Marvell Technology Group Ltd. (MRVL) Upgraded at Credit Suisse Group AG
Marvell Technology Group Ltd. (NASDAQ:MRVL) was upgraded by analysts at Credit Suisse Group AG to an “outperform” rating in a research report issued on Wednesday.
Several other brokerages have also recently issued reports on MRVL. Jefferies Group restated a “hold” rating on shares of Marvell Technology Group in a research report on Wednesday, July 20th. BMO Capital Markets restated a “hold” rating and issued a $11.00 price target on shares of Marvell Technology Group in a research report on Thursday, July 28th. MKM Partners lifted 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 reaffirmed 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. Four investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $12.59.
Marvell Technology Group (NASDAQ:MRVL) opened at 12.83 on Wednesday. Marvell Technology Group has a one year low of $7.40 and a one year high of $13.56. The firm’s 50 day moving average price is $12.75 and its 200-day moving average price is $10.97. The firm’s market cap is $6.57 billion.
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Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings results on Tuesday, September 6th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.07. The firm had revenue of $626 million for the quarter, compared to analysts’ expectations of $629.96 million. Marvell Technology Group had a positive return on equity of 1.35% and a negative net margin of 1.18%. The firm’s revenue for the quarter was down 11.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 EPS. Equities analysts predict that Marvell Technology Group will post $0.44 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 19th. Investors of record on Wednesday, September 28th will be paid a dividend of $0.06 per share. The ex-dividend date is Monday, September 26th. This represents a $0.24 annualized dividend and a yield of 1.87%. Marvell Technology Group’s dividend payout ratio (DPR) is -480.00%.
Large investors have recently added to or reduced their stakes in the company. Aperio Group LLC raised 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 period. Nisa Investment Advisors L.L.C. raised its stake in Marvell Technology Group by 5.9% in the first quarter. Nisa Investment Advisors L.L.C. now owns 37,800 shares of the company’s stock valued at $390,000 after buying an additional 2,100 shares during the period. Franklin Resources Inc. acquired a new stake in Marvell Technology Group during the first quarter valued at $132,000. BlackRock Inc. raised its stake in Marvell Technology Group by 27.6% in the first quarter. BlackRock Inc. now owns 371,827 shares of the company’s stock valued at $3,834,000 after buying an additional 80,413 shares during the period. Finally, BlackRock Group LTD raised its stake in Marvell Technology Group by 3.3% in the first quarter. BlackRock Group LTD now owns 2,701,254 shares of the company’s stock valued at $27,850,000 after buying an additional 86,732 shares during the period. Hedge funds and other institutional investors own 70.60% 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.
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