Penn Capital Management Co. Inc. grew its position in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 28.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,860 shares of the semiconductor company’s stock after buying an additional 13,728 shares during the period. Penn Capital Management Co. Inc.’s holdings in Marvell Technology Group were worth $3,676,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Loeb Partners Corp bought a new position in shares of Marvell Technology Group in the fourth quarter worth $44,000. Quadrant Capital Group LLC increased its position in shares of Marvell Technology Group by 1,266.3% in the first quarter. Quadrant Capital Group LLC now owns 2,678 shares of the semiconductor company’s stock worth $51,000 after purchasing an additional 2,482 shares during the period. AlphaOne Investment Services LLC increased its position in shares of Marvell Technology Group by 339.4% in the fourth quarter. AlphaOne Investment Services LLC now owns 3,344 shares of the semiconductor company’s stock worth $54,000 after purchasing an additional 2,583 shares during the period. Massey Quick Simon & CO. LLC bought a new position in shares of Marvell Technology Group in the first quarter worth $59,000. Finally, Sterling Investment Advisors Ltd. increased its position in shares of Marvell Technology Group by 100.0% in the fourth quarter. Sterling Investment Advisors Ltd. now owns 6,000 shares of the semiconductor company’s stock worth $97,000 after purchasing an additional 3,000 shares during the period. Institutional investors own 97.26% of the company’s stock.
A number of research analysts recently commented on the company. UBS Group raised their price target on Marvell Technology Group from $22.00 to $29.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Bank of America raised their price objective on Marvell Technology Group from $24.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. BidaskClub raised Marvell Technology Group from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 23rd. Piper Jaffray Companies lifted their price target on Marvell Technology Group from $22.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, May 3rd. Finally, BMO Capital Markets lifted their price objective on Marvell Technology Group to $28.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 7th. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $25.55.
In other news, EVP Mitchell Gaynor sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $23.64, for a total transaction of $236,400.00. Following the completion of the sale, the executive vice president now owns 25,576 shares in the company, valued at $604,616.64. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.10% of the company’s stock.
NASDAQ MRVL opened at $22.85 on Thursday. The company has a market cap of $14.59 billion, a PE ratio of 26.86, a PEG ratio of 4.01 and a beta of 1.11. Marvell Technology Group Ltd. has a 52 week low of $14.34 and a 52 week high of $25.74. The company has a quick ratio of 1.76, a current ratio of 2.19 and a debt-to-equity ratio of 0.24.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.17 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.02). The firm had revenue of $744.80 million for the quarter, compared to the consensus estimate of $739.88 million. Marvell Technology Group had a negative net margin of 6.25% and a positive return on equity of 7.95%. During the same quarter in the prior year, the firm earned $0.32 EPS. On average, equities analysts anticipate that Marvell Technology Group Ltd. will post 0.63 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 24th. Stockholders of record on Wednesday, April 3rd were issued a dividend of $0.06 per share. The ex-dividend date was Tuesday, April 2nd. This represents a $0.24 annualized dividend and a dividend yield of 1.05%. Marvell Technology Group’s dividend payout ratio is 28.24%.
TRADEMARK VIOLATION NOTICE: This article was originally posted by American Banking News and is the property of of American Banking News. If you are reading this article on another domain, it was stolen and republished in violation of United States and international copyright and trademark law. The original version of this article can be read at https://www.americanbankingnews.com/2019/05/16/penn-capital-management-co-inc-purchases-13728-shares-of-marvell-technology-group-ltd-mrvl.html.
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 preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprises, data centers, and cloud computing businesses.
Featured Article: Should you buy a closed-end mutual fund?
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.