Nippon Life Global Investors Americas Inc. grew its holdings in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 41.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 214,270 shares of the semiconductor company’s stock after buying an additional 62,440 shares during the period. Nippon Life Global Investors Americas Inc.’s holdings in Marvell Technology Group were worth $4,135,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also bought and sold shares of MRVL. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new stake in Marvell Technology Group in the second quarter worth $117,000. MUFG Americas Holdings Corp purchased a new stake in Marvell Technology Group in the second quarter worth $120,000. Cerebellum GP LLC purchased a new stake in Marvell Technology Group in the third quarter worth $183,000. Commonwealth Bank of Australia grew its stake in Marvell Technology Group by 1,142.9% in the second quarter. Commonwealth Bank of Australia now owns 8,700 shares of the semiconductor company’s stock worth $185,000 after purchasing an additional 8,000 shares during the period. Finally, Creative Planning purchased a new stake in Marvell Technology Group in the second quarter worth $207,000. 81.96% of the stock is currently owned by hedge funds and other institutional investors.
MRVL has been the topic of several recent research reports. BMO Capital Markets raised Marvell Technology Group from a “market perform” rating to an “outperform” rating and set a $24.00 price target on the stock in a research note on Monday, October 15th. Rosenblatt Securities reissued a “buy” rating and issued a $27.00 target price on shares of Marvell Technology Group in a research note on Sunday, September 9th. Goldman Sachs Group set a $23.00 target price on Marvell Technology Group and gave the stock a “buy” rating in a research note on Wednesday, October 17th. UBS Group cut their target price on Marvell Technology Group from $38.00 to $33.00 and set a “buy” rating on the stock in a research note on Friday, July 6th. Finally, Zacks Investment Research cut Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Wednesday, August 1st. Five investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $25.56.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, September 6th. The semiconductor company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.01). The business had revenue of $665.31 million for the quarter, compared to the consensus estimate of $685.00 million. Marvell Technology Group had a net margin of 15.36% and a return on equity of 10.70%. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.30 earnings per share. On average, research analysts predict that Marvell Technology Group Ltd. will post 0.86 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 23rd. Stockholders of record on Tuesday, October 2nd were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date of this dividend was Monday, October 1st. Marvell Technology Group’s payout ratio is currently 23.08%.
Marvell Technology Group declared that its Board of Directors has initiated a share repurchase plan on Tuesday, October 16th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to purchase up to 7.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, CEO Matthew J. Murphy sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $20.64, for a total transaction of $206,400.00. Following the transaction, the chief executive officer now directly owns 1,755 shares of the company’s stock, valued at $36,223.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.10% of the company’s stock.
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 HDD components, such as HDD preamps components; and develops software-enabled silicon solutions comprising serial advanced technology attachment port multipliers, bridges, serial attached SCSI, 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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