TimesSquare Capital Management LLC decreased its position in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 21.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,925,465 shares of the semiconductor company’s stock after selling 1,097,031 shares during the period. Marvell Technology Group makes up about 0.9% of TimesSquare Capital Management LLC’s investment portfolio, making the stock its 25th largest position. TimesSquare Capital Management LLC’s holdings in Marvell Technology Group were worth $98,019,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Capital Investment Advisory Services LLC bought a new position in Marvell Technology Group during the second quarter valued at $31,000. CWM LLC increased its position in Marvell Technology Group by 296.0% during the third quarter. CWM LLC now owns 1,497 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 1,119 shares during the last quarter. Patriot Financial Group Insurance Agency LLC increased its position in Marvell Technology Group by 198.2% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,807 shares of the semiconductor company’s stock valued at $43,000 after acquiring an additional 1,201 shares during the last quarter. Signaturefd LLC increased its position in Marvell Technology Group by 27.2% during the second quarter. Signaturefd LLC now owns 1,859 shares of the semiconductor company’s stock valued at $44,000 after acquiring an additional 397 shares during the last quarter. Finally, Mizuho Securities Co. Ltd. bought a new position in Marvell Technology Group during the second quarter valued at $48,000.
Marvell Technology Group stock traded up $1.12 during midday trading on Tuesday, hitting $28.07. 15,682,200 shares of the company’s stock were exchanged, compared to its average volume of 10,169,657. 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 12 month low of $14.34 and a 12 month high of $28.38. The firm has a 50-day moving average of $24.71 and a two-hundred day moving average of $24.48. The company has a market cap of $18.06 billion, a PE ratio of 33.02, a P/E/G ratio of 13.03 and a beta of 1.19.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 30th. Shareholders of record on Thursday, October 10th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend was Wednesday, October 9th. Marvell Technology Group’s payout ratio is 28.24%.
In other Marvell Technology Group news, CEO Matthew J. Murphy sold 15,000 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $24.83, for a total transaction of $372,450.00. Following the transaction, the chief executive officer now directly owns 1,755 shares in the company, valued at approximately $43,576.65. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Andrew Micallef sold 40,000 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $24.00, for a total transaction of $960,000.00. Following the transaction, the chief operating officer now owns 85,048 shares in the company, valued at $2,041,152. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 260,933 shares of company stock worth $6,598,382. 1.10% of the stock is owned by company insiders.
MRVL has been the topic of a number of analyst reports. BidaskClub upgraded shares of Marvell Technology Group from a “sell” rating to a “hold” rating in a research report on Wednesday, October 23rd. Citigroup cut shares of Marvell Technology Group to a “buy” rating and set a $29.00 price objective on the stock. in a research report on Friday, August 30th. Barclays set a $30.00 price objective on shares of Marvell Technology Group and gave the company a “buy” rating in a research report on Friday, August 30th. Stifel Nicolaus reiterated a “buy” rating and set a $29.00 price objective on shares of Marvell Technology Group in a research report on Friday, October 4th. Finally, Piper Jaffray Companies set a $30.00 price target on shares of Marvell Technology Group and gave the stock a “buy” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have given a buy rating to the company’s stock. Marvell Technology Group currently has an average rating of “Buy” and a consensus target price of $27.42.
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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