Chartwell Investment Partners LLC grew its holdings in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 14.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 78,038 shares of the semiconductor company’s stock after purchasing an additional 9,624 shares during the quarter. Chartwell Investment Partners LLC’s holdings in Marvell Technology Group were worth $2,736,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in MRVL. Allworth Financial LP boosted its stake in Marvell Technology Group by 128.1% during the 1st quarter. Allworth Financial LP now owns 2,144 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 1,204 shares during the last quarter. NuWave Investment Management LLC acquired a new stake in Marvell Technology Group during the 2nd quarter worth $51,000. Winslow Evans & Crocker Inc. boosted its stake in Marvell Technology Group by 74,950.0% during the 2nd quarter. Winslow Evans & Crocker Inc. now owns 1,501 shares of the semiconductor company’s stock worth $53,000 after purchasing an additional 1,499 shares during the last quarter. Synovus Financial Corp boosted its stake in Marvell Technology Group by 206.2% during the 1st quarter. Synovus Financial Corp now owns 2,679 shares of the semiconductor company’s stock worth $56,000 after purchasing an additional 1,804 shares during the last quarter. Finally, Sowell Financial Services LLC boosted its stake in Marvell Technology Group by 103.7% during the 1st quarter. Sowell Financial Services LLC now owns 2,473 shares of the semiconductor company’s stock worth $56,000 after purchasing an additional 1,259 shares during the last quarter. 91.91% of the stock is currently owned by institutional investors.
Several research analysts have recently weighed in on the stock. Citigroup boosted their price target on shares of Marvell Technology Group from $31.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Barclays boosted their target price on shares of Marvell Technology Group from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Monday, July 20th. UBS Group raised their price target on shares of Marvell Technology Group from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Monday, June 29th. Craig Hallum cut their price target on shares of Marvell Technology Group from $37.00 to $30.00 and set a “buy” rating for the company in a report on Friday, May 29th. Finally, Wells Fargo & Co downgraded shares of Marvell Technology Group from an “overweight” rating to an “equal weight” rating and set a $35.00 price target for the company. in a report on Wednesday, July 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-one have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $34.14.
NASDAQ:MRVL opened at $36.47 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.75 and a current ratio of 2.14. Marvell Technology Group Ltd. has a fifty-two week low of $16.45 and a fifty-two week high of $39.40. The stock has a market capitalization of $24.26 billion, a P/E ratio of 16.28, a PEG ratio of 2.82 and a beta of 1.08. The company has a 50 day moving average price of $35.31 and a 200 day moving average price of $28.11.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, May 28th. The semiconductor company reported $0.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.04. Marvell Technology Group had a net margin of 55.66% and a return on equity of 2.82%. The company had revenue of $694.00 million during the quarter, compared to analysts’ expectations of $680.19 million. During the same quarter last year, the company posted $0.16 EPS. The firm’s revenue was up 4.8% compared to the same quarter last year. Research analysts forecast that Marvell Technology Group Ltd. will post 0.57 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 29th. Shareholders of record on Monday, July 13th were given a $0.06 dividend. The ex-dividend date was Friday, July 10th. This represents a $0.24 annualized dividend and a yield of 0.66%. Marvell Technology Group’s dividend payout ratio is presently 75.00%.
Marvell Technology Group 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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