Nuveen Asset Management LLC bought a new position in Marvell Technology Group Ltd. (NASDAQ:MRVL) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 8,892,519 shares of the semiconductor company’s stock, valued at approximately $212,265,000.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Signaturefd LLC grew its stake in Marvell Technology Group by 27.2% in the 2nd quarter. Signaturefd LLC now owns 1,859 shares of the semiconductor company’s stock worth $44,000 after acquiring an additional 397 shares during the period. Winfield Associates Inc. grew its stake in shares of Marvell Technology Group by 4.1% during the 2nd quarter. Winfield Associates Inc. now owns 12,683 shares of the semiconductor company’s stock valued at $303,000 after buying an additional 500 shares during the period. Commerce Bank grew its stake in shares of Marvell Technology Group by 1.0% during the 2nd quarter. Commerce Bank now owns 59,170 shares of the semiconductor company’s stock valued at $1,412,000 after buying an additional 565 shares during the period. LPL Financial LLC grew its stake in shares of Marvell Technology Group by 4.5% during the 2nd quarter. LPL Financial LLC now owns 22,784 shares of the semiconductor company’s stock valued at $544,000 after buying an additional 989 shares during the period. Finally, Wilbanks Smith & Thomas Asset Management LLC grew its stake in shares of Marvell Technology Group by 3.4% during the 1st quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 35,510 shares of the semiconductor company’s stock valued at $706,000 after buying an additional 1,161 shares during the period.
In other Marvell Technology Group news, COO Andrew Micallef sold 40,000 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $24.00, for a total value of $960,000.00. Following the transaction, the chief operating officer now owns 85,048 shares in the company, valued at approximately $2,041,152. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Dan Christman sold 64,856 shares of the business’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $24.97, for a total transaction of $1,619,454.32. Following the completion of the transaction, the executive vice president now owns 1,629 shares in the company, valued at approximately $40,676.13. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 510,933 shares of company stock valued at $13,060,882. 1.10% of the stock is owned by corporate insiders.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.11. Marvell Technology Group had a negative net margin of 14.42% and a positive return on equity of 5.25%. The firm had revenue of $656.56 million during the quarter, compared to analysts’ expectations of $650.29 million. During the same period in the prior year, the company earned $0.28 EPS. The firm’s revenue was down 1.3% on a year-over-year basis. Analysts anticipate that Marvell Technology Group Ltd. will post 0.34 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 30th. Investors of record on Thursday, October 10th will be given a dividend of $0.06 per share. The ex-dividend date is Wednesday, October 9th. This represents a $0.24 dividend on an annualized basis and a yield of 0.98%. Marvell Technology Group’s dividend payout ratio (DPR) is 28.24%.
Several analysts have recently issued reports on the stock. Goldman Sachs Group cut shares of Marvell Technology Group from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $24.00 to $25.00 in a research note on Sunday, July 21st. They noted that the move was a valuation call. BMO Capital Markets set a $28.00 price objective on shares of Marvell Technology Group and gave the company a “buy” rating in a research note on Monday, August 26th. MKM Partners boosted their price objective on shares of Marvell Technology Group from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Barclays set a $30.00 price objective on shares of Marvell Technology Group and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, TheStreet cut shares of Marvell Technology Group from a “b-” rating to a “c+” rating in a research note on Wednesday, September 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $26.96.
Marvell Technology Group Company Profile
Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a range of storage products, including hard disk drive (HDD) and solid-state drive controllers, as well as preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprises, data centers, and cloud computing businesses.
See Also: Why is cost of goods sold important?
Want to see what other hedge funds are holding MRVL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marvell Technology Group Ltd. (NASDAQ:MRVL).
Receive News & Ratings for Marvell Technology Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group and related companies with MarketBeat.com's FREE daily email newsletter.