FinTrust Capital Advisors LLC lifted its stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 144.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,220 shares of the semiconductor company’s stock after acquiring an additional 720 shares during the quarter. FinTrust Capital Advisors LLC’s holdings in Marvell Technology Group were worth $48,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of MRVL. Nuveen Asset Management LLC lifted its holdings in Marvell Technology Group by 32.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 11,979,928 shares of the semiconductor company’s stock worth $420,016,000 after purchasing an additional 2,947,456 shares in the last quarter. Holocene Advisors LP lifted its holdings in Marvell Technology Group by 115.3% in the 2nd quarter. Holocene Advisors LP now owns 4,093,388 shares of the semiconductor company’s stock worth $143,514,000 after purchasing an additional 2,191,998 shares in the last quarter. First Trust Advisors LP lifted its holdings in Marvell Technology Group by 153.3% in the 3rd quarter. First Trust Advisors LP now owns 3,375,734 shares of the semiconductor company’s stock worth $134,017,000 after purchasing an additional 2,042,783 shares in the last quarter. Ceredex Value Advisors LLC purchased a new position in Marvell Technology Group in the 2nd quarter worth approximately $61,173,000. Finally, Neuberger Berman Group LLC lifted its holdings in Marvell Technology Group by 34.3% in the 2nd quarter. Neuberger Berman Group LLC now owns 5,582,566 shares of the semiconductor company’s stock worth $195,725,000 after purchasing an additional 1,426,744 shares in the last quarter. 88.51% of the stock is currently owned by institutional investors.
In other news, Director Michael G. Strachan sold 5,000 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $39.06, for a total transaction of $195,300.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Matthew J. Murphy sold 7,500 shares of the stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $42.83, for a total value of $321,225.00. The disclosure for this sale can be found here. Insiders sold a total of 69,002 shares of company stock worth $2,889,938 in the last ninety days. 0.29% of the stock is currently owned by corporate insiders.
NASDAQ MRVL opened at $43.96 on Friday. The business’s 50 day moving average price is $41.74 and its 200-day moving average price is $36.44. The company has a market cap of $29.46 billion, a P/E ratio of 21.03, a P/E/G ratio of 3.21 and a beta of 1.09. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.12 and a current ratio of 1.33. Marvell Technology Group Ltd. has a fifty-two week low of $16.45 and a fifty-two week high of $45.81.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 27th. The semiconductor company reported $0.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.01. The company had revenue of $727.30 million for the quarter, compared to the consensus estimate of $720.88 million. Marvell Technology Group had a return on equity of 3.10% and a net margin of 50.67%. Marvell Technology Group’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.16 EPS. As a group, equities analysts predict that Marvell Technology Group Ltd. will post 0.57 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 28th. Shareholders of record on Monday, October 12th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.55%. The ex-dividend date was Thursday, October 8th. Marvell Technology Group’s dividend payout ratio (DPR) is presently 75.00%.
A number of research firms recently commented on MRVL. BMO Capital Markets boosted their price target on Marvell Technology Group from $32.00 to $42.00 and gave the stock a “market perform” rating in a report on Friday, October 9th. They noted that the move was a valuation call. Craig Hallum raised Marvell Technology Group from a “hold” rating to a “buy” rating and upped their price objective for the stock from $44.00 to $48.00 in a report on Friday, October 30th. Needham & Company LLC upped their price objective on Marvell Technology Group from $39.00 to $47.00 and gave the stock a “buy” rating in a report on Friday, October 9th. Morgan Stanley upped their price objective on Marvell Technology Group from $37.00 to $40.00 and gave the stock an “equal weight” rating in a report on Friday, October 30th. Finally, Evercore ISI upped their price objective on Marvell Technology Group from $45.00 to $50.00 in a report on Thursday, September 3rd. Five investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $45.58.
About Marvell Technology Group
Marvell Technology Group Ltd. designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; custom application specific integrated circuits; and printer SoC products and application processors.
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