IFP Advisors Inc boosted its holdings in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 3,886.2% during the second quarter, HoldingsChannel.com reports. The fund owned 5,780 shares of the semiconductor company’s stock after acquiring an additional 5,635 shares during the period. IFP Advisors Inc’s holdings in Marvell Technology Group were worth $193,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. BlackRock Inc. lifted its holdings in Marvell Technology Group by 5.1% in the first quarter. BlackRock Inc. now owns 44,392,337 shares of the semiconductor company’s stock worth $1,004,598,000 after acquiring an additional 2,143,302 shares during the last quarter. State Street Corp increased its stake in shares of Marvell Technology Group by 2.5% in the first quarter. State Street Corp now owns 14,534,086 shares of the semiconductor company’s stock valued at $328,906,000 after purchasing an additional 355,517 shares during the period. Nuveen Asset Management LLC increased its stake in shares of Marvell Technology Group by 32.7% in the first quarter. Nuveen Asset Management LLC now owns 9,032,472 shares of the semiconductor company’s stock valued at $204,404,000 after purchasing an additional 2,227,948 shares during the period. Geode Capital Management LLC increased its stake in shares of Marvell Technology Group by 3.0% in the first quarter. Geode Capital Management LLC now owns 7,511,315 shares of the semiconductor company’s stock valued at $169,845,000 after purchasing an additional 219,754 shares during the period. Finally, Menora Mivtachim Holdings LTD. acquired a new stake in shares of Marvell Technology Group in the first quarter valued at approximately $108,984,000. 91.91% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Richard Hill sold 24,227 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $34.40, for a total transaction of $833,408.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mitchell Gaynor sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $35.09, for a total transaction of $1,052,700.00. Over the last three months, insiders have sold 87,734 shares of company stock valued at $3,070,335. 0.29% of the stock is currently owned by insiders.
Shares of MRVL stock opened at $33.78 on Tuesday. Marvell Technology Group Ltd. has a 1 year low of $16.45 and a 1 year high of $39.40. The firm’s 50 day moving average is $35.90 and its 200-day moving average is $28.80. The firm has a market capitalization of $22.33 billion, a price-to-earnings ratio of 104.91, a PEG ratio of 2.59 and a beta of 1.07. The company has a current ratio of 2.14, a quick ratio of 1.75 and a debt-to-equity ratio of 0.17.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, May 28th. The semiconductor company reported $0.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.04. The business had revenue of $694.00 million during the quarter, compared to the consensus estimate of $680.19 million. Marvell Technology Group had a net margin of 55.66% and a return on equity of 2.82%. Marvell Technology Group’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.16 earnings per share. On average, equities research analysts forecast that Marvell Technology Group Ltd. will post 0.57 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 29th. Investors of record on Monday, July 13th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date was Friday, July 10th. Marvell Technology Group’s dividend payout ratio (DPR) is 75.00%.
Several brokerages have commented on MRVL. UBS Group raised their price target on shares of Marvell Technology Group from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Monday, June 29th. Rosenblatt Securities restated a “buy” rating and issued a $42.00 price target (up previously from $32.00) on shares of Marvell Technology Group in a research note on Tuesday, May 26th. ValuEngine lowered shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Friday, May 1st. Oppenheimer began coverage on shares of Marvell Technology Group in a research note on Thursday, July 16th. They issued a “buy” rating and a $35.00 price target on the stock. Finally, Morgan Stanley raised their price objective on shares of Marvell Technology Group from $33.50 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $35.09.
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.
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