Marvell Technology Group’s (MRVL) “Buy” Rating Reaffirmed at KeyCorp

KeyCorp reaffirmed their buy rating on shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) in a report published on Wednesday. KeyCorp currently has a $25.00 price target on the semiconductor company’s stock. KeyCorp also issued estimates for Marvell Technology Group’s Q1 2019 earnings at $0.23 EPS, Q2 2019 earnings at $0.31 EPS, Q3 2019 earnings at $0.36 EPS, Q4 2019 earnings at $0.35 EPS and FY2019 earnings at $1.25 EPS.

MRVL has been the topic of several other research reports. B. Riley reaffirmed a buy rating and issued a $24.00 price target on shares of Marvell Technology Group in a research note on Wednesday, September 20th. Cowen and Company reaffirmed an outperform rating and issued a $21.00 price target on shares of Marvell Technology Group in a research note on Wednesday, June 21st. Pacific Crest raised Marvell Technology Group from a sector weight rating to an overweight rating and set a $22.00 price target on the stock in a research note on Tuesday, June 20th. Oppenheimer Holdings, Inc. reaffirmed a buy rating and issued a $23.00 price target on shares of Marvell Technology Group in a research note on Friday, August 25th. Finally, Northland Securities reaffirmed a buy rating and issued a $20.00 price target on shares of Marvell Technology Group in a research note on Friday, August 25th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $19.31.

Shares of Marvell Technology Group (MRVL) opened at 18.20 on Wednesday. The company has a 50-day moving average price of $17.57 and a 200-day moving average price of $16.43. The company has a market capitalization of $9.02 billion, a P/E ratio of 35.27 and a beta of 1.13. Marvell Technology Group has a 12 month low of $12.30 and a 12 month high of $18.72.

Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.03). The company had revenue of $604.75 million for the quarter, compared to analyst estimates of $600.76 million. Marvell Technology Group had a return on equity of 9.99% and a net margin of 10.97%. The business’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period last year, the firm posted $0.18 EPS. On average, analysts forecast that Marvell Technology Group will post $1.12 EPS for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Thursday, October 26th. Shareholders of record on Tuesday, October 10th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, October 6th. This represents a $0.24 annualized dividend and a yield of 1.32%. Marvell Technology Group’s dividend payout ratio (DPR) is 47.06%.

In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 537,235 shares of the company’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $17.57, for a total transaction of $9,439,218.95. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last 90 days, insiders have sold 9,166,380 shares of company stock worth $165,531,785. 6.80% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Marvell Technology Group by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 32,190,297 shares of the semiconductor company’s stock worth $531,785,000 after purchasing an additional 290,339 shares during the period. BlackRock Inc. increased its holdings in Marvell Technology Group by 4,078.2% during the 1st quarter. BlackRock Inc. now owns 24,309,056 shares of the semiconductor company’s stock worth $370,955,000 after purchasing an additional 23,727,243 shares during the period. State Street Corp increased its holdings in Marvell Technology Group by 3.6% during the 1st quarter. State Street Corp now owns 9,846,772 shares of the semiconductor company’s stock worth $150,267,000 after purchasing an additional 341,686 shares during the period. Contour Asset Management LLC increased its holdings in Marvell Technology Group by 11.5% during the 2nd quarter. Contour Asset Management LLC now owns 9,192,978 shares of the semiconductor company’s stock worth $151,868,000 after purchasing an additional 944,622 shares during the period. Finally, UBS Asset Management Americas Inc. increased its holdings in Marvell Technology Group by 2.3% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 8,901,332 shares of the semiconductor company’s stock worth $147,050,000 after purchasing an additional 195,985 shares during the period. Institutional investors own 76.61% of the company’s stock.

Marvell Technology Group Company Profile

Marvell Technology Group Ltd. is a semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution.

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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