in Marvell Technology Group were worth $46,209,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of MRVL. Price T Rowe Associates Inc. MD raised its holdings in Marvell Technology Group by 128.1% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 97,954,732 shares of the semiconductor company’s stock valued at $2,338,179,000 after acquiring an additional 55,005,127 shares during the period. Nuveen Asset Management LLC bought a new stake in Marvell Technology Group during the 2nd quarter valued at $212,265,000. Whale Rock Capital Management LLC bought a new stake in Marvell Technology Group during the 2nd quarter valued at $204,888,000. Allianz Asset Management GmbH raised its holdings in Marvell Technology Group by 137.1% during the 2nd quarter. Allianz Asset Management GmbH now owns 9,718,724 shares of the semiconductor company’s stock valued at $231,986,000 after acquiring an additional 5,619,751 shares during the period. Finally, Senator Investment Group LP bought a new stake in Marvell Technology Group during the 2nd quarter valued at $119,350,000.

In other Marvell Technology Group news, COO Andrew Micallef sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $24.00, for a total transaction of $960,000.00. Following the completion of the transaction, the chief operating officer now owns 85,048 shares of the company’s stock, valued at $2,041,152. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael G. Strachan sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $25.99, for a total transaction of $259,900.00. The disclosure for this sale can be found here. Insiders sold 260,933 shares of company stock valued at $6,598,382 over the last 90 days. 1.10% of the stock is currently owned by company insiders.

MRVL has been the topic of a number of analyst reports. Stifel Nicolaus reissued a “buy” rating and set a $29.00 target price on shares of Marvell Technology Group in a report on Friday, October 4th. Benchmark set a $30.00 price target on shares of Marvell Technology Group and gave the stock a “buy” rating in a report on Friday, August 30th. JPMorgan Chase & Co. set a $27.00 price target on shares of Marvell Technology Group and gave the stock a “buy” rating in a report on Friday, August 30th. Craig Hallum raised shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a report on Friday, August 30th. Finally, BidaskClub raised shares of Marvell Technology Group from a “sell” rating to a “hold” rating in a report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $27.42.

MRVL opened at $27.07 on Friday. The company has a quick ratio of 2.68, a current ratio of 3.06 and a debt-to-equity ratio of 0.23. The business’s fifty day simple moving average is $24.62 and its 200 day simple moving average is $24.46. The stock has a market cap of $18.04 billion, a PE ratio of 31.85, a P/E/G ratio of 13.01 and a beta of 1.19. Marvell Technology Group Ltd. has a 52 week low of $14.34 and a 52 week high of $27.64.

Marvell Technology Group (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.11. The company had revenue of $656.56 million during the quarter, compared to analyst estimates of $650.29 million. Marvell Technology Group had a negative net margin of 14.42% and a positive return on equity of 5.25%. Marvell Technology Group’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.28 earnings per share. As a group, equities analysts anticipate that Marvell Technology Group Ltd. will post 0.34 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 30th. Shareholders of record on Thursday, October 10th were issued a $0.06 dividend. The ex-dividend date was Wednesday, October 9th. This represents a $0.24 annualized dividend and a yield of 0.89%. Marvell Technology Group’s dividend payout ratio (DPR) is presently 28.24%.

Marvell Technology Group Profile

Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a range of storage products, including hard disk drive (HDD) and solid-state drive controllers, as well as preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprises, data centers, and cloud computing businesses.

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

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