Marvell Technology Group Ltd. (MRVL) Downgraded by Vetr Inc. to Hold
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.
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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.
To view Vetr’s full report, visit Vetr’s official website.
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