Nuveen Asset Management LLC Makes New $212.27 Million Investment in Marvell Technology Group Ltd. (NASDAQ:MRVL)

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 stock traded up $0.09 during trading on Wednesday, reaching $24.40. 1,149,924 shares of the company’s stock were exchanged, compared to its average volume of 8,003,586. The company’s 50-day moving average is $24.68 and its two-hundred day moving average is $23.65. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.68 and a current ratio of 3.06. Marvell Technology Group Ltd. has a 52-week low of $14.34 and a 52-week high of $27.64. The firm has a market cap of $16.57 billion, a price-to-earnings ratio of 28.71, a PEG ratio of 11.65 and a beta of 1.19.

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.

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Institutional Ownership by Quarter for Marvell Technology Group (NASDAQ:MRVL)

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