Vetr upgraded shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) from a hold rating to a buy rating in a research note released on Wednesday morning. The brokerage currently has $13.96 target price on the stock.
Other equities research analysts also recently issued research reports about the company. B. Riley reaffirmed a buy rating and set a $15.00 price objective on shares of Marvell Technology Group in a research report on Tuesday, June 21st. Brean Capital reaffirmed a buy rating and set a $12.50 price objective on shares of Marvell Technology Group in a research report on Wednesday, July 20th. Three research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $13.02.
Shares of Marvell Technology Group (NASDAQ:MRVL) opened at 12.78 on Wednesday. The stock’s 50 day moving average is $12.77 and its 200 day moving average is $10.98. The stock’s market cap is $6.54 billion. Marvell Technology Group has a 52-week low of $7.40 and a 52-week high of $13.56.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Tuesday, September 6th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.07. Marvell Technology Group had a positive return on equity of 1.35% and a negative net margin of 1.18%. The company had revenue of $626 million for the quarter, compared to the consensus estimate of $629.96 million. During the same quarter last year, the company earned $0.12 earnings per share. The firm’s revenue for the quarter was down 11.8% compared to the same quarter last year. On average, equities analysts predict that Marvell Technology Group will post $0.44 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 19th. Shareholders of record on Wednesday, September 28th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend is Monday, September 26th. Marvell Technology Group’s dividend payout ratio (DPR) is currently -480.00%.
A number of institutional investors have recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. raised its position in Marvell Technology Group by 23.6% in the second quarter. Daiwa Securities Group Inc. now owns 11,000 shares of the company’s stock worth $105,000 after buying an additional 2,100 shares during the period. Hartford Investment Management Co. bought a new position in Marvell Technology Group during the second quarter worth $110,000. Franklin Resources Inc. bought a new position in Marvell Technology Group during the first quarter worth $132,000. CIBC World Markets Inc. acquired a new position in shares of Marvell Technology Group during the second quarter valued at approximately $139,000. Finally, LS Investment Advisors LLC raised its position 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 during the period. 70.60% of the stock is currently owned by institutional investors.
Marvell Technology Group Company Profile
Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics.