Tdam USA Inc. lowered its stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 75.9% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 113,896 shares of the semiconductor company’s stock after selling 358,804 shares during the period. Tdam USA Inc.’s holdings in Marvell Technology Group were worth $2,719,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Robecosam AG grew its stake in Marvell Technology Group by 5.4% during the second quarter. Robecosam AG now owns 970,000 shares of the semiconductor company’s stock worth $23,173,000 after buying an additional 50,000 shares during the last quarter. Kornitzer Capital Management Inc. KS bought a new stake in shares of Marvell Technology Group during the second quarter valued at approximately $13,673,000. Tocqueville Asset Management L.P. bought a new stake in shares of Marvell Technology Group during the second quarter valued at approximately $239,000. Signaturefd LLC grew its stake in shares of Marvell Technology Group by 27.2% during the second quarter. Signaturefd LLC now owns 1,859 shares of the semiconductor company’s stock valued at $44,000 after purchasing an additional 397 shares during the last quarter. Finally, Mizuho Securities Co. Ltd. bought a new stake in shares of Marvell Technology Group during the second quarter valued at approximately $48,000.
MRVL traded down $0.73 during mid-day trading on Wednesday, hitting $24.41. The stock had a trading volume of 284,476 shares, compared to its average volume of 11,393,253. The business’s fifty day simple moving average is $25.25. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.67. The firm has a market cap of $16.63 billion, a price-to-earnings ratio of 28.72, a price-to-earnings-growth ratio of 7.92 and a beta of 1.16. Marvell Technology Group Ltd. has a 1-year low of $14.34 and a 1-year high of $27.64.
Marvell Technology Group (NASDAQ:MRVL) last posted its earnings results on Thursday, May 30th. The semiconductor company reported $0.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.02. The company had revenue of $662.00 million for the quarter, compared to analyst estimates of $651.07 million. Marvell Technology Group had a negative net margin of 12.18% and a positive return on equity of 5.88%. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period last year, the business posted $0.32 earnings per share. As a group, analysts forecast that Marvell Technology Group Ltd. will post 0.43 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were issued a $0.06 dividend. The ex-dividend date was Thursday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.98%. Marvell Technology Group’s dividend payout ratio (DPR) is presently 28.24%.
Several analysts have recently commented on MRVL shares. William Blair started coverage on shares of Marvell Technology Group in a research note on Monday, July 15th. They set an “outperform” rating and a $25.40 price target on the stock. Raymond James began coverage on shares of Marvell Technology Group in a research note on Wednesday, June 19th. They set a “market perform” rating and a $24.55 price target on the stock. B. Riley reduced their price objective on shares of Marvell Technology Group from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Friday, May 31st. Wells Fargo & Co began coverage on shares of Marvell Technology Group in a research note on Tuesday, May 14th. They issued a “market perform” rating and a $24.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised their price objective on shares of Marvell Technology Group from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, May 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nineteen have given a buy rating to the stock. Marvell Technology Group has an average rating of “Buy” and a consensus price target of $26.25.
In other Marvell Technology Group news, CEO Matthew J. Murphy sold 15,000 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $23.98, for a total value of $359,700.00. Following the sale, the chief executive officer now directly owns 1,755 shares in the company, valued at $42,084.90. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Willem A. Meintjes sold 28,057 shares of the stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $24.32, for a total transaction of $682,346.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 338,057 shares of company stock worth $8,659,346. Company insiders own 1.10% of the company’s stock.
Marvell Technology Group Company 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.
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