Marvell Technology Group Ltd. (MRVL) Stock Rating Reaffirmed by Credit Suisse Group AG
Marvell Technology Group Ltd. (NASDAQ:MRVL)‘s stock had its “buy” rating reaffirmed by research analysts at Credit Suisse Group AG in a research report issued to clients and investors on Friday. They presently have a $17.50 price objective on the stock. Credit Suisse Group AG’s price target would indicate a potential upside of 18.64% from the company’s current price.
The analysts wrote, “We are raising our FY17/FY18 EPS to $0.58/$0.85 from $0.42/$0.55 based mostly on continued improvements in GM and OpM and we continue to see upside from additional cost savings, additional monetization of divested businesses and real-estate, buybacks and optionality around top-line growth – of note Networking (~23% of Rev) grew ~20% y/y and has now grown y/y for 2 consecutive quarters after multiple years of underperformance. We continue to argue that “self-help” alone could drive upside in the stock to $17.50; which is based upon a P/E multiple of 15x on ~$1.00 of EPS plus ~$3.00/share in cash. Upside beyond $17.50 will be more dependent on the Company’s ability to outline and execute on a viable growth strategy, especially in Networking.””
MRVL has been the topic of a number of other reports. Vetr raised Marvell Technology Group from a “buy” rating to a “strong-buy” rating and set a $15.25 price objective on the stock in a report on Tuesday, November 1st. Stephens initiated coverage on Marvell Technology Group in a research note on Wednesday, August 31st. They issued an “overweight” rating and a $17.00 price target on the stock. Citigroup Inc. lifted their price target on Marvell Technology Group from $10.50 to $12.00 and gave the stock a “sell” rating in a research note on Friday, September 2nd. Susquehanna initiated coverage on Marvell Technology Group in a research note on Tuesday, September 20th. They issued a “neutral” rating and a $13.00 price target on the stock. Finally, MKM Partners reaffirmed a “neutral” rating on shares of Marvell Technology Group in a research note on Thursday, September 8th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $14.00.
Marvell Technology Group (NASDAQ:MRVL) opened at 14.75 on Friday. Marvell Technology Group has a 12-month low of $7.40 and a 12-month high of $15.00. The firm’s 50 day moving average price is $13.10 and its 200-day moving average price is $11.58. The company’s market capitalization is $7.55 billion.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, November 17th. The company reported $0.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.08. The company had revenue of $654 million for the quarter, compared to analysts’ expectations of $615.66 million. Marvell Technology Group had a return on equity of 3.28% and a net margin of 4.33%. Marvell Technology Group’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period last year, the firm posted $0.05 EPS. On average, equities analysts anticipate that Marvell Technology Group will post $0.45 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 28th. Shareholders of record on Tuesday, December 6th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date is Friday, December 2nd. Marvell Technology Group’s payout ratio is 114.29%.
A number of hedge funds have recently modified their holdings of MRVL. Argent Capital Management LLC bought a new stake in shares of Marvell Technology Group during the third quarter worth approximately $60,316,000. UBS Asset Management Americas Inc. boosted its stake in shares of 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 during the last quarter. Allianz Asset Management AG boosted its stake in shares of 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 during the last quarter. Teacher Retirement System of Texas boosted its stake in shares of 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 during the last quarter. 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 worth $42,747,000 after buying an additional 1,855,600 shares during the last quarter. Institutional investors and hedge funds own 68.13% of the company’s stock.
Marvell Technology Group Company Profile
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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