Todays Report: The Marvell Technology Group Ltd. (MRVL) Upgraded to Buy by Vetr Inc.

The Marvell Technology Group Ltd. (MRVL) Upgraded to Buy by Vetr Inc.

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.

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