Marvell Technology Group Ltd. (MRVL) Now Covered by Analysts at Susquehanna
Research analysts at Susquehanna assumed coverage on shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) in a note issued to investors on Tuesday. The firm set a “neutral” rating and a $13.00 price target on the stock. Susquehanna’s target price would suggest a potential upside of 3.26% from the stock’s previous close.
Other research analysts have also recently issued research reports about the stock. B. Riley restated a “buy” rating and set a $15.00 target price on shares of Marvell Technology Group in a report on Sunday, June 26th. Zacks Investment Research cut shares of Marvell Technology Group from a “hold” rating to a “strong sell” rating in a report on Monday, July 25th. Three research analysts have rated the stock with a sell rating, twenty have issued a hold rating and eight have given a buy rating to the stock. Marvell Technology Group has a consensus rating of “Hold” and an average price target of $12.37.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded down 2.40% during mid-day trading on Tuesday, hitting $12.59. 4,774,696 shares of the stock traded hands. Marvell Technology Group has a one year low of $7.40 and a one year high of $13.06. The firm’s market capitalization is $6.44 billion. The company’s 50 day moving average is $12.12 and its 200 day moving average is $10.66.
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Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Tuesday, September 6th. The company reported $0.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.07. Marvell Technology Group had a negative net margin of 1.18% and a positive return on equity of 1.35%. The business earned $626 million during the quarter, compared to analysts’ expectations of $629.96 million. During the same quarter in the prior year, the company posted $0.12 earnings per share. The firm’s revenue was down 11.8% on a year-over-year basis. On average, equities analysts expect that Marvell Technology Group will post $0.44 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 19th. Shareholders of record on Wednesday, September 28th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Monday, September 26th. This represents a $0.24 dividend on an annualized basis and a yield of 1.91%. Marvell Technology Group’s payout ratio is -480.00%.
A number of large investors have recently made changes to their positions in MRVL. Daiwa Securities Group Inc. increased its stake in shares of Marvell Technology Group by 23.6% in the second quarter. Daiwa Securities Group Inc. now owns 11,000 shares of the company’s stock worth $105,000 after buying an additional 2,100 shares during the last quarter. Hartford Investment Management Co. purchased a new stake in shares of Marvell Technology Group during the second quarter worth about $110,000. Franklin Resources Inc. purchased a new stake in shares of Marvell Technology Group during the first quarter worth about $132,000. CIBC World Markets Inc. purchased a new stake in shares of Marvell Technology Group during the second quarter worth about $139,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of Marvell Technology Group by 12.4% in the first quarter. Envestnet Asset Management Inc. now owns 14,273 shares of the company’s stock worth $147,000 after buying an additional 1,575 shares during the last quarter. Hedge funds and other institutional investors own 71.47% of the company’s stock.
Marvell Technology Group Company Profile
Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics.
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