Vetr downgraded shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) from a hold rating to a sell rating in a research report sent to investors on Thursday morning. Vetr currently has $12.78 price target on the stock.
Other analysts have also recently issued research reports about the company. B. Riley reaffirmed a buy rating and issued a $15.00 price target on shares of Marvell Technology Group in a research report on Sunday, June 26th. Zacks Investment Research cut Marvell Technology Group from a hold rating to a strong sell rating in a research report on Monday, July 25th. Four research analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $12.59.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded down 0.08% on Thursday, hitting $13.17. The stock had a trading volume of 878,315 shares. Marvell Technology Group has a 1-year low of $7.40 and a 1-year high of $13.56. The firm’s 50-day moving average is $12.67 and its 200 day moving average is $10.90. The stock’s market cap is $6.74 billion.
Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Tuesday, September 6th. The company reported $0.18 EPS 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 firm had revenue of $626 million for the quarter, compared to the consensus estimate of $629.96 million. During the same quarter in the previous year, the company posted $0.12 earnings per share. The business’s quarterly revenue was down 11.8% compared to the same quarter last year. Equities analysts forecast that Marvell Technology Group will post $0.44 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 19th. Investors of record on Wednesday, September 28th will be given a dividend of $0.06 per share. The ex-dividend date is Monday, September 26th. This represents a $0.24 dividend on an annualized basis and a yield of 1.82%. Marvell Technology Group’s dividend payout ratio (DPR) is presently -480.00%.
A number of large investors have recently added to or reduced their stakes in the company. Allianz Asset Management AG raised its stake in Marvell Technology Group by 21,756.7% in the second quarter. Allianz Asset Management AG now owns 2,466,314 shares of the company’s stock worth $23,504,000 after buying an additional 2,455,030 shares during the period. JPMorgan Chase & Co. raised its stake in Marvell Technology Group by 16.8% in the first quarter. JPMorgan Chase & Co. now owns 16,982,811 shares of the company’s stock worth $175,094,000 after buying an additional 2,438,649 shares during the period. Teacher Retirement System of Texas raised its stake in Marvell Technology Group by 9,865.0% in the second quarter. Teacher Retirement System of Texas now owns 2,247,006 shares of the company’s stock worth $21,414,000 after buying an additional 2,224,457 shares during the period. Roystone Capital Management LP raised its stake in Marvell Technology Group by 70.6% in the second quarter. Roystone Capital Management LP now owns 4,485,600 shares of the company’s stock worth $42,747,000 after buying an additional 1,855,600 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in Marvell Technology Group during the first quarter worth approximately $12,977,000. Institutional investors and hedge funds own 70.60% of the company’s stock.
About Marvell Technology Group
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.