Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) have been given a consensus recommendation of “Buy” by the twenty-nine brokerages that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, three have given a hold rating and twenty-four have given a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $25.31.
A number of equities analysts recently weighed in on MRVL shares. TheStreet lowered shares of Marvell Technology Group from a “b” rating to a “c+” rating in a research note on Friday, October 26th. BidaskClub lowered shares of Marvell Technology Group from a “hold” rating to a “sell” rating in a research note on Saturday, October 27th. Rosenblatt Securities reaffirmed 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 started coverage on shares of Marvell Technology Group in a research note on Tuesday, September 18th. They issued a “buy” rating and a $23.00 target price for the company. Finally, Barclays reduced their target price on shares of Marvell Technology Group from $30.00 to $25.00 and set an “overweight” rating for the company in a research note on Tuesday, October 23rd.
Shares of MRVL traded up $0.37 during trading hours on Thursday, reaching $16.10. The stock had a trading volume of 12,061,800 shares, compared to its average volume of 9,637,760. The company has a quick ratio of 1.76, a current ratio of 2.54 and a debt-to-equity ratio of 0.25. Marvell Technology Group has a 52 week low of $15.31 and a 52 week high of $25.18. The stock has a market cap of $10.40 billion, a P/E ratio of 15.48, a P/E/G ratio of 1.89 and a beta of 1.09.
Marvell Technology Group declared that its board has approved a share buyback program on Tuesday, October 16th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the semiconductor company to repurchase up to 7.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 23rd. Stockholders of record on Tuesday, October 2nd were paid a dividend of $0.06 per share. The ex-dividend date was Monday, October 1st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.49%. Marvell Technology Group’s dividend payout ratio is 23.08%.
In other news, CEO Matthew J. Murphy sold 10,000 shares of the stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $20.64, for a total transaction of $206,400.00. Following the completion of the transaction, the chief executive officer now directly owns 1,755 shares in the company, valued at approximately $36,223.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.10% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in shares of Marvell Technology Group in the 2nd quarter valued at about $117,000. MUFG Americas Holdings Corp bought a new stake in shares of Marvell Technology Group in the 2nd quarter valued at about $120,000. Commonwealth Bank of Australia raised its holdings in shares of Marvell Technology Group by 1,142.9% in the 2nd quarter. Commonwealth Bank of Australia now owns 8,700 shares of the semiconductor company’s stock valued at $185,000 after purchasing an additional 8,000 shares during the period. Cerebellum GP LLC bought a new stake in shares of Marvell Technology Group in the 3rd quarter valued at about $183,000. Finally, K2 Principal Fund L.P. bought a new stake in shares of Marvell Technology Group in the 2nd quarter valued at about $207,000. 83.59% of the stock is currently owned by institutional investors.
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 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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