Marvell Technology Group Ltd. (NASDAQ:MRVL) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report released on Monday. They presently have a $15.50 price objective on the stock. Vetr‘s target price suggests a potential upside of 5.51% from the company’s current price.
Several other research firms have also commented on MRVL. Bank of America Corp. reiterated a “sell” rating and issued a $11.75 target price on shares of Marvell Technology Group in a research note on Friday, November 18th. Credit Suisse Group AG reissued a “buy” rating and set a $17.50 price target on shares of Marvell Technology Group in a research report on Friday, November 18th. BMO Capital Markets reissued a “hold” rating and set a $11.00 price target on shares of Marvell Technology Group in a research report on Thursday, July 28th. MKM Partners boosted their price target on Marvell Technology Group from $10.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, July 28th. Finally, B. Riley reissued a “buy” rating and set a $16.00 price target on shares of Marvell Technology Group in a research report on Friday, August 26th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $14.00.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded down 0.20% on Monday, hitting $14.66. The stock had a trading volume of 1,412,732 shares. The company has a market cap of $7.49 billion, a price-to-earnings ratio of 71.17 and a beta of 1.12. Marvell Technology Group has a one year low of $7.40 and a one year high of $15.00. The firm’s 50-day moving average is $13.20 and its 200-day moving average is $11.64.
Marvell Technology Group (NASDAQ:MRVL) last released its earnings results on Thursday, November 17th. The company reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.08. The firm earned $654 million during the quarter, compared to analyst estimates of $615.66 million. Marvell Technology Group had a return on equity of 3.28% and a net margin of 4.33%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.05 earnings per share. On average, analysts expect that Marvell Technology Group will post $0.45 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 28th. Investors of record on Tuesday, December 6th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, December 2nd. This represents a $0.24 annualized dividend and a dividend yield of 1.63%. Marvell Technology Group’s dividend payout ratio is 114.29%.
Several hedge funds have recently made changes to their positions in MRVL. Daiwa Securities Group Inc. raised its stake in shares of Marvell Technology Group by 23.6% in the second quarter. Daiwa Securities Group Inc. now owns 11,000 shares of the company’s stock valued at $105,000 after buying an additional 2,100 shares in the last quarter. Hartford Investment Management Co. purchased a new stake in shares of Marvell Technology Group during the second quarter valued at about $110,000. CIBC World Markets Inc. purchased a new stake in shares of Marvell Technology Group during the second quarter valued at about $139,000. LS Investment Advisors LLC raised its stake in shares of Marvell Technology Group by 12.2% in the second quarter. LS Investment Advisors LLC now owns 16,557 shares of the company’s stock valued at $158,000 after buying an additional 1,794 shares in the last quarter. Finally, Ardsley Advisory Partners purchased a new stake in shares of Marvell Technology Group during the third quarter valued at about $159,000. Institutional investors and hedge funds own 68.13% of the company’s stock.
Marvell Technology Group Company Profile
Marvell Technology Group Ltd. is a fabless 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) and System-in-a-Package (SiP) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), wireless connectivity, Internet-of-Things (IoT) devices and multimedia solutions.