Comerica Bank lifted its stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 3.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 466,876 shares of the semiconductor company’s stock after buying an additional 15,088 shares during the period. Comerica Bank owned about 0.07% of Marvell Technology Group worth $8,189,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the stock. Morse Asset Management Inc purchased a new position in shares of Marvell Technology Group during the third quarter valued at approximately $403,000. Engineers Gate Manager LP purchased a new position in shares of Marvell Technology Group during the third quarter valued at approximately $203,000. Majedie Asset Management Ltd purchased a new position in shares of Marvell Technology Group during the third quarter valued at approximately $485,000. US Bancorp DE boosted its position in shares of Marvell Technology Group by 5.4% during the third quarter. US Bancorp DE now owns 468,117 shares of the semiconductor company’s stock valued at $9,035,000 after buying an additional 24,128 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in shares of Marvell Technology Group by 40.4% during the third quarter. State Board of Administration of Florida Retirement System now owns 842,927 shares of the semiconductor company’s stock valued at $16,268,000 after buying an additional 242,548 shares during the last quarter. 82.65% of the stock is currently owned by institutional investors.
In other Marvell Technology Group news, CEO Matthew J. Murphy sold 10,000 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 1,755 shares in the company, valued at approximately $36,223.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.10% of the company’s stock.
Shares of MRVL stock opened at $16.39 on Friday. Marvell Technology Group Ltd. has a 1-year low of $15.31 and a 1-year high of $25.18. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.54 and a quick ratio of 1.76. The stock has a market cap 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 (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, September 6th. The semiconductor company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.01). Marvell Technology Group had a return on equity of 10.70% and a net margin of 15.36%. The business had revenue of $665.31 million during the quarter, compared to analysts’ expectations of $685.00 million. During the same quarter last year, the business posted $0.30 EPS. The company’s quarterly revenue was up 10.1% compared to the same quarter last year. As a group, equities research analysts expect that Marvell Technology Group Ltd. will post 0.86 EPS for the current fiscal year.
Marvell Technology Group announced that its board has authorized a stock repurchase program on Tuesday, October 16th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the semiconductor company to reacquire up to 7.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 23rd. Shareholders of record on Tuesday, October 2nd were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.46%. The ex-dividend date was Monday, October 1st. Marvell Technology Group’s dividend payout ratio (DPR) is currently 23.08%.
Several research analysts recently issued reports on the company. BidaskClub cut Marvell Technology Group from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 2nd. Cowen cut their price objective on Marvell Technology Group from $29.00 to $26.00 and set an “outperform” rating on the stock in a research report on Monday, August 27th. ValuEngine cut Marvell Technology Group from a “buy” rating to a “hold” rating in a research report on Tuesday, August 14th. Stifel Nicolaus raised Marvell Technology Group from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a research report on Friday, October 12th. Finally, B. Riley cut their price objective on Marvell Technology Group from $30.00 to $26.00 and set a “buy” rating on the stock in a research report on Wednesday, October 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-three have assigned a buy rating to the stock. Marvell Technology Group currently has an average rating of “Buy” and an average price target of $25.56.
COPYRIGHT VIOLATION NOTICE: This article was reported by American Banking News and is owned by of American Banking News. If you are viewing this article on another website, it was stolen and republished in violation of U.S. & international copyright & trademark legislation. The legal version of this article can be accessed at https://www.americanbankingnews.com/2018/11/10/comerica-bank-has-8-19-million-position-in-marvell-technology-group-ltd-mrvl.html.
About Marvell Technology Group
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.
Recommended Story: What is a put option?
Want to see what other hedge funds are holding MRVL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marvell Technology Group Ltd. (NASDAQ:MRVL).
Receive News & Ratings for Marvell Technology Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group and related companies with MarketBeat.com's FREE daily email newsletter.