Zacks Investment Research cut shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) from a hold rating to a sell rating in a report released on Wednesday, May 10th.
According to Zacks, “Marvell Technology is a fabless designer, developer and marketer of analog, mixed-signal and digital signal processing integrated circuits. The stock has outperformed the broader industry over the last one-year. Though the macro headwinds and stringent regulations might put the company's financials under pressure in the near term, 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 IoT solutions. Also, the company’s recent restructuring initiative will help Marvell improve cloud infrastructure and applications, which are expected to drive the company’s top line. The latest buyback scheme also reflects the company’s sound financial position. However, competition in the semiconductor market from major players such as Intel and Texas Instruments is a headwind.”
Several other brokerages have also recently issued reports on MRVL. Needham & Company LLC restated a hold rating on shares of Marvell Technology Group in a research report on Friday, March 3rd. Vetr upgraded shares of Marvell Technology Group from a strong sell rating to a hold rating and set a $15.20 price target on the stock in a report on Thursday, February 2nd. Morgan Stanley upped their price target on shares of Marvell Technology Group to $17.00 in a report on Friday, March 3rd. B. Riley reiterated a buy rating and set a $21.00 price target on shares of Marvell Technology Group in a report on Monday, May 1st. Finally, Loop Capital reiterated a buy rating and set a $20.00 price target on shares of Marvell Technology Group in a report on Thursday, March 16th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Marvell Technology Group currently has a consensus rating of Hold and an average target price of $16.90.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded up 3.22% during midday trading on Wednesday, reaching $16.01. The company had a trading volume of 8,602,643 shares. Marvell Technology Group has a one year low of $9.05 and a one year high of $16.72. The company has a 50 day moving average of $15.19 and a 200 day moving average of $14.89. The company has a market capitalization of $8.04 billion, a PE ratio of 390.49 and a beta of 1.11.
Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Thursday, March 2nd. The semiconductor company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.03. The firm had revenue of $571.40 million for the quarter, compared to analysts’ expectations of $567.68 million. Marvell Technology Group had a net margin of 4.33% and a return on equity of 3.28%. The business’s revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.11 EPS. Analysts predict that Marvell Technology Group will post $1.01 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Thursday, April 20th. Stockholders of record on Tuesday, April 4th were given a $0.06 dividend. The ex-dividend date was Friday, March 31st. This represents a $0.24 annualized dividend and a dividend yield of 1.50%. Marvell Technology Group’s dividend payout ratio (DPR) is 114.29%.
Several hedge funds have recently made changes to their positions in the stock. Seven Eight Capital LP bought a new stake in shares of Marvell Technology Group during the fourth quarter valued at about $1,474,000. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Marvell Technology Group by 454.8% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,777 shares of the semiconductor company’s stock valued at $122,000 after buying an additional 7,195 shares during the period. Russell Investments Group Ltd. bought a new stake in shares of Marvell Technology Group during the fourth quarter valued at about $17,337,000. Franklin Resources Inc. raised its stake in shares of Marvell Technology Group by 7.7% in the fourth quarter. Franklin Resources Inc. now owns 14,079 shares of the semiconductor company’s stock valued at $195,000 after buying an additional 1,006 shares during the period. Finally, Nomura Asset Management Co. Ltd. raised its stake in shares of Marvell Technology Group by 9.2% in the third quarter. Nomura Asset Management Co. Ltd. now owns 59,550 shares of the semiconductor company’s stock valued at $790,000 after buying an additional 5,000 shares during the period. Institutional investors and hedge funds own 73.41% of the company’s stock.
Marvell Technology Group Company Profile
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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