Marvell Technology Group Ltd. (MRVL) Posts Earnings Results
Marvell Technology Group Ltd. (NASDAQ:MRVL) issued its quarterly earnings data on Thursday. The company reported $0.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.08. The company earned $654 million during the quarter, compared to analysts’ expectations of $615.66 million. Marvell Technology Group had a positive return on equity of 1.35% and a negative net margin of 1.18%. The business’s revenue was down 3.1% on a year-over-year basis. During the same period last year, the business earned $0.05 earnings per share.
Shares of Marvell Technology Group (NASDAQ:MRVL) opened at 13.36 on Friday. Marvell Technology Group has a 1-year low of $7.40 and a 1-year high of $13.61. The firm has a 50-day moving average price of $13.02 and a 200 day moving average price of $11.48. The company’s market cap is $6.84 billion.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 28th. Shareholders of record on Tuesday, December 6th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.80%. Marvell Technology Group’s payout ratio is -480.00%.
A number of research analysts have issued reports on MRVL shares. Vetr raised Marvell Technology Group from a “buy” rating to a “strong-buy” rating and set a $15.25 price objective for the company in a report on Tuesday, November 1st. Stephens started coverage on Marvell Technology Group in a report on Wednesday, August 31st. They set an “overweight” rating and a $17.00 price objective for the company. Credit Suisse Group AG raised Marvell Technology Group from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $13.50 to $17.50 in a report on Wednesday, October 12th. Citigroup Inc. lifted their price objective on Marvell Technology Group from $10.50 to $12.00 and gave the company a “sell” rating in a report on Friday, September 2nd. Finally, Susquehanna started coverage on Marvell Technology Group in a report on Tuesday, September 20th. They set a “neutral” rating and a $13.00 price objective for the company. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $13.68.
Several large investors have recently modified their holdings of the stock. State Street Corp boosted its stake in shares of Marvell Technology Group by 1.9% in the second quarter. State Street Corp now owns 10,392,245 shares of the company’s stock valued at $99,033,000 after buying an additional 189,900 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Marvell Technology Group by 8.6% in the second quarter. Dimensional Fund Advisors LP now owns 6,455,008 shares of the company’s stock valued at $61,514,000 after buying an additional 512,782 shares during the last quarter. BlackRock Fund Advisors boosted its stake in shares of Marvell Technology Group by 3.7% in the third quarter. BlackRock Fund Advisors now owns 5,784,328 shares of the company’s stock valued at $76,758,000 after buying an additional 205,575 shares during the last quarter. Argent Capital Management LLC bought a new stake in shares of Marvell Technology Group during the third quarter valued at $60,316,000. Finally, Roystone Capital Management LP boosted its stake in shares of Marvell Technology Group by 70.6% in the second quarter. Roystone Capital Management LP now owns 4,485,600 shares of the company’s stock valued at $42,747,000 after buying an additional 1,855,600 shares during the last quarter. 69.37% of the stock is owned by institutional investors.
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.