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.
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