Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) traded down 5.8% during mid-day trading on Monday . The stock traded as low as $22.03 and last traded at $22.14. 12,424,970 shares changed hands during trading, a decline of 2% from the average session volume of 12,621,559 shares. The stock had previously closed at $23.51.
Several analysts recently issued reports on the company. BidaskClub cut Marvell Technology Group from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Zacks Investment Research upgraded Marvell Technology Group from a “sell” rating to a “hold” rating in a research report on Wednesday, May 8th. Wells Fargo & Co began coverage on Marvell Technology Group in a report on Tuesday. They set a “market perform” rating and a $24.00 price target for the company. Piper Jaffray Companies raised their price target on Marvell Technology Group from $22.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. Finally, Bank of America raised their price target on Marvell Technology Group from $24.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Three analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Marvell Technology Group has a consensus rating of “Buy” and a consensus price target of $25.55.
The company has a debt-to-equity ratio of 0.24, a current ratio of 2.19 and a quick ratio of 1.76. The stock has a market cap of $14.59 billion, a price-to-earnings ratio of 27.18, a price-to-earnings-growth ratio of 4.01 and a beta of 1.11.
Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Thursday, March 7th. The semiconductor company reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.02). The firm had revenue of $744.80 million for the quarter, compared to the consensus estimate of $739.88 million. Marvell Technology Group had a negative net margin of 6.25% and a positive return on equity of 7.95%. During the same period last year, the firm earned $0.32 earnings per share. Equities analysts predict that Marvell Technology Group Ltd. will post 0.63 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, April 24th. Shareholders of record on Wednesday, April 3rd were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date of this dividend was Tuesday, April 2nd. Marvell Technology Group’s dividend payout ratio (DPR) is presently 28.24%.
In other Marvell Technology Group news, EVP Mitchell Gaynor sold 10,000 shares of Marvell Technology Group stock in a transaction on Friday, April 12th. The stock was sold at an average price of $23.64, for a total transaction of $236,400.00. Following the completion of the sale, the executive vice president now directly owns 25,576 shares of the company’s stock, valued at approximately $604,616.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.10% of the company’s stock.
Large investors have recently made changes to their positions in the company. Loeb Partners Corp purchased a new position in shares of Marvell Technology Group in the 4th quarter valued at $44,000. Cresset Asset Management LLC purchased a new stake in Marvell Technology Group during the 1st quarter valued at about $50,000. Quadrant Capital Group LLC grew its stake in Marvell Technology Group by 1,266.3% during the 1st quarter. Quadrant Capital Group LLC now owns 2,678 shares of the semiconductor company’s stock valued at $51,000 after purchasing an additional 2,482 shares during the last quarter. Tyers Asset Management LLC acquired a new position in shares of Marvell Technology Group in the 1st quarter valued at about $53,000. Finally, AlphaOne Investment Services LLC lifted its holdings in shares of Marvell Technology Group by 339.4% in the 4th quarter. AlphaOne Investment Services LLC now owns 3,344 shares of the semiconductor company’s stock valued at $54,000 after buying an additional 2,583 shares during the period. Institutional investors and hedge funds own 97.26% of the company’s stock.
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About Marvell Technology Group (NASDAQ:MRVL)
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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