$0.32 Earnings Per Share Expected for Marvell Technology Group Ltd. (MRVL) This Quarter
Wall Street brokerages forecast that Marvell Technology Group Ltd. (NASDAQ:MRVL) will report earnings of $0.32 per share for the current quarter, Zacks Investment Research reports. Nine analysts have made estimates for Marvell Technology Group’s earnings. The lowest EPS estimate is $0.31 and the highest is $0.33. Marvell Technology Group posted earnings per share of $0.20 in the same quarter last year, which suggests a positive year-over-year growth rate of 60%. The company is expected to report its next quarterly earnings report on Thursday, November 16th.
On average, analysts expect that Marvell Technology Group will report full-year earnings of $1.14 per share for the current year, with EPS estimates ranging from $1.09 to $1.16. For the next year, analysts anticipate that the business will post earnings of $1.27 per share, with EPS estimates ranging from $1.19 to $1.43. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of analysts that that provide coverage for Marvell Technology Group.
Marvell Technology Group (NASDAQ:MRVL) last posted its earnings results on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.03). Marvell Technology Group had a return on equity of 9.99% and a net margin of 10.97%. The firm had revenue of $604.75 million for the quarter, compared to analyst estimates of $600.76 million. During the same period in the prior year, the business posted $0.18 EPS. The firm’s quarterly revenue was up 16.4% compared to the same quarter last year.
Several research analysts have recently weighed in on the company. B. Riley reiterated a “buy” rating and set a $23.00 price target on shares of Marvell Technology Group in a research note on Friday, September 1st. BidaskClub downgraded Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th. KeyCorp increased their price target on Marvell Technology Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, August 25th. Oppenheimer Holdings, Inc. reissued a “buy” rating and set a $23.00 price objective on shares of Marvell Technology Group in a report on Friday, August 25th. Finally, Cowen and Company reissued an “outperform” rating and set a $21.00 price objective on shares of Marvell Technology Group in a report on Wednesday, June 21st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $19.31.
In related news, major shareholder Sehat Sutardja sold 1,424,819 shares of the firm’s stock in a transaction that occurred on Thursday, October 12th. The stock was sold at an average price of $18.52, for a total transaction of $26,387,647.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 15,754,429 shares of company stock worth $287,418,990. 6.80% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of MRVL. BlackRock Inc. grew its position in Marvell Technology Group by 4,078.2% during the 1st quarter. BlackRock Inc. now owns 24,309,056 shares of the semiconductor company’s stock worth $370,955,000 after acquiring an additional 23,727,243 shares during the last quarter. Boston Partners bought a new position in Marvell Technology Group during the 2nd quarter worth approximately $133,179,000. Renaissance Technologies LLC grew its position in Marvell Technology Group by 239.6% during the 2nd quarter. Renaissance Technologies LLC now owns 3,886,158 shares of the semiconductor company’s stock worth $64,199,000 after acquiring an additional 2,741,914 shares during the last quarter. Jennison Associates LLC bought a new position in Marvell Technology Group during the 2nd quarter worth approximately $36,663,000. Finally, 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. Institutional investors and hedge funds own 76.61% of the company’s stock.
Marvell Technology Group (MRVL) traded down 0.05% during midday trading on Thursday, hitting $18.28. The stock had a trading volume of 3,585,668 shares. The stock has a market cap of $9.06 billion, a P/E ratio of 41.55 and a beta of 1.13. The company has a 50-day moving average price of $17.97 and a 200-day moving average price of $16.53. Marvell Technology Group has a 52 week low of $12.30 and a 52 week high of $18.72.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 26th. Investors of record on Tuesday, October 10th will be given 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 yield of 1.31%. Marvell Technology Group’s payout ratio is 47.06%.
Marvell Technology Group Company Profile
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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