Marvell Technology Group Ltd. (MRVL) Shares Sold by Franklin Resources Inc.
Franklin Resources Inc. cut its holdings in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 8.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,246 shares of the semiconductor company’s stock after selling 1,243 shares during the period. Franklin Resources Inc.’s holdings in Marvell Technology Group were worth $235,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. TimesSquare Capital Management LLC grew its position in Marvell Technology Group by 60.2% during the 2nd quarter. TimesSquare Capital Management LLC now owns 4,461,600 shares of the semiconductor company’s stock worth $73,706,000 after acquiring an additional 1,677,100 shares during the last quarter. CIBC World Markets Inc. bought a new stake in Marvell Technology Group during the 2nd quarter worth approximately $2,585,000. State of Tennessee Treasury Department grew its position in Marvell Technology Group by 42.7% during the 2nd quarter. State of Tennessee Treasury Department now owns 1,769,975 shares of the semiconductor company’s stock worth $29,240,000 after acquiring an additional 529,453 shares during the last quarter. Oppenheimer & Co. Inc. grew its position in Marvell Technology Group by 64.3% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 73,269 shares of the semiconductor company’s stock worth $1,211,000 after acquiring an additional 28,669 shares during the last quarter. Finally, Eagle Asset Management Inc. bought a new position in Marvell Technology Group in the 2nd quarter valued at $1,863,000. Institutional investors and hedge funds own 76.61% of the company’s stock.
Shares of Marvell Technology Group Ltd. (MRVL) opened at 18.51 on Thursday. The firm has a 50 day moving average price of $17.43 and a 200 day moving average price of $16.41. Marvell Technology Group Ltd. has a 1-year low of $12.30 and a 1-year high of $18.72. The firm has a market cap of $9.18 billion, a P/E ratio of 35.87 and a beta of 1.13.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, August 24th. The semiconductor company reported $0.25 EPS for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.03). The firm had revenue of $604.75 million for the quarter, compared to the consensus estimate of $600.76 million. Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The business’s revenue was up 16.4% compared to the same quarter last year. During the same period last year, the company posted $0.18 EPS. Analysts anticipate that Marvell Technology Group Ltd. will post $1.12 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 26th. Stockholders of record on Tuesday, October 10th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, October 6th. This represents a $0.24 annualized dividend and a dividend yield of 1.30%. Marvell Technology Group’s dividend payout ratio is currently 47.06%.
A number of brokerages have commented on MRVL. KeyCorp reiterated a “buy” rating and issued a $25.00 price objective on shares of Marvell Technology Group in a research report on Wednesday. B. Riley reiterated a “buy” rating and issued a $24.00 price objective on shares of Marvell Technology Group in a research report on Monday, September 25th. BMO Capital Markets reiterated a “market perform” rating and issued a $16.00 price objective on shares of Marvell Technology Group in a research report on Monday, August 28th. Loop Capital reiterated a “buy” rating and issued a $22.00 price objective on shares of Marvell Technology Group in a research report on Friday, August 25th. Finally, Oppenheimer Holdings, Inc. reiterated a “buy” rating and issued a $23.00 price objective on shares of Marvell Technology Group in a research report on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $19.31.
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In other news, major shareholder Sehat Sutardja sold 537,235 shares of the company’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $17.57, for a total transaction of $9,439,218.95. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have sold 8,778,738 shares of company stock worth $158,368,161 in the last quarter. Company insiders own 6.80% of the company’s stock.
About Marvell Technology Group
Marvell Technology Group Ltd. is a 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) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution.
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