Millennium Management LLC Decreases Position in Marvell Technology Group Ltd. (MRVL)

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Millennium Management LLC trimmed its holdings in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 92.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 189,678 shares of the semiconductor company’s stock after selling 2,484,122 shares during the period. Millennium Management LLC’s holdings in Marvell Technology Group were worth $3,071,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in MRVL. Vanguard Group Inc boosted its position in Marvell Technology Group by 45.0% during the 3rd quarter. Vanguard Group Inc now owns 53,229,098 shares of the semiconductor company’s stock worth $1,027,321,000 after purchasing an additional 16,517,490 shares during the period. Morgan Stanley boosted its position in Marvell Technology Group by 837.0% in the 3rd quarter. Morgan Stanley now owns 6,592,139 shares of the semiconductor company’s stock valued at $127,230,000 after buying an additional 5,888,609 shares during the last quarter. BlackRock Inc. boosted its position in Marvell Technology Group by 9.7% in the 4th quarter. BlackRock Inc. now owns 35,692,591 shares of the semiconductor company’s stock valued at $577,863,000 after buying an additional 3,150,773 shares during the last quarter. Teachers Advisors LLC boosted its position in Marvell Technology Group by 489.9% in the 3rd quarter. Teachers Advisors LLC now owns 3,364,871 shares of the semiconductor company’s stock valued at $64,942,000 after buying an additional 2,794,470 shares during the last quarter. Finally, TIAA CREF Investment Management LLC boosted its position in Marvell Technology Group by 60.5% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 6,096,745 shares of the semiconductor company’s stock valued at $117,667,000 after buying an additional 2,298,298 shares during the last quarter. 96.70% of the stock is owned by hedge funds and other institutional investors.

Shares of MRVL stock opened at $24.85 on Friday. The company has a current ratio of 2.19, a quick ratio of 1.76 and a debt-to-equity ratio of 0.24. Marvell Technology Group Ltd. has a one year low of $14.34 and a one year high of $25.41. The stock has a market cap of $16.38 billion, a PE ratio of 29.24, a P/E/G ratio of 5.40 and a beta of 1.01.

Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.02). Marvell Technology Group had a positive return on equity of 7.95% and a negative net margin of 6.25%. The company had revenue of $744.80 million for the quarter, compared to the consensus estimate of $739.88 million. During the same period in the previous year, the business posted $0.32 EPS. As a group, analysts anticipate that Marvell Technology Group Ltd. will post 0.63 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 24th. Stockholders of record on Wednesday, April 3rd will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Tuesday, April 2nd. This represents a $0.24 annualized dividend and a dividend yield of 0.97%. Marvell Technology Group’s payout ratio is 28.24%.

In other news, EVP Mitchell Gaynor sold 10,000 shares of the stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $23.64, for a total transaction of $236,400.00. Following the transaction, the executive vice president now owns 25,576 shares of the company’s stock, valued at $604,616.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.10% of the company’s stock.

MRVL has been the subject of a number of analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $23.00 price objective on shares of Marvell Technology Group in a research report on Friday, March 8th. Rosenblatt Securities reissued a “buy” rating and issued a $26.00 price objective on shares of Marvell Technology Group in a research report on Thursday, January 10th. Zacks Investment Research raised shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research report on Wednesday, February 6th. BMO Capital Markets reissued a “buy” rating and issued a $22.00 price objective on shares of Marvell Technology Group in a research report on Thursday, February 14th. Finally, ValuEngine raised shares of Marvell Technology Group from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eighteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $24.90.

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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 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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Institutional Ownership by Quarter for Marvell Technology Group (NASDAQ:MRVL)

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