Neo Ivy Capital Management Purchases New Holdings in Marvell Technology Group Ltd. (NASDAQ:MRVL)
Neo Ivy Capital Management purchased a new stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 60,062 shares of the semiconductor company’s stock, valued at approximately $1,434,000.
Other large investors have also recently modified their holdings of the company. Capital Investment Advisory Services LLC bought a new position in Marvell Technology Group during the 2nd quarter valued at about $31,000. Patriot Financial Group Insurance Agency LLC grew its holdings in Marvell Technology Group by 198.2% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,807 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 1,201 shares during the last quarter. Signaturefd LLC grew its holdings in Marvell Technology Group by 27.2% during the 2nd quarter. Signaturefd LLC now owns 1,859 shares of the semiconductor company’s stock valued at $44,000 after purchasing an additional 397 shares during the last quarter. Mizuho Securities Co. Ltd. bought a new position in Marvell Technology Group during the 2nd quarter valued at about $48,000. Finally, YorkBridge Wealth Partners LLC bought a new position in Marvell Technology Group during the 1st quarter valued at about $68,000.
In other news, COO Andrew Micallef sold 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $24.00, for a total value of $960,000.00. Following the completion of the sale, the chief operating officer now owns 85,048 shares of the company’s stock, valued at approximately $2,041,152. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael G. Strachan sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $24.53, for a total transaction of $245,300.00. The disclosure for this sale can be found here. Insiders sold a total of 510,933 shares of company stock valued at $13,060,882 in the last ninety days. Corporate insiders own 1.10% of the company’s stock.
MRVL stock traded down $0.77 during mid-day trading on Friday, reaching $24.84. The company had a trading volume of 7,792,172 shares, compared to its average volume of 7,842,445. The firm has a 50 day moving average of $24.72 and a 200 day moving average of $23.55. Marvell Technology Group Ltd. has a 12 month low of $14.34 and a 12 month high of $27.64. The company has a market capitalization of $17.08 billion, a PE ratio of 29.22, a price-to-earnings-growth ratio of 12.01 and a beta of 1.19. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.06 and a quick ratio of 2.68.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.11. Marvell Technology Group had a negative net margin of 14.42% and a positive return on equity of 5.25%. The firm had revenue of $656.56 million during the quarter, compared to analysts’ expectations of $650.29 million. During the same quarter in the prior year, the company earned $0.28 EPS. The company’s revenue was down 1.3% compared to the same quarter last year. Analysts anticipate that Marvell Technology Group Ltd. will post 0.34 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 30th. Stockholders of record on Thursday, October 10th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.97%. Marvell Technology Group’s payout ratio is presently 28.24%.
About Marvell Technology Group
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 preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, 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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