Marvell Technology Group Ltd. (MRVL) Upgraded to Buy by Vetr Inc.
Other research analysts have also issued reports about the stock. B. Riley reissued a buy rating and set a $15.00 target price on shares of Marvell Technology Group in a research note on Tuesday, June 21st. Brean Capital restated a buy rating and set a $12.50 price objective on shares of Marvell Technology Group in a report on Wednesday, July 20th. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $13.02.
Marvell Technology Group (NASDAQ:MRVL) opened at 12.78 on Wednesday. Marvell Technology Group has a 12 month low of $7.40 and a 12 month high of $13.56. The stock has a 50 day moving average of $12.77 and a 200-day moving average of $10.98. The company’s market cap is $6.54 billion.
Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Tuesday, September 6th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.07. The business had revenue of $626 million for the quarter, compared to analyst estimates of $629.96 million. Marvell Technology Group had a negative net margin of 1.18% and a positive return on equity of 1.35%. Marvell Technology Group’s revenue was down 11.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.12 earnings per share. Equities research analysts expect that Marvell Technology Group will post $0.44 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 19th. Stockholders of record on Wednesday, September 28th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.85%. The ex-dividend date of this dividend is Monday, September 26th. Marvell Technology Group’s payout ratio is currently -480.00%.
Several large investors have recently added to or reduced their stakes in MRVL. Daiwa Securities Group Inc. raised its stake 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 valued at $105,000 after buying an additional 2,100 shares during the last quarter. Hartford Investment Management Co. acquired a new stake in Marvell Technology Group during the second quarter valued at approximately $110,000. Franklin Resources Inc. acquired a new stake in Marvell Technology Group during the first quarter valued at approximately $132,000. CIBC World Markets Inc. acquired a new stake in Marvell Technology Group during the second quarter valued at approximately $139,000. Finally, LS Investment Advisors LLC raised its stake in Marvell Technology Group by 12.2% in the second quarter. LS Investment Advisors LLC now owns 16,557 shares of the company’s stock valued at $158,000 after buying an additional 1,794 shares during the last quarter. 70.60% of the stock is 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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