B. Riley Research Analysts Lift Earnings Estimates for Marvell Technology Group Ltd. (MRVL)
Marvell Technology Group Ltd. (NASDAQ:MRVL) – B. Riley raised their FY2017 earnings estimates for shares of Marvell Technology Group in a research report issued to clients and investors on Thursday. B. Riley analyst C. Ellis now forecasts that the firm will earn $0.25 per share for the year, up from their prior estimate of $0.22. B. Riley has a “Buy” rating and a $18.00 price objective on the stock.
Several other research analysts have also recently weighed in on the stock. Cowen and Company reiterated an “outperform” rating and issued a $15.00 price target on shares of Marvell Technology Group in a report on Friday, July 22nd. Vetr cut shares of Marvell Technology Group from a “hold” rating to a “sell” rating and set a $12.78 price target for the company. in a report on Thursday, October 6th. Zacks Investment Research cut shares of Marvell Technology Group from a “hold” rating to a “strong sell” rating in a report on Monday, July 25th. 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 price target for the company. Finally, Bank of America Corp. reiterated a “sell” rating and issued a $10.00 price target on shares of Marvell Technology Group in a report on Wednesday, July 20th. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $13.68.
Marvell Technology Group (NASDAQ:MRVL) opened at 12.98 on Friday. The firm’s market capitalization is $6.64 billion. Marvell Technology Group has a 1-year low of $7.40 and a 1-year high of $13.61. The company has a 50-day moving average of $12.99 and a 200-day moving average of $11.39.
Marvell Technology Group (NASDAQ:MRVL) last posted its earnings results on Tuesday, September 6th. The company reported $0.18 earnings per share (EPS) for the quarter, beating 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 business posted $0.12 EPS. Marvell Technology Group’s revenue was down 11.8% compared to the same quarter last year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 19th. Investors of record on Wednesday, September 28th were issued a $0.06 dividend. The ex-dividend date was Monday, September 26th. This represents a $0.24 dividend on an annualized basis and a yield of 1.85%. Marvell Technology Group’s dividend payout ratio (DPR) is presently -480.00%.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. acquired a new position in shares of Marvell Technology Group during the first quarter worth about $132,000. State Street Corp raised its position in shares of Marvell Technology Group by 1.1% in the first quarter. State Street Corp now owns 10,202,345 shares of the company’s stock worth $105,180,000 after buying an additional 115,256 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Marvell Technology Group during the first quarter worth about $12,977,000. Nuveen Asset Management LLC raised its position in shares of Marvell Technology Group by 63.3% in the first quarter. Nuveen Asset Management LLC now owns 171,169 shares of the company’s stock worth $1,765,000 after buying an additional 66,379 shares during the period. Finally, Legal & General Group Plc raised its position in shares of Marvell Technology Group by 3.8% in the first quarter. Legal & General Group Plc now owns 1,855,185 shares of the company’s stock worth $19,127,000 after buying an additional 68,468 shares during the period. Institutional investors and hedge funds own 70.66% of the company’s stock.
About Marvell Technology Group
Marvell Technology Group Ltd. is a fabless 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) and System-in-a-Package (SiP) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), wireless connectivity, Internet-of-Things (IoT) devices and multimedia solutions.
Receive News & Stock Ratings for Marvell Technology Group Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group Ltd. and related stocks with our FREE daily email newsletter.