Marvell Technology Group Ltd. (MRVL) Given Average Rating of “Buy” by Analysts
Marvell Technology Group Ltd. (NASDAQ:MRVL) has earned a consensus recommendation of “Buy” from the twenty-nine research firms that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and twenty-four have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $25.31.
Several brokerages recently issued reports on MRVL. Zacks Investment Research lowered Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Wednesday, August 1st. BidaskClub lowered Marvell Technology Group from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 2nd. Cowen lowered their price target on Marvell Technology Group from $29.00 to $26.00 and set an “outperform” rating on the stock in a research note on Monday, August 27th. ValuEngine lowered Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Tuesday, August 14th. Finally, JPMorgan Chase & Co. began coverage on Marvell Technology Group in a research note on Friday, September 7th. They set an “overweight” rating and a $27.00 price target on the stock.
Shares of Marvell Technology Group stock traded up $0.37 during trading on Thursday, reaching $16.10. The company’s stock had a trading volume of 12,061,800 shares, compared to its average volume of 9,637,760. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.76 and a current ratio of 2.54. The firm has a market capitalization of $10.40 billion, a PE ratio of 15.48, a PEG ratio of 1.89 and a beta of 1.09. Marvell Technology Group has a one year low of $15.31 and a one year high of $25.18.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 23rd. Shareholders of record on Tuesday, October 2nd were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date was Monday, October 1st. Marvell Technology Group’s payout ratio is 23.08%.
Marvell Technology Group announced that its board has authorized a share repurchase plan on Tuesday, October 16th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to purchase up to 7.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
In other Marvell Technology Group news, CEO Matthew J. Murphy sold 10,000 shares of Marvell Technology Group stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $20.64, for a total transaction of $206,400.00. Following the sale, the chief executive officer now directly owns 1,755 shares of the company’s stock, valued at $36,223.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.10% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in MRVL. Guggenheim Capital LLC boosted its holdings in shares of Marvell Technology Group by 39.2% in the 1st quarter. Guggenheim Capital LLC now owns 113,769 shares of the semiconductor company’s stock worth $2,389,000 after acquiring an additional 32,060 shares in the last quarter. Royal Bank of Canada boosted its holdings in shares of Marvell Technology Group by 71.5% in the 1st quarter. Royal Bank of Canada now owns 285,846 shares of the semiconductor company’s stock worth $6,002,000 after acquiring an additional 119,178 shares in the last quarter. Suntrust Banks Inc. acquired a new position in shares of Marvell Technology Group in the 1st quarter worth approximately $271,000. DnB Asset Management AS boosted its holdings in shares of Marvell Technology Group by 33.1% in the 2nd quarter. DnB Asset Management AS now owns 41,385 shares of the semiconductor company’s stock worth $887,000 after acquiring an additional 10,300 shares in the last quarter. Finally, IFM Investors Pty Ltd boosted its holdings in shares of Marvell Technology Group by 27.0% in the 2nd quarter. IFM Investors Pty Ltd now owns 25,430 shares of the semiconductor company’s stock worth $545,000 after acquiring an additional 5,400 shares in the last quarter. 83.59% of the stock is currently owned by institutional investors and hedge funds.
Marvell Technology Group Company Profile
Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a range of storage products, including hard disk drive (HDD) and solid-state drive controllers, as well as HDD components, such as HDD preamps components; and develops software-enabled silicon solutions comprising serial advanced technology attachment port multipliers, bridges, serial attached SCSI, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprises, data centers, and cloud computing businesses.
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