Marvell Technology Group Ltd. (MRVL) Receives Sell Rating from Bank of America Corp.
Bank of America Corp. restated their sell rating on shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) in a research note released on Friday. They currently have a $11.75 price target on the stock.
Other equities research analysts also recently issued reports about the company. B. Riley reissued a buy rating and issued a $16.00 price objective on shares of Marvell Technology Group in a report on Monday, July 25th. Brean Capital increased their price objective on Marvell Technology Group from $12.50 to $15.00 and gave the company a buy rating in a report on Thursday, July 28th. Finally, Vetr raised Marvell Technology Group from a hold rating to a buy rating and set a $13.96 price objective for the company in a report on Wednesday, October 12th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $13.95.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded up 0.54% during midday trading on Friday, reaching $14.88. 4,498,476 shares of the company traded hands. The stock’s market capitalization is $7.61 billion. Marvell Technology Group has a 1-year low of $7.40 and a 1-year high of $14.99. The stock’s 50-day moving average is $13.06 and its 200-day moving average is $11.51.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, November 17th. The company reported $0.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.08. The business earned $654 million during the quarter, compared to the consensus estimate of $615.66 million. Marvell Technology Group had a return on equity of 3.28% and a net margin of 4.33%. The company’s revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.05 earnings per share. Equities analysts predict that Marvell Technology Group will post $0.45 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 28th. Investors of record on Tuesday, December 6th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, December 2nd. This represents a $0.24 dividend on an annualized basis and a yield of 1.62%. Marvell Technology Group’s dividend payout ratio is currently 114.29%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Argent Capital Management LLC bought a new position in Marvell Technology Group during the third quarter worth about $60,316,000. UBS Asset Management Americas Inc. raised its position in Marvell Technology Group by 232.8% in the third quarter. UBS Asset Management Americas Inc. now owns 3,752,944 shares of the company’s stock worth $49,801,000 after buying an additional 2,625,405 shares in the last quarter. Allianz Asset Management AG raised its position in Marvell Technology Group by 21,756.7% in the second quarter. Allianz Asset Management AG now owns 2,466,314 shares of the company’s stock worth $23,504,000 after buying an additional 2,455,030 shares in the last quarter. Teacher Retirement System of Texas raised its position in Marvell Technology Group by 9,865.0% in the second quarter. Teacher Retirement System of Texas now owns 2,247,006 shares of the company’s stock worth $21,414,000 after buying an additional 2,224,457 shares in the last quarter. Finally, Roystone Capital Management LP raised its position in 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 worth $42,747,000 after buying an additional 1,855,600 shares in the last quarter. Institutional investors and hedge funds own 68.13% 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.
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