Marvell Technology Group Ltd. (MRVL) Expected to Post Quarterly Sales of $611.65 Million
Wall Street brokerages expect that Marvell Technology Group Ltd. (NASDAQ:MRVL) will post sales of $611.65 million for the current fiscal quarter, according to Zacks. Nine analysts have issued estimates for Marvell Technology Group’s earnings. The highest sales estimate is $620.29 million and the lowest is $610.00 million. Marvell Technology Group posted sales of $571.40 million during the same quarter last year, which would indicate a positive year over year growth rate of 7%. The business is expected to issue its next quarterly earnings report on Thursday, March 1st.
On average, analysts expect that Marvell Technology Group will report full year sales of $611.65 million for the current fiscal year, with estimates ranging from $2.40 billion to $2.42 billion. For the next financial year, analysts expect that the firm will report sales of $2.50 billion per share, with estimates ranging from $2.46 billion to $2.58 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Marvell Technology Group.
Marvell Technology Group (NASDAQ:MRVL) last posted its earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.93%. The company had revenue of $616.00 million during the quarter, compared to analysts’ expectations of $613.49 million. During the same quarter in the previous year, the company posted $0.20 earnings per share. Marvell Technology Group’s quarterly revenue was down 5.8% compared to the same quarter last year.
In other Marvell Technology Group news, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of Marvell Technology Group stock in a transaction on Friday, December 1st. The shares were sold at an average price of $21.20, for a total transaction of $208,014.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Sehat Sutardja sold 1,266,498 shares of Marvell Technology Group stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $18.55, for a total transaction of $23,493,537.90. The disclosure for this sale can be found here. Insiders have sold a total of 16,117,847 shares of company stock valued at $295,535,059 in the last ninety days. Company insiders own 6.80% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Greenwood Capital Associates LLC grew its holdings in shares of 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 buying an additional 5,105 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of 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 buying an additional 47,648 shares during the period. Jennison Associates LLC acquired a new position in shares of Marvell Technology Group in the 2nd quarter valued at $36,663,000. Teton Advisors Inc. grew its holdings in shares of Marvell Technology Group by 14.7% in the 3rd quarter. Teton Advisors Inc. now owns 71,700 shares of the semiconductor company’s stock valued at $1,283,000 after buying an additional 9,200 shares during the period. Finally, Seven Eight Capital LP grew its holdings in shares of 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 buying an additional 66,900 shares during the period. 78.83% of the stock is owned by institutional investors.
Marvell Technology Group (NASDAQ:MRVL) traded up $0.01 during trading hours on Monday, hitting $22.05. 5,280,493 shares of the stock were exchanged, compared to its average volume of 6,825,673. Marvell Technology Group has a 52 week low of $13.83 and a 52 week high of $24.22. The company has a market capitalization of $10,830.00, a PE ratio of 23.70, a P/E/G ratio of 1.33 and a beta of 1.13.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Wednesday, December 27th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.09%. Marvell Technology Group’s dividend payout ratio is presently 42.11%.
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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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