Marvell Technology Group Ltd. (MRVL) to Post Q1 2019 Earnings of $0.23 Per Share, KeyCorp Forecasts
Marvell Technology Group Ltd. (NASDAQ:MRVL) – Analysts at KeyCorp issued their Q1 2019 earnings per share estimates for Marvell Technology Group in a research note issued on Monday. KeyCorp analyst M. Mcconnell expects that the semiconductor company will post earnings per share of $0.23 for the quarter. KeyCorp has a “Buy” rating and a $25.00 price target on the stock. KeyCorp also issued estimates for Marvell Technology Group’s Q2 2019 earnings at $0.31 EPS, Q3 2019 earnings at $0.36 EPS and Q4 2019 earnings at $0.35 EPS.
Several other equities research analysts have also issued reports on MRVL. B. Riley reaffirmed a “buy” rating and issued a $23.00 price objective on shares of Marvell Technology Group in a research note on Friday, September 1st. BidaskClub cut shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a report on Wednesday, July 5th. Oppenheimer Holdings, Inc. reissued a “buy” rating and set a $23.00 target price on shares of Marvell Technology Group in a research report on Friday, August 25th. Cowen and Company reissued an “outperform” rating and set a $21.00 target price on shares of Marvell Technology Group in a research report on Wednesday, June 21st. Finally, Northland Securities restated a “buy” rating and set a $20.00 target price on shares of Marvell Technology Group in a report on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $19.30.
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Marvell Technology Group (NASDAQ MRVL) traded up 0.43% during trading on Wednesday, hitting $18.51. The company’s stock had a trading volume of 4,771,568 shares. The company has a 50-day moving average of $17.35 and a 200 day moving average of $16.39. The firm has a market cap of $9.18 billion, a PE ratio of 35.87 and a beta of 1.13. Marvell Technology Group has a one year low of $12.30 and a one year high of $18.72.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 24th. The semiconductor company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.03). The business had revenue of $604.75 million during the quarter, compared to analysts’ expectations of $600.76 million. Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. Marvell Technology Group’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.18 earnings per share.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 26th. Investors of record on Tuesday, October 10th will be paid a $0.06 dividend. The ex-dividend date is Friday, October 6th. This represents a $0.24 dividend on an annualized basis and a yield of 1.30%. Marvell Technology Group’s payout ratio is currently 47.06%.
In other news, major shareholder Sehat Sutardja sold 93,895 shares of the stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $18.02, for a total value of $1,691,987.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders sold 5,513,738 shares of company stock worth $97,900,361. 6.80% of the stock is currently owned by insiders.
Several institutional investors have recently bought and sold shares of the stock. Achmea Investment Management B.V. acquired a new stake in Marvell Technology Group in the 2nd quarter valued at $214,000. USA Financial Portformulas Corp bought a new stake in Marvell Technology Group in the second quarter valued at $466,000. Dynamic Technology Lab Private Ltd grew its position in Marvell Technology Group by 323.5% in the second quarter. Dynamic Technology Lab Private Ltd now owns 85,560 shares of the semiconductor company’s stock valued at $1,413,000 after acquiring an additional 65,357 shares during the period. Koch Industries Inc. bought a new stake in Marvell Technology Group in the second quarter valued at $654,000. Finally, Piedmont Investment Advisors LLC grew its position in Marvell Technology Group by 43.5% in the second quarter. Piedmont Investment Advisors LLC now owns 157,558 shares of the semiconductor company’s stock valued at $2,603,000 after acquiring an additional 47,730 shares during the period. Institutional investors and hedge funds own 76.61% of the company’s stock.
About Marvell Technology Group
Marvell Technology Group Ltd. is a semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution.
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