Marvell Technology Group Ltd. (MRVL) Stock Price Down 2.2%
Marvell Technology Group Ltd. (NASDAQ:MRVL) shares dropped 2.2% during mid-day trading on Tuesday . The company traded as low as $12.54 and last traded at $12.61, with a volume of 2,425,748 shares changing hands. The stock had previously closed at $12.90.
MRVL has been the subject of a number of analyst reports. Stephens initiated coverage on shares of Marvell Technology Group in a report on Wednesday, August 31st. They set an “overweight” rating and a $17.00 price objective for the company. Citigroup Inc. boosted their price objective on shares of Marvell Technology Group from $10.50 to $12.00 and gave the company a “sell” rating in a report on Friday, September 2nd. Cowen and Company restated an “outperform” rating and set a $15.00 price objective on shares of Marvell Technology Group in a report on Tuesday, August 30th. MKM Partners restated a “neutral” rating on shares of Marvell Technology Group in a report on Thursday, September 8th. Finally, Brean Capital restated a “buy” rating and set a $12.50 price objective on shares of Marvell Technology Group in a report on Wednesday, July 20th. Three investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eight have assigned a buy rating to the stock. Marvell Technology Group presently has an average rating of “Hold” and a consensus price target of $12.37.
The company’s 50-day moving average is $12.12 and its 200-day moving average is $10.66. The company’s market cap is $6.44 billion.
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Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings data on Tuesday, September 6th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.11 by $0.07. The company earned $626 million during the quarter, compared to the consensus estimate of $629.96 million. Marvell Technology Group had a negative net margin of 1.18% and a positive return on equity of 1.35%. The company’s quarterly revenue was down 11.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.12 EPS. Analysts predict that Marvell Technology Group Ltd. will post $0.44 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 19th. Stockholders of record on Wednesday, September 28th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.91%. The ex-dividend date is Monday, September 26th. Marvell Technology Group’s dividend payout ratio (DPR) is -480.00%.
Hedge funds have recently made changes to their positions in the company. A.R.T. Advisors LLC increased its stake in shares of Marvell Technology Group by 751.2% in the first quarter. A.R.T. Advisors LLC now owns 422,425 shares of the company’s stock valued at $4,355,000 after buying an additional 372,800 shares during the period. Aperio Group LLC increased its stake in Marvell Technology Group by 12.7% in the first quarter. Aperio Group LLC now owns 40,891 shares of the company’s stock valued at $422,000 after buying an additional 4,624 shares during the last quarter. PGGM Investments increased its stake in Marvell Technology Group by 2.5% in the first quarter. PGGM Investments now owns 278,972 shares of the company’s stock valued at $2,876,000 after buying an additional 6,772 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in Marvell Technology Group during the first quarter valued at about $12,977,000. Finally, Legal & General Group Plc increased its stake in Marvell Technology Group by 3.8% in the first quarter. Legal & General Group Plc now owns 1,855,185 shares of the company’s stock valued at $19,127,000 after buying an additional 68,468 shares during the last quarter. 71.47% of the stock is owned by institutional investors.
About Marvell Technology Group
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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