Zacks: Brokerages Anticipate Marvell Technology Group Ltd. (MRVL) Will Announce Earnings of $0.32 Per Share
Brokerages expect Marvell Technology Group Ltd. (NASDAQ:MRVL) to announce earnings of $0.32 per share for the current fiscal quarter, Zacks reports. Nine analysts have made estimates for Marvell Technology Group’s earnings. The highest EPS estimate is $0.33 and the lowest is $0.31. Marvell Technology Group reported earnings of $0.20 per share in the same quarter last year, which would suggest a positive year over year growth rate of 60%. The firm is expected to announce its next quarterly earnings report on Thursday, November 16th.
According to Zacks, analysts expect that Marvell Technology Group will report full-year earnings of $1.14 per share for the current fiscal year, with EPS estimates ranging from $1.09 to $1.16. For the next fiscal year, analysts forecast that the company will report earnings of $1.27 per share, with EPS estimates ranging from $1.19 to $1.43. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research firms that follow Marvell Technology Group.
Marvell Technology Group (NASDAQ:MRVL) last issued its 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 firm had revenue of $604.75 million during the quarter, compared to the consensus estimate of $600.76 million. Marvell Technology Group had a return on equity of 9.99% and a net margin of 10.97%. The firm’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period last year, the business earned $0.18 earnings per share.
Several equities analysts have recently weighed in on the company. KeyCorp reissued a “buy” rating and set a $25.00 price objective on shares of Marvell Technology Group in a research note on Wednesday, October 4th. B. Riley reissued a “buy” rating and set a $24.00 price objective on shares of Marvell Technology Group in a research note on Wednesday, September 20th. Cowen and Company reissued an “outperform” rating and set a $21.00 price objective on shares of Marvell Technology Group in a research note on Wednesday, June 21st. Pacific Crest raised Marvell Technology Group from a “sector weight” rating to an “overweight” rating and set a $22.00 price objective for the company in a research note on Tuesday, June 20th. Finally, Oppenheimer Holdings, Inc. reissued a “buy” rating and set a $23.00 price objective on shares of Marvell Technology Group in a research note on Friday, August 25th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $19.31.
Shares of Marvell Technology Group (MRVL) traded down 1.19% during mid-day trading on Thursday, hitting $18.29. The stock had a trading volume of 3,502,977 shares. Marvell Technology Group has a 1-year low of $12.30 and a 1-year high of $18.72. The stock’s 50-day moving average price is $17.81 and its 200 day moving average price is $16.50. The company has a market capitalization of $9.07 billion, a P/E ratio of 35.45 and a beta of 1.13.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 26th. Shareholders of record on Tuesday, October 10th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, October 6th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.30%. Marvell Technology Group’s dividend payout ratio (DPR) is 47.06%.
In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 552,500 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $18.53, for a total transaction of $10,237,825.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 12,934,882 shares of company stock worth $235,200,980 in the last quarter. Company insiders own 6.80% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Greenwood Capital Associates LLC lifted its position in Marvell Technology Group by 37.0% in the 2nd quarter. Greenwood Capital Associates LLC now owns 18,900 shares of the semiconductor company’s stock valued at $312,000 after acquiring an additional 5,105 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Marvell Technology Group by 9.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 547,334 shares of the semiconductor company’s stock valued at $9,042,000 after acquiring an additional 47,648 shares in the last quarter. Jennison Associates LLC bought a new position in Marvell Technology Group in the 2nd quarter valued at approximately $36,663,000. Seven Eight Capital LP lifted its position in Marvell Technology Group by 41.3% in the 2nd quarter. Seven Eight Capital LP now owns 228,974 shares of the semiconductor company’s stock valued at $3,783,000 after acquiring an additional 66,900 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in Marvell Technology Group by 15.6% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 129,709 shares of the semiconductor company’s stock valued at $2,143,000 after acquiring an additional 17,485 shares in the last quarter. 76.61% of the stock is currently owned by hedge funds and other institutional investors.
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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