Oak Ridge Investments LLC bought a new position in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) during the 3rd quarter, HoldingsChannel reports. The firm bought 127,006 shares of the semiconductor company’s stock, valued at approximately $2,451,000.
Several other large investors also recently bought and sold shares of the business. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new stake in shares of Marvell Technology Group in the second quarter worth $117,000. MUFG Americas Holdings Corp purchased a new stake in shares of Marvell Technology Group in the second quarter worth $120,000. Cerebellum GP LLC purchased a new stake in shares of Marvell Technology Group in the third quarter worth $183,000. Commonwealth Bank of Australia raised its position in shares of 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 buying an additional 8,000 shares in the last quarter. Finally, Engineers Gate Manager LP purchased a new stake in shares of Marvell Technology Group in the third quarter worth $203,000. Hedge funds and other institutional investors own 83.59% of the company’s stock.
In other news, CEO Matthew J. Murphy sold 10,000 shares of the firm’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.10% of the company’s stock.
NASDAQ MRVL opened at $15.72 on Wednesday. Marvell Technology Group Ltd. has a twelve month low of $15.31 and a twelve month high of $25.18. The company has a current ratio of 2.54, a quick ratio of 1.76 and a debt-to-equity ratio of 0.25. The stock has a market cap of $10.40 billion, a price-to-earnings ratio of 15.12, a PEG ratio of 1.89 and a beta of 1.09.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, September 6th. The semiconductor company reported $0.28 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.01). Marvell Technology Group had a net margin of 15.36% and a return on equity of 10.70%. The firm had revenue of $665.31 million for the quarter, compared to analysts’ expectations of $685.00 million. During the same quarter in the previous year, the business earned $0.30 EPS. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. On average, analysts predict that Marvell Technology Group Ltd. will post 0.86 EPS for the current fiscal year.
Marvell Technology Group declared that its Board of Directors has initiated a share buyback plan on Tuesday, October 16th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to repurchase up to 7.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Tuesday, October 23rd. Shareholders of record on Tuesday, October 2nd were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, October 1st. This represents a $0.24 dividend on an annualized basis and a yield of 1.53%. Marvell Technology Group’s payout ratio is 23.08%.
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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.
Further Reading: How Investors Use a Balance Sheet
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