Marvell Technology Group Ltd. (MRVL) Rating Increased to Buy at Vetr Inc.
Marvell Technology Group Ltd. (NASDAQ:MRVL) was upgraded by Vetr from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm currently has a $13.96 price target on the stock. Vetr‘s price objective would suggest a potential upside of 7.88% from the stock’s previous close.
A number of other equities analysts have also issued reports on MRVL. B. Riley reaffirmed a “buy” rating and set a $16.00 price target on shares of Marvell Technology Group in a research note on Saturday, July 30th. Deutsche Bank AG reaffirmed a “hold” rating and set a $13.00 price target (up from $12.00) on shares of Marvell Technology Group in a research note on Wednesday, July 20th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eight have given a buy rating to the company’s stock. Marvell Technology Group currently has a consensus rating of “Hold” and an average target price of $12.98.
Marvell Technology Group (NASDAQ:MRVL) traded up 0.86% during trading on Wednesday, reaching $12.94. The company had a trading volume of 4,372,285 shares. The company has a 50-day moving average price of $12.77 and a 200 day moving average price of $10.98. Marvell Technology Group has a 52-week low of $7.40 and a 52-week high of $13.56. The stock’s market cap is $6.62 billion.
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Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Tuesday, September 6th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business earned $626 million during the quarter, compared to analyst estimates of $629.96 million. During the same period in the prior year, the company posted $0.12 EPS. The business’s revenue for the quarter was down 11.8% compared to the same quarter last year. On average, analysts anticipate that Marvell Technology Group will post $0.44 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 19th. Investors of record on Wednesday, September 28th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date is Monday, September 26th. Marvell Technology Group’s dividend payout ratio (DPR) is presently -480.00%.
A number of large investors have recently added to or reduced their stakes in MRVL. Allianz Asset Management AG increased its stake in Marvell Technology Group by 21,756.7% in the second quarter. Allianz Asset Management AG now owns 2,466,314 shares of the company’s stock worth $23,504,000 after buying an additional 2,455,030 shares during the period. JPMorgan Chase & Co. increased 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 during the period. Teacher Retirement System of Texas increased its stake in Marvell Technology Group by 9,865.0% in the second quarter. Teacher Retirement System of Texas now owns 2,247,006 shares of the company’s stock worth $21,414,000 after buying an additional 2,224,457 shares during the period. Roystone Capital Management LP increased 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 during the period. Finally, Renaissance Technologies LLC purchased a new stake in Marvell Technology Group during the first quarter worth $12,977,000. 70.60% of the stock is currently owned by institutional investors and hedge funds.
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.
To view Vetr’s full report, visit Vetr’s official website.
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