Cipher Capital LP Purchases Shares of 160,544 Marvell Technology Group Ltd. (MRVL)
Cipher Capital LP purchased a new stake in Marvell Technology Group Ltd. (NASDAQ:MRVL) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 160,544 shares of the semiconductor company’s stock, valued at approximately $2,873,000.
Several other institutional investors also recently added to or reduced their stakes in MRVL. D.A. Davidson & CO. boosted its holdings in shares of Marvell Technology Group by 10.2% in the second quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock valued at $106,000 after buying an additional 600 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of Marvell Technology Group in the third quarter valued at approximately $106,000. Massey Quick Simon & CO. LLC acquired a new position in shares of Marvell Technology Group in the third quarter valued at approximately $124,000. Creative Planning boosted its holdings in shares of Marvell Technology Group by 39.8% in the second quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock valued at $165,000 after buying an additional 2,850 shares during the period. Finally, First Quadrant L P CA acquired a new position in shares of Marvell Technology Group in the third quarter valued at approximately $211,000. Institutional investors own 77.03% of the company’s stock.
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In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 62,337 shares of the stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $18.48, for a total transaction of $1,151,987.76. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 17,558,035 shares of company stock worth $320,838,284 over the last quarter. Corporate insiders own 6.80% of the company’s stock.
Several brokerages recently commented on MRVL. B. Riley restated a “buy” rating and set a $23.00 target price on shares of Marvell Technology Group in a report on Monday, August 21st. Northland Securities restated a “buy” rating and set a $20.00 target price on shares of Marvell Technology Group in a report on Friday, August 25th. Cowen and Company restated a “buy” rating and set a $21.00 target price on shares of Marvell Technology Group in a report on Monday, August 21st. BidaskClub upgraded shares of Marvell Technology Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 16th. Finally, Citigroup Inc. upgraded shares of Marvell Technology Group from a “sell” rating to a “neutral” rating and set a $22.00 target price for the company in a report on Tuesday, November 7th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Marvell Technology Group currently has a consensus rating of “Buy” and a consensus target price of $19.64.
Marvell Technology Group Ltd. (MRVL) traded up $0.03 during trading hours on Monday, reaching $20.29. 5,145,100 shares of the company were exchanged, compared to its average volume of 6,143,901. Marvell Technology Group Ltd. has a 1-year low of $13.59 and a 1-year high of $21.08. The company has a market capitalization of $10,060.00, a price-to-earnings ratio of 26.01, a price-to-earnings-growth ratio of 1.39 and a beta of 1.05.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 24th. The semiconductor company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). The business had revenue of $604.75 million for the quarter, compared to the consensus estimate of $600.76 million. Marvell Technology Group had a return on equity of 9.99% and a net margin of 10.97%. Marvell Technology Group’s revenue was up 16.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.18 earnings per share. analysts anticipate that Marvell Technology Group Ltd. will post 0.97 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 26th. Shareholders of record on Tuesday, October 10th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, October 6th. This represents a $0.24 dividend on an annualized basis and a yield of 1.18%. Marvell Technology Group’s payout ratio is 54.55%.
Marvell Technology Group 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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