Marvell Technology Group Ltd. (NASDAQ:MRVL) was downgraded by stock analysts at Vetr from a “buy” rating to a “hold” rating in a report released on Wednesday. They presently have a $13.42 target price on the stock. Vetr‘s price target would indicate a potential upside of 3.87% from the stock’s current price.

Several other research firms have also issued reports on MRVL. BMO Capital Markets reaffirmed a “hold” rating on shares of Marvell Technology Group in a report on Monday, June 13th. Jefferies Group reissued a “hold” rating on shares of Marvell Technology Group in a report on Wednesday, July 20th. MKM Partners increased their price objective on Marvell Technology Group from $10.00 to $14.00 and gave the company a “neutral” rating in a report on Thursday, July 28th. B. Riley reissued a “buy” rating and set a $16.00 price objective on shares of Marvell Technology Group in a report on Friday, August 26th. Finally, Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of Marvell Technology Group in a report on Friday, July 22nd. Three equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $12.42.

Shares of Marvell Technology Group (NASDAQ:MRVL) traded up 2.62% during midday trading on Wednesday, hitting $12.92. 5,813,901 shares of the company were exchanged. The firm’s market cap is $6.61 billion. Marvell Technology Group has a one year low of $7.40 and a one year high of $13.06. The company’s 50 day moving average price is $12.16 and its 200 day moving average price is $10.68.

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Marvell Technology Group (NASDAQ:MRVL) last released its earnings results on Tuesday, September 6th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.07. The company earned $626 million during the quarter, compared to analyst estimates of $629.96 million. Marvell Technology Group had a positive return on equity of 1.35% and a negative net margin of 1.18%. Marvell Technology Group’s quarterly revenue was down 11.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.12 earnings per share. Equities analysts expect that Marvell Technology Group 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. Shareholders of record on Wednesday, September 28th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Monday, September 26th. This represents a $0.24 annualized dividend and a yield of 1.86%. Marvell Technology Group’s dividend payout ratio (DPR) is presently -480.00%.

Hedge funds have recently modified their holdings of the company. World Asset Management Inc raised its stake in shares of Marvell Technology Group by 1.9% in the second quarter. World Asset Management Inc now owns 30,728 shares of the company’s stock valued at $293,000 after buying an additional 562 shares during the period. Sumitomo Mitsui Asset Management Company LTD raised its position in Marvell Technology Group by 5.2% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 27,788 shares of the company’s stock valued at $264,000 after buying an additional 1,386 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Marvell Technology Group by 12.4% in the first quarter. Envestnet Asset Management Inc. now owns 14,273 shares of the company’s stock valued at $147,000 after buying an additional 1,575 shares during the last quarter. Calvert Investment Management Inc. raised its position in Marvell Technology Group by 7.2% in the second quarter. Calvert Investment Management Inc. now owns 24,531 shares of the company’s stock valued at $234,000 after buying an additional 1,649 shares during the last quarter. Finally, LS Investment Advisors LLC raised its position in Marvell Technology Group by 12.2% in the second quarter. LS Investment Advisors LLC now owns 16,557 shares of the company’s stock valued at $158,000 after buying an additional 1,794 shares during the last quarter. Institutional investors and hedge funds own 70.65% of the company’s stock.

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.

5 Day Chart for NASDAQ:MRVL

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