Credit Suisse Group AG upgraded shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) from a neutral rating to an outperform rating in a report released on Wednesday morning. The brokerage currently has $17.50 price target on the stock, up from their prior price target of $13.50.
Other research analysts have also issued reports about the company. B. Riley reiterated a buy rating and set a $15.00 price objective on shares of Marvell Technology Group in a research note on Sunday, June 26th. Zacks Investment Research lowered Marvell Technology Group from a hold rating to a strong sell rating in a research note on Monday, July 25th. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $13.02.
Marvell Technology Group (NASDAQ:MRVL) traded down 2.63% during mid-day trading on Wednesday, reaching $12.60. 594,665 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $12.77 and a 200-day moving average price of $10.98. The stock’s market cap is $6.45 billion. Marvell Technology Group has a 52 week low of $7.40 and a 52 week high of $13.56.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings data on Tuesday, September 6th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.07. Marvell Technology Group had a positive return on equity of 1.35% and a negative net margin of 1.18%. The firm earned $626 million during the quarter, compared to analyst estimates of $629.96 million. During the same period in the prior year, the company posted $0.12 earnings per share. The business’s revenue for the quarter was down 11.8% compared to the same quarter last year. On average, analysts forecast that Marvell Technology Group will post $0.44 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 19th. Shareholders of record on Wednesday, September 28th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.85%. The ex-dividend date is Monday, September 26th. Marvell Technology Group’s dividend payout ratio (DPR) is -480.00%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Aperio Group LLC raised its position in Marvell Technology Group by 12.7% in the first quarter. Aperio Group LLC now owns 40,891 shares of the company’s stock valued at $422,000 after buying an additional 4,624 shares during the period. A.R.T. Advisors LLC raised its position in Marvell Technology Group by 751.2% in the first quarter. A.R.T. Advisors LLC now owns 422,425 shares of the company’s stock valued at $4,355,000 after buying an additional 372,800 shares during the period. Renaissance Technologies LLC bought a new position in Marvell Technology Group during the first quarter valued at $12,977,000. Legal & General Group Plc raised its position in Marvell Technology Group by 3.8% in the first quarter. Legal & General Group Plc now owns 1,855,185 shares of the company’s stock valued at $19,127,000 after buying an additional 68,468 shares during the period. Finally, BlackRock Inc. raised its position in Marvell Technology Group by 27.6% in the first quarter. BlackRock Inc. now owns 371,827 shares of the company’s stock valued at $3,834,000 after buying an additional 80,413 shares during the period. 70.60% of the stock is currently owned by hedge funds and other institutional investors.
About Marvell Technology Group
Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics.
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