Marvell Technology Group Ltd. (MRVL) Expected to Announce Quarterly Sales of $611.13 Million
Brokerages predict that Marvell Technology Group Ltd. (NASDAQ:MRVL) will report sales of $611.13 million for the current fiscal quarter, according to Zacks. Nine analysts have made estimates for Marvell Technology Group’s earnings. The highest sales estimate is $616.80 million and the lowest is $608.17 million. Marvell Technology Group posted sales of $654.42 million in the same quarter last year, which suggests a negative year-over-year growth rate of 6.6%. The company is scheduled to report its next earnings results after the market closes on Tuesday, November 28th.
On average, analysts expect that Marvell Technology Group will report full-year sales of $611.13 million for the current fiscal year, with estimates ranging from $2.36 billion to $2.42 billion. For the next financial year, analysts anticipate that the business will report sales of $2.46 billion per share, with estimates ranging from $2.43 billion to $2.49 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Marvell Technology Group.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 24th. The semiconductor company reported $0.25 EPS for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.03). Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The company had revenue of $604.75 million during the quarter, compared to analyst estimates of $600.76 million. During the same quarter last year, the company posted $0.18 EPS. The firm’s quarterly revenue was up 16.4% on a year-over-year basis.
A number of research firms recently issued reports on MRVL. B. Riley restated a “buy” rating and set a $23.00 price objective on shares of Marvell Technology Group in a report on Friday, September 1st. BidaskClub upgraded shares of Marvell Technology Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 16th. Cowen and Company restated a “buy” rating and set a $21.00 price objective on shares of Marvell Technology Group in a report on Monday, August 21st. KeyCorp raised their price objective on shares of Marvell Technology Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday, August 25th. Finally, Needham & Company LLC restated a “buy” rating and set a $21.00 price objective on shares of Marvell Technology Group in a report on Thursday, August 24th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $19.34.
The business also recently announced a quarterly dividend, which was paid on Thursday, October 26th. Shareholders of record on Tuesday, October 10th were given a dividend of $0.06 per share. The ex-dividend date was Friday, October 6th. This represents a $0.24 annualized dividend and a yield of 1.30%. Marvell Technology Group’s payout ratio is presently 47.06%.
In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 420,422 shares of Marvell Technology Group stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $17.84, for a total transaction of $7,500,328.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders have sold 17,558,035 shares of company stock valued at $320,838,284. 6.80% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Marvell Technology Group by 0.9% during the second quarter. Vanguard Group Inc. now owns 32,190,297 shares of the semiconductor company’s stock valued at $531,785,000 after purchasing an additional 290,339 shares during the last quarter. State Street Corp lifted its position in Marvell Technology Group by 3.6% during the first quarter. State Street Corp now owns 9,846,772 shares of the semiconductor company’s stock valued at $150,267,000 after purchasing an additional 341,686 shares during the last quarter. Contour Asset Management LLC lifted its position in Marvell Technology Group by 11.5% during the second quarter. Contour Asset Management LLC now owns 9,192,978 shares of the semiconductor company’s stock valued at $151,868,000 after purchasing an additional 944,622 shares during the last quarter. UBS Asset Management Americas Inc. lifted its position in Marvell Technology Group by 2.3% during the second quarter. UBS Asset Management Americas Inc. now owns 8,901,332 shares of the semiconductor company’s stock valued at $147,050,000 after purchasing an additional 195,985 shares during the last quarter. Finally, Boston Partners bought a new stake in Marvell Technology Group during the second quarter valued at approximately $133,179,000. Institutional investors and hedge funds own 76.66% 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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