Aperio Group LLC increased its stake in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 31.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 100,099 shares of the semiconductor company’s stock after purchasing an additional 23,872 shares during the period. Aperio Group LLC’s holdings in Marvell Technology Group were worth $1,932,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in Marvell Technology Group during the 2nd quarter valued at $117,000. MUFG Americas Holdings Corp bought a new stake in Marvell Technology Group during the 2nd quarter valued at $120,000. Cerebellum GP LLC bought a new stake in Marvell Technology Group during the 3rd quarter valued at $183,000. Commonwealth Bank of Australia raised its stake in Marvell Technology Group by 1,142.9% during the 2nd quarter. Commonwealth Bank of Australia now owns 8,700 shares of the semiconductor company’s stock valued at $185,000 after acquiring an additional 8,000 shares in the last quarter. Finally, Creative Planning bought a new stake in Marvell Technology Group during the 2nd quarter valued at $207,000. 82.65% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ MRVL opened at $16.39 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.76 and a current ratio of 2.54. The firm has a market capitalization of $11.10 billion, a P/E ratio of 15.76, a P/E/G ratio of 2.02 and a beta of 1.09. Marvell Technology Group Ltd. has a 52-week low of $15.31 and a 52-week high of $25.18.
Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Thursday, September 6th. The semiconductor company reported $0.28 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.01). The company had revenue of $665.31 million during the quarter, compared to analyst estimates of $685.00 million. Marvell Technology Group had a return on equity of 10.70% and a net margin of 15.36%. The business’s revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.30 earnings per share. As a group, research analysts expect that Marvell Technology Group Ltd. will post 0.86 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 23rd. Investors of record on Tuesday, October 2nd were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date was Monday, October 1st. Marvell Technology Group’s payout ratio is 23.08%.
Marvell Technology Group declared that its Board of Directors has initiated a share buyback program on Tuesday, October 16th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 7.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
MRVL has been the topic of several recent analyst reports. BidaskClub downgraded Marvell Technology Group from a “hold” rating to a “sell” rating in a research note on Thursday. BMO Capital Markets raised Marvell Technology Group from a “market perform” rating to an “outperform” rating and set a $24.00 target price on the stock in a research note on Monday, October 15th. Rosenblatt Securities reissued a “buy” rating and issued a $27.00 price objective on shares of Marvell Technology Group in a research note on Sunday, September 9th. Goldman Sachs Group set a $23.00 price objective on Marvell Technology Group and gave the stock a “buy” rating in a research note on Wednesday, October 17th. Finally, Zacks Investment Research downgraded Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Wednesday, August 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-three have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $25.56.
In related news, CEO Matthew J. Murphy sold 10,000 shares of Marvell Technology Group stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $20.64, for a total value of $206,400.00. Following the transaction, the chief executive officer now directly owns 1,755 shares in the company, valued at approximately $36,223.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.10% of the company’s stock.
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Marvell Technology Group Profile
Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a range of storage products, including hard disk drive (HDD) and solid-state drive controllers, as well as HDD components, such as HDD preamps components; and develops software-enabled silicon solutions comprising serial advanced technology attachment port multipliers, bridges, serial attached SCSI, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprises, data centers, and cloud computing businesses.
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