Marvell Technology Group Ltd. (MRVL) Rating Lowered to Sell at Vetr Inc.
Marvell Technology Group Ltd. (NASDAQ:MRVL) was downgraded by equities researchers at Vetr from a “hold” rating to a “sell” rating in a research note issued on Thursday. They currently have a $12.78 price target on the stock. Vetr‘s target price points to a potential downside of 2.52% from the stock’s current price.
Several other equities analysts have also commented on the stock. Stephens initiated coverage on shares of Marvell Technology Group in a report on Wednesday, August 31st. They issued an “overweight” rating and a $17.00 target price on the stock. Citigroup Inc. raised their target price on shares of Marvell Technology Group from $10.50 to $12.00 and gave the company a “sell” rating in a report on Friday, September 2nd. Susquehanna initiated coverage on shares of Marvell Technology Group in a report on Tuesday, September 20th. They issued a “neutral” rating and a $13.00 target price on the stock. MKM Partners reissued a “neutral” rating on shares of Marvell Technology Group in a report on Thursday, September 8th. Finally, Cowen and Company reissued an “outperform” rating and issued a $15.00 target price on shares of Marvell Technology Group in a report on Tuesday, August 30th. Four research analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have issued a buy rating to the stock. Marvell Technology Group currently has a consensus rating of “Hold” and an average target price of $12.59.
Shares of Marvell Technology Group (NASDAQ:MRVL) opened at 13.11 on Thursday. The company’s market capitalization is $6.71 billion. Marvell Technology Group has a 1-year low of $7.40 and a 1-year high of $13.56. The company’s 50 day moving average is $12.71 and its 200-day moving average is $10.92.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Tuesday, September 6th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.07. Marvell Technology Group had a negative net margin of 1.18% and a positive return on equity of 1.35%. The business had revenue of $626 million for the quarter, compared to analyst estimates of $629.96 million. During the same period last year, the firm earned $0.12 earnings per share. Marvell Technology Group’s revenue for the quarter was down 11.8% compared to the same quarter last year. On average, equities research analysts forecast that Marvell Technology Group will post $0.44 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 19th. Shareholders of record on Wednesday, September 28th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date of this dividend is Monday, September 26th. Marvell Technology Group’s dividend payout ratio is -480.00%.
A number of institutional investors have recently bought and sold shares of MRVL. Daiwa Securities Group Inc. increased its position in Marvell Technology Group by 23.6% in the second quarter. Daiwa Securities Group Inc. now owns 11,000 shares of the company’s stock worth $105,000 after buying an additional 2,100 shares in the last quarter. Hartford Investment Management Co. bought a new position in shares of Marvell Technology Group during the second quarter worth $110,000. Franklin Resources Inc. bought a new position in shares of Marvell Technology Group during the first quarter worth $132,000. CIBC World Markets Inc. bought a new position in shares of Marvell Technology Group during the second quarter worth $139,000. Finally, LS Investment Advisors LLC increased its position in shares of Marvell Technology Group by 12.2% in the second quarter. LS Investment Advisors LLC now owns 16,557 shares of the company’s stock worth $158,000 after buying an additional 1,794 shares during the period. 70.60% of the stock is currently owned by hedge funds and other institutional investors.
Marvell Technology Group Company Profile
Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics.
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