Marvell Technology Group Ltd. (NASDAQ:MRVL) was downgraded by equities research analysts at Vetr from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday. They presently have a $13.42 price target on the stock. Vetr‘s target price indicates a potential upside of 3.87% from the company’s previous close.

Several other brokerages have also weighed in on MRVL. BMO Capital Markets reissued 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 lifted their price objective on Marvell Technology Group from $10.00 to $14.00 and gave the stock a “neutral” rating in a report on Thursday, July 28th. B. Riley reissued a “buy” rating and issued a $16.00 price objective on shares of Marvell Technology Group in a report on Friday, August 26th. Finally, Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of Marvell Technology Group in a report on Friday, July 22nd. Three analysts have rated the stock with a sell rating, twenty-one have given a hold rating and seven have issued a buy rating to the company’s stock. Marvell Technology Group currently has a consensus rating of “Hold” and a consensus price target of $12.42.

Marvell Technology Group (NASDAQ:MRVL) traded up 2.62% on Wednesday, hitting $12.92. 5,813,901 shares of the stock were exchanged. The firm’s market cap is $6.61 billion. Marvell Technology Group has a 52-week low of $7.40 and a 52-week high of $13.06. The company has a 50-day moving average price of $12.16 and a 200-day moving average price of $10.68.

This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/22/marvell-technology-group-ltd-mrvl-downgraded-by-vetr-inc-to-hold.html

Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings data on Tuesday, September 6th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.07. Marvell Technology Group had a positive return on equity of 1.35% and a negative net margin of 1.18%. The company earned $626 million during the quarter, compared to analyst estimates of $629.96 million. During the same quarter last year, the firm posted $0.12 EPS. The firm’s revenue for the quarter was down 11.8% on a year-over-year basis. On average, equities research analysts anticipate that Marvell Technology Group will post $0.44 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 19th. Stockholders of record on Wednesday, September 28th will be paid a $0.06 dividend. The ex-dividend date is Monday, September 26th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.86%. Marvell Technology Group’s dividend payout ratio is currently -480.00%.

Several large investors have recently added to or reduced their stakes in MRVL. JPMorgan Chase & Co. boosted its stake in Marvell Technology Group by 16.8% in the first quarter. JPMorgan Chase & Co. now owns 16,982,811 shares of the company’s stock worth $175,094,000 after buying an additional 2,438,649 shares in the last quarter. State Street Corp boosted its stake in Marvell Technology Group by 1.9% in the second quarter. State Street Corp now owns 10,392,245 shares of the company’s stock worth $99,033,000 after buying an additional 189,900 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Marvell Technology Group by 8.6% in the second quarter. Dimensional Fund Advisors LP now owns 6,455,008 shares of the company’s stock worth $61,514,000 after buying an additional 512,782 shares in the last quarter. Norges Bank bought a new stake in Marvell Technology Group during the fourth quarter worth approximately $42,139,000. Finally, Roystone Capital Management LP boosted its stake in Marvell Technology Group by 70.6% in the second quarter. Roystone Capital Management LP now owns 4,485,600 shares of the company’s stock worth $42,747,000 after buying an additional 1,855,600 shares in the last quarter. 70.65% of the stock is currently owned by hedge funds and other institutional investors.

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.

5 Day Chart for NASDAQ:MRVL

To view Vetr’s full report, visit Vetr’s official website.

Receive News & Ratings for Marvell Technology Group Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.