Zacks Investment Research upgraded shares of Marvell Technology Group (NASDAQ:MRVL) from a sell rating to a hold rating in a research note issued to investors on Tuesday morning.
According to Zacks, “Marvell ended fiscal 2018 on an impressive note, reporting better-than-expected results for the Q4. Going ahead, Marvell’s recent deal to acquire Cavium will broaden its offerings beyond hard disk drives microprocessors and enter into high growth areas such as data centers and wireless communications. The buyout will give Marvell a direct access to the server microprocessor market, which is currently dominated by Intel. Also, we believe that the strong demand for Marvell’s 4G LTE products could be a growth driver. This will be supported by growth from the company’s wide range of newly-launched Internet of Things (IoT) solutions. The latest buyback scheme also reflects the company’s sound financial position. The stock has outperformed the industry in the last one year. However, competition in the semiconductor market from major players is a headwind.”
MRVL has been the topic of several other research reports. BMO Capital Markets increased their price target on shares of Marvell Technology Group to $25.00 and gave the stock a market perform rating in a research report on Monday, November 27th. ValuEngine upgraded shares of Marvell Technology Group from a hold rating to a buy rating in a research report on Sunday, December 31st. Morgan Stanley reiterated an equal weight rating and set a $23.00 price target (up previously from $22.00) on shares of Marvell Technology Group in a research report on Friday, March 9th. B. Riley reiterated a buy rating and set a $29.00 price target on shares of Marvell Technology Group in a research report on Wednesday, November 29th. Finally, Needham & Company LLC increased their price target on shares of Marvell Technology Group from $25.00 to $27.00 and gave the stock a buy rating in a research report on Wednesday, November 29th. Seven analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $25.02.
Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Thursday, March 8th. The semiconductor company reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.01. Marvell Technology Group had a net margin of 21.56% and a return on equity of 13.25%. The firm had revenue of $615.40 million for the quarter, compared to analyst estimates of $610.99 million. During the same quarter in the prior year, the business posted $0.22 EPS. The business’s revenue was up 8.7% compared to the same quarter last year. equities research analysts forecast that Marvell Technology Group will post 1.16 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 18th. Shareholders of record on Thursday, March 29th will be given a $0.06 dividend. The ex-dividend date is Wednesday, March 28th. This represents a $0.24 dividend on an annualized basis and a yield of 1.12%. Marvell Technology Group’s dividend payout ratio is currently 23.30%.
In other Marvell Technology Group news, insider Marvell Semiconductor, Inc. Ca sold 1,512 shares of the firm’s stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $23.86, for a total value of $36,076.32. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Michael G. Strachan sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $23.65, for a total transaction of $473,000.00. Following the completion of the sale, the director now owns 19,702 shares in the company, valued at approximately $465,952.30. The disclosure for this sale can be found here. Insiders sold 51,512 shares of company stock worth $1,236,276 in the last 90 days. Company insiders own 6.80% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in MRVL. Advisor Group Inc. raised its stake in shares of Marvell Technology Group by 516.2% during the fourth quarter. Advisor Group Inc. now owns 4,800 shares of the semiconductor company’s stock valued at $103,000 after acquiring an additional 4,021 shares during the last quarter. Delpha Capital Management LLC bought a new position in shares of Marvell Technology Group during the fourth quarter valued at $112,000. Tower Research Capital LLC TRC raised its stake in shares of Marvell Technology Group by 208.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,482 shares of the semiconductor company’s stock valued at $118,000 after acquiring an additional 3,704 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Marvell Technology Group by 182.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 7,322 shares of the semiconductor company’s stock valued at $157,000 after acquiring an additional 4,734 shares during the last quarter. Finally, American International Group Inc. bought a new position in shares of Marvell Technology Group during the fourth quarter valued at $181,000. 91.65% of the stock is owned by hedge funds and other institutional investors.
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About Marvell Technology Group
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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